The chemical fertilizers market has been segmented into macronutrients, micronutrients, application and forms. Based on macronutrients, the market has been segmented into nitrogen based fertilizers, phosphate based fertilizers and potash based fertilizers. Among these segments, the nitrogen based fertilizers are estimated to dominate the market by holding the largest share of approximately 50%. This can be attributed to the absorption of nitrogen by plants. In 2013, the demand for nitrogen fertilizers reached to 108 megatons, increasing crop prices which are uplifting the demand for chemical fertilizers across the globe. This factor is envisioned to strengthen the growth of chemical fertilizers market.
The global market for chemical fertilizers is expected 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. This can be attributed to favorable weather conditions that are increasing the demand for chemical fertilizers in major agricultural regions.
In regional segment, 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.
Growing Demand for Food Security
Rising need of food security has led to favorable trade policies in agricultural sector and has extended the reach of small farmers to international food business. 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. Further, the high adoption rate of advanced chemical fertilizers is expected to benefit the expansion of market.
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However, high cost, toxic nature combined with excessive use of these fertilizers resulting in long-term imbalances in soil might deter the growth of chemical fertilizers market.
The report titled “Chemical Fertilizers Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the chemical fertilizers market in terms of market segmentation by macronutrients, micronutrients, by application, forms and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the chemical fertilizers market which includes company profiling of Potash Corp of Saskatchewan Inc. (Canada), The Mosaic Company, Uralkali PJSC (Russia), Yara International ASA (Norway) and JSC Belaruskali.
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The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the chemical fertilizers market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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