Global Fertilizer Market Growth Analysis - Forecast Trends and Outlook (2024-2032)

Global Fertilizer Market Outlook

The global fertilizer market size reached USD 224.78 billion in 2023. The market is projected to grow at a CAGR of 3.7% between 2024 and 2032, reaching almost USD 312.63 billion by 2032.

Key Takeaways:

• The global demand for food is expected to increase by 59-98% by 2050, contributing to the market growth.

• Liquid fertilizers are expected to constitute a major portion of the global fertilizer market share.

• Organic fertilizers are expected to remain high in demand over the forecast period.

The agricultural sector accounts for nearly 24% of the global greenhouse gas emissions, which significantly enhances the focus on decarbonisation. To prevent these emissions from witnessing a growth of 12-20% by 2050, manufacturers are scaling the production of green ammonia, which is manufactured sustainably. Green ammonia is prepared from the combination of hydrogen (obtained via electrolysis of water) and nitrogen and boosts crop yield significantly. This is expected to drive the global fertilizer market growth.

The global demand for food is expected to increase by 59-98% by 2050, driven by rapid population growth and rising disposable incomes. This is expected to result in a significant demand for fertilizers globally, as maximising crop yield in small-size farms becomes a key priority for meeting the global demand for food. Amidst challenges related to climate change and environmental degradation, the demand for organic fertilizers is expected to register a significant increase and contribute towards the global fertilizer market expansion in the forecast period.

The Asia Pacific is expected to constitute a significant portion of the fertilizer market share. This is because of increasing government support to small and marginal farmers for the production and harvest of food crops, especially in countries like India and China. Agricultural exports also constitute a major portion of the foreign exchange earned by these governments, which is expected to drive the global fertilizer market growth in the coming years.

Market Segmentation

Global Fertilizer Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Organic

• Inorganic

Market Breakup by Form

• Dry

• Liquid

Market Breakup by Application

• Agriculture

• Horticulture

• Gardening

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific 

• Latin America

• Middle East and Africa

The key market players are Coromandel International Limited, K+S Aktiengesellschaft, OCI N.V., Shandong Hualu Hengsheng Group Co., Ltd, Acron Group, ICL Group Ltd., Yara International ASA, Nutrien Ltd, PhosAgro PJSC, and CF Industries Holdings, Inc., among others.

Key Highlights of the Report

Fertilizer Market Report Snapshots

Fertilizer Market Size