Growing global demand for fertilizers driven by population growth and sustainability initiatives, especially in Asia-Pacific

From GlobeNewswire: 2024-12-15 09:00:00

The global Fertilizers Market was valued at USD 274.6 Billion in 2023 and is projected to reach USD 389.6 Billion by 2032, with a CAGR of 4.0%. Increasing demand for food due to population growth is driving the need for fertilizers, especially in developing markets like Asia-Pacific. Governments are promoting sustainable agriculture and green fertilizers to reduce environmental impact and ensure food security.

Key players in the Fertilizers Market include Nutrien Ltd., Yara International ASA, The Mosaic Company, and more. The market is segmented by form (dry, liquid), application (agriculture, horticulture), and product (organic, inorganic). Organic fertilizers accounted for 71% of the market share in 2023, driven by the rise in demand for environmentally friendly options and the growth of organic farming.

The Asia-Pacific region dominated the global Fertilizers Market in 2023, with a 45% market share. Countries like India and China are leading consumers of fertilizers due to their large agricultural footprint, growing population, and focus on food security. Government initiatives to improve agricultural output and achieve food security are driving the demand for fertilizers in these regions. China is embracing sustainable farming with organic and controlled-release fertilizers. North America and Europe are key markets for fertilizers, driven by precision agriculture and eco-friendly practices. Nutrien Ltd. and Yara International are innovating with slow-release fertilizers and AI technology. Market analysis includes key points, research methodology, competitive landscape, and regional segmentation. Partner with SNS Insider for in-depth insights on the evolving fertilizer market.



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