Global Fertilizers Market to Reach USD 257.76 Billion by 2031 | CAGR of 3.7%
Category : Materials And Chemicals | Published Date : Nov 2024 | Type : Press Release
Fertilizers Market Scope & Overview:
In the newly published report, Consegic Business Intelligence states that the Fertilizers Market size was valued at USD 194.30 billion in 2023 and is projected to grow at a CAGR of 3.7% to reach USD 257.76 billion by 2031. Fertilizers are substances that improve soil fertility and promote plant growth by providing essential nutrients like nitrogen, phosphorus, and potassium (NPK). They are classified into synthetic, organic, and bio-fertilizers, addressing diverse agricultural needs. Fertilizers enhance crop yield, soil nutrient content, and sustainable agricultural practices, benefiting applications such as cereals, fruits, vegetables, and oilseeds for end-users like farmers, agricultural cooperatives, and commercial plantations.
The report comprises the Fertilizers Market Share, Size & Industry Analysis, based on Product (Organic, Inorganic), Form (Dry, Liquid), Application (Agriculture, Horticulture, Gardening, Turf & Landscaping), and Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa), and Forecast, 2024-2031.
The report contains detailed information on Fertilizers Market Trends, Opportunities, Value, Growth Rate, Segmentation, Geographical Coverage, Company Profiles, In-depth Expert Analysis, Revenue Forecast, Competitive Landscape, Growth Factors, Restraints or Challenges, Environment & Regulatory Landscape, PESTLE Analysis, PORTER Analysis, Key Technology Landscape, Value Chain Analysis, and Cost Analysis.
The increasing global population, rising demand for food, and adoption of efficient agricultural practices are key drivers propelling the fertilizers market.
Segmental Analysis :
Based on product, the market is bifurcated into Inorganic and Organic fertilizers.
- The inorganic segment accounted for the largest market share in 2023, driven by its high nutrient content and immediate effectiveness in large-scale agricultural operations. Common fertilizers in this segment, such as nitrogen, phosphate, and potash-based products, are essential for enhancing crop yield and maintaining soil fertility.
- The organic segment is projected to grow at the fastest rate, fueled by the increasing adoption of sustainable farming practices and rising demand for organic food products. Organic fertilizers improve soil health and biodiversity, making them a preferred choice for environmentally conscious agricultural practices.
Based on form, the market is bifurcated into Dry and Liquid fertilizers.
- The dry segment dominated the market in 2023, attributed to its ease of application, long shelf life, and widespread use in base and pre-plant applications for large-scale farming.
- The liquid segment is expected to grow at the fastest CAGR, supported by its rapid absorption and efficiency in precision farming methods such as fertigation and drip irrigation.
Based on application, the market is segmented into Agriculture, Horticulture, Gardening, and Turf & Landscaping.
- The agriculture segment accounted for the largest market share in 2023, driven by its extensive use in boosting crop yields to meet the rising global food demand. Government support and subsidies further propel the adoption of fertilizers in this segment.
- The horticulture segment is projected to grow at the fastest rate, supported by increasing demand for high-quality fruits, vegetables, and ornamental plants, as well as the adoption of advanced farming practices such as greenhouse cultivation.
Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
- North America dominated the market in 2023, valued at USD 66.26 billion, supported by modern farming techniques, high agricultural output, and government initiatives promoting sustainable agricultural practices in the U.S. and Canada.
- Asia-Pacific is projected to grow at the fastest CAGR of 4.2%, fueled by high agricultural dependency, rising food demand, and supportive government subsidies in key markets such as China, India, and Indonesia.
| Report Attributes | Report Details |
| Study Timeline | 2018-2031 |
| Market Size in 2031 | USD 257.76 Billion |
| CAGR (2024-2031) | 3.7% |
| Product | Organic, Inorganic |
| Form | Dry, Liquid |
| Application | Agriculture, Horticulture, Gardening, Turf & Landscaping |
| By Region | North America(U.S., Canada, Mexico) Europe(U.K., Germany, France, Spain, Italy, Russia, Benelux, Rest of Europe) APAC(China, South Korea, Japan, India, Australia, ASEAN, Rest of Asia-Pacific) Middle East & Africa(GCC, Turkey, South Africa, Rest of MEA) LATAM(Brazil, Argentina, Chile, Rest of LATAM) |
Top Key Players & Competitive Landscape :
The fertilizers market is characterized by intense competition, with major players focusing on R&D, product innovation, and strategic collaborations to strengthen their market position. Companies like Nutrien Ltd. and Yara International dominate the market with diversified product portfolios and strong global reach. Emerging players are investing in sustainable and bio-based fertilizer technologies.
List of prominent players in the Fertilizers Industry:
- Nutrien Ltd. (Canada)
- Yara International ASA (Norway)
- The Mosaic Company (United States)
- CF Industries Holdings, Inc. (United States)
- ICL Group Ltd. (Israel)
- Bayer AG (Germany)
- K+S AG (Germany)
- Koch Industries, Inc. (United States)
- OCI N.V. (Netherlands)
- Sinofert Holdings Limited (China)
Recent Industry Developments :
- September 2023: SABIC Agri-Nutrients partnered with BiOWiSH Technologies and ADM to introduce biologically enhanced urea fertilizers aimed at reducing greenhouse gas emissions and enhancing soil carbon sequestration.
- May 2023: Bunge Limited and Nutrien Ag Solutions formed a strategic alliance to promote sustainable farming practices and lower-carbon agricultural products in the U.S.
- 2023: Bayer launched new bio-based fertilizers tailored for sustainable agricultural applications, aligning with increasing demand for eco-friendly solutions.
