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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Fertilizer Market Size
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.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market was valued at nearly USD 224.78 billion in 2023.
The market is projected to grow at a CAGR of 3.7% between 2024 and 2032.
The market is assessed to witness a healthy growth in the forecast period to reach around USD 312.63 billion in 2032.
The various applications of fertilizer are agriculture, horticulture, and gardening, among others.
The different types of fertilizer considered in the market report are organic and inorganic.
The various forms of fertilizer include dry and liquid.
The major regions in the market include North America, Europe, the Asia Pacific, Latin America, and the 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, CF Industries Holdings, Inc., among others.
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Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124