Fertilizer Industry to Gain Momentum from Buoyant Demand for Nitrogen Fertilizer

Grand View Research, Inc.

SAN FRANCISCO, Feb. 7, 2023 /PRNewswire/ -- The fertilizer industry size was valued at USD 200 billion in 2021 and will witness a noticeable CAGR on the back of rising concerns for food safety and climate variability, according to the "Global Fertilizer Industry Data Book, 2022 – 2030", published by Grand View Research. Soaring demand to boost agriculture productivity has driven the market growth. The need for phosphate, nitrogen, potash and foliar to further the production of crops for fuel, fiber, feed and food has encouraged leading players to tap into the global landscape. Moreover, the prevailing geopolitical tensions have given rise to supply restrictions and reduced fertilizer availability. The Ukraine war, restrictive trade policies and rising energy prices have disrupted the fertilizer supply chain.

Surging global demand for fertilizers and soaring production of field crops have spurred the market growth. As per the data book published by Grand View Research, investments in innovation and soil fertility could act as a growth engine for the fertilizer industry. Promoting environmental sustainability, efficient fertilizer use, resilience against future shocks and subsidies will further the market potential. Notably, uptake in the food demand has acted as a catalyst to drive the production of fertilizers across advanced and emerging economies. Citing a UN report, DownToEarth noted that food demand will be 50% more in 2050 vis-à-vis 2012 to underpin the global population. Accordingly, concerted efforts in food security are likely to reinforce the business outlook.

Access the Global Fertilizer Industry Data Book, 2022 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies

Lately, strong demand for NPK formulation and the need to boost plant efficiency have encouraged stakeholders to emphasize nitrogen fertilizers. Soil scientists have vouched for nitrogen, phosphorus and potassium fertilizers for the robust growth of plant leaves, root development and fruit & flower production. The nitrogenous fertilizers market size garnered 113.3 million tons in 2021 and could register around 1.2% CAGR from 2022 to 2030. Furthermore, an uptick in demand for packaged and processed food will augur innovation and growth, prompting industry leaders and other stakeholders to bolster their footfall across untapped areas.