Global Chemical Fertilizers Market Overview
Chemical fertilizers are synthetically manufactured products that provide garden soil with 13 essential nutrients required to grow healthy plants. As the world’s population is increasing, the need for food along with the nutrients for production of food is also increasing. The global demand for food directly influences the fertilizers market as fertilizers are basic requirement for crops to produce high yield. To feed the increasing population there is a strong need for effective and low cost chemical fertilizers mainly in agricultural based countries such as India and U.S. Chemical fertilizers supplement plants with the vital nutrients needed for optimal and healthy growth. Commercial chemical fertilizers have the advantage of predictability and reliability. It contains a balanced distribution of the three main essential nutrients needed for optimum plant growth such as: nitrogen, phosphorous and potassium. Commercial chemical fertilizers are more expensive than natural fertilizers. They may contain ingredients that may be toxic to the skin or respiratory system. Excess use of these fertilizers can kill the plant and can cause long-term imbalances in soil pH and fertility.
Market Size & Forecast
Global chemical fertilizer market is anticipated to reach around USD 150 billion by the end of 2024 witnessing a healthy compound annual growth rate of 3.9% over the period 2017-2024
In 2013, the demand for nitrogen fertilizers reached to 108 megatons, increasing crop prices is uplifting the demand for chemical fertilizers across the globe. Favourable weather conditions are also increasing the demand for chemical fertilizers in major agricultural regions.
North America chemical fertilizers market marked a revenue share of around 52% in the global chemical fertilizer market followed by Asia pacific with a share of 24%. The region is anticipated to show a substantial growth in the near future.
Three nutrients are mainly involved in the manufacturing of chemical fertilizers, deep dive analysis has been carried out on following macronutrients:-
On the basis of micronutrients used in chemical fertilizers, the market can be segmented into following categories:-
Global Chemical Fertilizers Market is further classified on the basis of region as follows:
Growth Drivers and Challenges
Food security has led to favourable trade policies in agricultural sector and has extended the reach of small farmers to international food trade. To meet the overflowing demand for food across the globe, there is a strong need for chemical fertilizers in agricultural sector to produce high yield.
In 2015, the global population reached to 7.3 billion. Thus, increasing global population is creating huge demand for food which is directly affecting the consumption of chemical fertilizers in farmlands. According to Research Nester, a huge demand for chemical fertilizers would upsurge the market growth in upcoming 5-6 years.
Advanced chemical fertilizers are catching the trends in agricultural sector; the emerging chemical fertilizers are more efficient to provide immediate nourishment particularly when it is compared to organic fertilizers. High adoption rate of these fertilizers will further up thrust the market growth.
In European countries, the use of chemical fertilizers is limited to reduce the environmental impact. Government governance over the usage of chemical fertilizers is anticipated to be a major market restraint in future.
Scope and Context
Overview of the Parent Market
Global Chemical Fertilizer Market has been studied on countries and regions like:
Supply & Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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