A report by Global Market Insights Inc. suggests that the global fertilizer market could amass USD 210 billion through 2027.
As the world tackles the challenges of food supply and demand, fertilizers are expected to record stellar demand in the agricultural sector over the years to come. Fertilizers are a vital component when it comes to achieving higher crop yield and quality.
Generally, dry fertilizers are used in farming and gardening operations as they do not require any specialized storage conditions and are affordability. They are usually blended with other granular fertilizers to improve the effectiveness of the product.
Many fertilizer companies are focusing on developing advanced and sustainable products to meet growing agricultural requirements. Water-soluble fertilizers for instance have allowed farmers to use fertilizers efficiently, reducing the risk of excess usage.
Developing regions such as Latin America have emerged as a leading consumption belt for fertilizers. These region are witnessing a rising demand for food. Inadequate cultivable land to fulfill the needs of the growing population in Latin America has added stress on the economy to produce crops efficiently.
Fertilizers are extensively used in gardens in order to maintain the growth and overall health of plants, shrubs, flowers, and herbs. Today, gardens are easily found in restaurants, public spaces, private homes, residential complexes, offices, and public places as they add beauty to the place.
Many companies in the corporate sector are undertaking maintenance of gardens as a part of their ‘CSR’ (corporate social responsibility), driving the need for high-quality fertilizers to maintain the quality of plants.
According to credible sources, Latin America is home to 8% of the world’s population, but owns only 23% of potentially arable land. In this regard, inorganic fertilizers are used which not only enhance the production capacity of food but also support the government’s efforts to effectively use fertilizers.
The fertilizer market is fragmented with some of the leading companies that are constantly introducing new products to match the needs of the ever-growing agriculture industry. They are merging with other entities to expand their geographical presence and gain a competitive edge.
In October 2021, Israel-based specialty minerals company- ICL announced that its unique polyhalite multi-nutrient fertilizer produced in its mine in the U.K. received approval for use in organic farming. Notably, the product has been accredited by both USFDA and the EU and now recognizes both granular and standard grades of polyhalite as an organic fertilizer.
Other prominent fertilizer companies include Yara International ASA, Syngenta AG, Sumitomo Chemical Co., Ltd., and Unikeyterra, to name a few.
All in all, the robust expansion in agricultural sector along with the need to secure the health of the plants across the globe to meet their nutrient requirements will continue to support the efforts of fertilizer manufacturers to offer advanced, sustainable, and high-quality fertilizers over the years.