Per a report from Global Market Insights, the market for fertilizer exceeded USD 190 billion in 2020, and from 2022 to 2030, it will expand at a CAGR of 2.6%. Over the future years, the fertilizer business will expand as a result of the changing food trends in industrialized and emerging countries that follow the expanding population.
Plant tissues or soil are treated with natural and synthetic fertilizers to supply one or more nutrients that plants need to flourish. Over the projection period, it is anticipated that the demand for fertilizers would rise even further due to the growing need for improved soil nutrients and rising crop yields. Farmers should be encouraged to utilize fertilizers more effectively and safely as organic fertilizers become increasingly widespread.
There are several problems that the agricultural sector in the world must deal with. By 2050, the world's population will have topped nine billion, according to the UN. This will put a great deal of strain on the agricultural industry, which is already experiencing a loss in output as a consequence of a lack of laborers and the shrinkage of farmland as a result of rising urbanization. By 2050, the Food and Agriculture Organization projects that more than 70% of people on the planet would reside in urban areas. Due to a global lack of arable land, farmers are being pushed to employ fertilizers to increase their agricultural output.
By 2030, the dry fertilizers industry is anticipated to reach a value of over USD 200 billion. Dry or granular fertilizers are simpler to store and don't need special storage conditions. In most cases, they are stored at room temperature. Dry fertilizers do not settle out or salt out in a chilly environment. Dry fertilizers are more efficient for pre-plant treatments that are extensive. Due to their slow-release mechanisms, dry fertilizers with polymer-coated urea are used. Additionally, buying dry fertilizers in bulk results in cost savings. Over the course of the projection period, rising agricultural production is anticipated to significantly enhance market concentration for dry fertilizers.
By 2030, the demand for organic fertilizers will reach 11.5 million tons. Organic fertilizers are typically less concentrated and safer to use than inorganic fertilizers. Organic fertilizers are environment-friendly and non-toxic. Their regular application enhances soil fertility without endangering the biological equilibrium of the soil. Many farmers have switched to organic farming thanks to rising environmental consciousness and the drawbacks of using synthetic or inorganic fertilizers. The market for fertilizers is also probably going to gain from rising consumer demand for organic agricultural products.