Mineral Fertilizers Market Size is valued at USD 107.98 Mn in 2022 and is predicted to reach USD 161.96 Mn by the year 2031 at a 4.73% CAGR during the forecast period for 2023-2031.
Mineral fertilizers are chemical compounds containing essential nutrients like nitrogen, phosphorus, and potassium used to enhance plant growth and crop yields. They are soluble in water, quickly release nutrients, and are applied in agriculture to replenish soil nutrients, increase crop yields, and promote healthy plant development. Proper use is essential to prevent environmental issues and ensure sustainable agriculture.
The mineral fertilizer market plays a significant role in modern agriculture by providing nutrients to crops and improving agricultural productivity. It is influenced by various factors, including global population growth, environmental concerns, and advancements in fertilizer technology, and it is expected to evolve to meet the challenges of sustainable farming practices and food security. The market continues to expand to meet the increasing demand for food and sustainable agriculture. Moreover, the adoption of mineral fertilizers is expected to grow in emerging markets with expanding agricultural sectors. Rising ongoing research and development efforts aim to improve fertilizer efficiency, reduce environmental impacts, and enhance nutrient delivery to plants through innovations in formulation and application methods.
Additionally, the market's performance is influenced by factors such as global population growth, increasing food demand, expansion of agriculture, and the need for sustainable farming practices to address food security concerns.
Competitive Landscape
Some Major Key Players In The Mineral Fertilizers Market:
- Eurochem Inc
- JSC Belaruskali,
- Sinofert Holdings Ltd.,
- SQM
- BP Bunge Bioenergia S.A.
- CF Industries Holdings, Inc.
- Coromandel International Limited
- Israel Chemicals Ltd.
- K+S Aktiengesellschaft
- Nutrien Ltd.
- Mosaic Company
- Nufarm
- Yara International ASA
- Uralkali
Market Segmentation:
The Mineral fertilizer market is segmented based on product and application. Based on product, the Ventilator Filter market is segmented as alcohols, biopolymers, solvents, organic acids and other products. The other products segment includes lubricants and biosurfactants. By application, the Ventilator Filter market is segmented into personal care, packaging, automotive, agriculture, and other applications. The other applications segment includes construction, electrical & electronics, paints & coatings, and textiles.
Based On Product, The Phosphate Segment Is Accounted As A Major Contributor In The Mineral Fertilizer Market.
The phosphate category is expected to hold a major share in the global Mineral fertilizer market in 2022. Phosphate is a vital macronutrient crucial for fostering plant growth. Phosphate plays a pivotal role in constructing the foundational structure of plants and is of utmost significance in facilitating processes like photosynthesis, energy generation, and the development of seeds. Inadequate levels of phosphorus can result in hindered growth, leaves turning purplish, and reduced crop yields. Phosphate exhibits limited mobility within the soil and must be applied strategically, typically during planting or before a crop reaches a size that obstructs the delivery of fertilizer to young seedlings.
The Cereals Segment Witnessed Growth At A Rapid Rate.
The cereals segment is projected to grow at a rapid rate in the global Mineral Fertilizer market. The primary purpose of mineral fertilizers in cereal cultivation is to supply essential elements such as nitrogen, phosphorus, and potassium. These fertilizers also significantly enhance the soil's physical and chemical characteristics, promoting improved plant growth and overall crop yield. Moreover, mineral fertilizers strengthen the absorption of other vital nutrients like zinc and iron by plants. Additionally, they contribute to the enlargement and weight gain of fruits. These fertilizers also mitigate diseases, minimize crop losses, and enhance soil fertility.
In The Region, The Asia Pacific Mineral Fertilizer Market Holds A Significant Revenue Share.
The Asia Pacific Mineral fertilizer market is expected to register the highest market share. There has been a growing significant focus on sustainable agriculture and the responsible use of fertilizers to minimize environmental crises and impacts, such as nutrient runoff and groundwater contamination. This has increased interest in controlled-release and speciality fertilizers in some regions. . The mineral fertilizer market in Asia includes various types of fertilizers, such as nitrogen-based (urea, ammonium nitrate), phosphate-based (DAP, MAP), and potassium-based (potash) fertilizers, as well as complex fertilizers that combine different nutrients. In addition, the European region market is estimated to develop at a rapid rate in the global Mineral fertilizer market.
Recent Developments:
- In Aug 2023, EuroChem initiated the commencement of the construction process for a chemical complex aimed at manufacturing mineral fertilisers in the Zhambyl region of Kazakhstan. The production capacity is expected to reach a minimum of 1 Mn tonnes of products annually. The aforementioned information was disclosed by the press service of the Government of Kazakhstan.
- In September 2020, Nutrien, Ltd. completed the acquisition of Ruralco Holdings Limited (Ruralco) in Australia. Through this acquisition, Nutrien aims to deliver significant advantages to its clientele while enhancing the distribution of its products and services to farmers in Australia.
Mineral Fertilizers Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 107.98 Mn |
|
Revenue Forecast In 2031 |
USD 161.96 Mn |
|
Growth Rate CAGR |
CAGR of 4.73 % from 2023 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Mn and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Nutrient Type, Crop Type, Application Methode |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
Eurochem Inc, JSC Belaruskali, Sinofert Holdings Ltd., SQM, BP Bunge Bioenergia S.A., CF Industries Holdings, Inc., Coromandel International Limited, Israel Chemicals Ltd., K+S Aktiengesellschaft, Nutrien Ltd., Mosaic Company, Nufarm, Yara International ASA, Uralkali and others |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Corporate
Office :
Office No.5170, 5th Floor Marvel Fuego, Magarpatta Rd, Pune, 411028
info@insightaceanalytic.com
