The Global Mineral fertilizer market is expected to reach $ 130.72 billion by 2027, according to a new report from Reports and Data. The increasing world population and economic growth are a major driving factor of the market.
The market, mainly in the emerging country, is developing with the support of the government. Governments around the world are offering support in the form of subsidies, incentives, loans and tax exemptions on agricultural fertilizers, which is boosting the industry as a whole. Rising interest rates, soil erosion, reduced free trade, increasing use of bio-fertilizers, government regulations, alternative agricultural prices and the growing trend of organic foods are also restricting demand for the organic food industry. Marlet.
The latest trend of using nanofertilizers in agriculture is also affecting the market in a positive way. Nanofertilizers increase the yield of soil fertility and improve the quality of crops. Nanofertilizers also increase nutrient efficiency and reduce the cost of environmental protection. The main companies that manufacture these fertilizers are Richfield Fertilizers Pvt. Ltd, Nanosolutions, Alert Biotech and Florikan
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Impact of COVID-19
The spread of COVID-19 has created a ripple effect that affects all sectors everywhere. Borders are closed, ships are quarantined and the movement of people is also monitored. The products are limited, including fertilizers and their raw materials. A disruption of the fertilizer industry across the world is expected in the coming days.
Countries that depend heavily on trucks for their fertilizer supply will be the most affected as vehicle traffic is strictly prohibited. Countries with ports find it a little easier to source raw materials. Brazil relies heavily on trucks for transport and will be the worst off as India and China look to their ports for shipping.
Other key findings from the report suggest
- In 2019, nitrogen price demand was under pressure for various reasons. Falling energy prices, weak trade growth, and trade disruptions kept the price from rising significantly in the previous year. The segment still held the largest market share of 33.9% in 2019.
- China, Egypt and Southeast Asia all increased their urea production from 2018. The only region that saw a dramatic drop of 39% was Iran, due to US sanctions. India has seen a sharp increase in urea imports due to strong sales and low production in the country.
- Seed treatments have evolved over the years from just protecting seeds to improving long-term plant health, which has led to higher production and better quality. Seed treatments are designed to improve growth, plant emergence and nutritional efficiency, which together with crop immunity promotes a more uniform and vigorous crop.
- Asia-Pacific held the largest market share of 58.1% in 2019. East and South Asia are the main consumers of fertilizers in the region. Most of the countries in the region have an agricultural economy, and the government’s initiative to promote better agricultural production has propelled demand for the market product.
For the purpose of this report, reports and data have been segmented on the global mineral fertilizers market on the basis of type, application, application method, and region:
Regional outlook (revenue, billion USD; volume, kilotonnes; 2017-2027)
- North America
- Asia Pacific
- Latin America
Type Outlook (Revenue, Billions USD; Volume, Kilo Tons; 2017-2027)
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Application Outlook (Revenue, USD Billion; Volume, Kilotons; 2017-2027)
- Seed treatment
- Soil treatment
- Root dip
Application Method Outlook (Revenue, USD Billion; Volume, Kilotons; 2017-2027)
- Foliar spray
- Diffusion / Drop placement
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