Fertilizers Market Revenues, Industry Players, and Growth Trends (2022-2027) – Exclusive Report by Mordor Intelligence

June 15, 2022 at 20:10 PM EDT

Mordor IntelligenceAs per several reports, the per capita arable land area will decline to 0.18 ha by 2050 across the world, compared to 0.15 ha in developing nations & 0.42 ha in developed nations. The global population of 7.4 billion in 2016 is projected to increase to 9.7 billion by 2050, with almost all increases occurring in developing nations. Thus, it is recommended that global food production be increased by 60% to 70% between 2005 and 2050. These factors are enabling the fertilizers market growth.

Fertilizers Market Overview

The fertilizers market is projected to register a CAGR of 3.8% during the forecast period, (2022-2027). The rise in demand for organic products is booming, not only due to the increase in conscientious consumers but also due to rising incomes, along with improved farming practices that make organic yields more robust. As a result, the increasing demand for organic food worldwide has increased the area under organic farming. For instance, as per the FiBL statistics, the area under global organic farming increased from 69.4 million hectares in 2017 to 74.9 million hectares in 2020.

The factor such as the increase in organic farming practices resulted in improved soil fertility, along with the extensive usage of organic products, like biofertilizers. This has further triggered the demand for biofertilizer products, as they are organic and help in maintaining the ecological balance. Government bodies across the world are taking initiatives to promote the use of biofertilizers.

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Fertilizers Market - Geographical Overview

The Asia-Pacific region accounts for around 47.7% of the overall fertilizers market in 2021

China is the largest consumer of fertilizers in the Asia-Pacific region, and it accounted for around 42.5% share in the Asia-Pacific fertilizer market in 2021. China feeds 22% of the world’s population with merely 12.68% of the arable land. China implemented the Action Plan for the Zero Increase of Fertilizer Use in 2015, which led to a decrease in the growth rate of fertilizer use in the country in the following years. However, many foliage fertilizers have been introduced in China in recent years.

According to the US Department of Agriculture, the country has expanded the farmlands to plant 94 million acres of corn and 85 million acres of soybeans, resulting in greater consumption of nitrogenous fertilizers in 2021 and supporting the domestic crop production in the country. Thus, with the increasing demand for nitrogen fertilizers, the United States has increased its export potential, and it is anticipated to become a globally important exporter of nitrogen products in the coming years.

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Recent Developments in the Fertilizers Market

According to the International Fertilizer Association (IFA), the global demand for urea is expected to increase by 1.6% per annum, to reach 188 million metric tons by 2022, while the supply (effective capacity) may reach 197 million metric tons. The United States, which is one of the world’s largest importers of nitrogen fertilizers, has developed into one of the most promising nitrogen investment destinations.
In September 2021, Yara acquires Finnish Ecolan to expand its organic fertilizer business which shows the company's commitment to playing a bigger role in the organic fertilizer business.
In September 2021, CF Industries Holdings Inc. announced that it is immediately restarting the ammonia plant at its complex in Billingham, UK. It is an interim agreement to cover the costs of restarting the ammonia plant for the UK market.