Chemical Fertilizers Global Market Report 2024

The chemical fertilizers market size has grown strongly in recent years. It will grow from $175.45 billion in 2023 to $189.77 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth observed in the historical period can be attributed to several factors, including increased agricultural productivity, growing global food demand, advancements in fertilizer manufacturing and distribution technologies, changes in farming practices, and concerns related to soil depletion.

The chemical fertilizers market size is expected to see strong growth in the next few years. It will grow to $260.77 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The anticipated growth in the forecast period can be attributed to various factors, including the adoption of sustainable agriculture practices, the impact of climate change, the implementation of precision agriculture techniques, regulatory changes, population growth, and urbanization. Additionally, there are several major trends expected in this period, such as the use of customized fertilizer blends, the development of slow-release and controlled-release fertilizers, the use of biofertilizers and biostimulants, the adoption of nutrient management technology, a focus on organic farming, and the utilization of organic fertilizers.

Farmers across the globe are increasingly adopting intensive farming techniques to enhance productivity per hectare. Intensive farming represents an agricultural intensification and mechanization approach designed to optimize yields from available land by employing various methods, including the extensive use of pesticides and chemical fertilizers. These techniques play a crucial role in addressing the increasing food demand driven by a growing population and mitigating the risk of food shortages. It's worth noting that certain intensive farming practices, such as monoculture, contribute to the heightened demand for fertilizers. Monoculture involves the concentrated cultivation of a single type of crop over a significant land area, which can deplete soil nutrients and lead to heavy reliance on synthetic fertilizers.

The primary categories of chemical fertilizers include nitrogen fertilizers, phosphate fertilizers, and potash fertilizers. Nitrogen fertilizers involve the addition of substances like nitrates or manure to soil or water in order to boost productivity. These fertilizers are applied to a variety of crop types, including cereals, oilseeds, vegetables, fruits, and other categories. They come in different forms, such as solid, liquid, and gaseous, and are available in various product types, including complex fertilizers, dap, mop, urea, ssp, and others. The methods for applying these fertilizers include broadcasting, drop spreading, fertigation, and foliar spray.

The chemical fertilizers market research report is one of a series of new reports that provides chemical fertilizers market statistics, including chemical fertilizers industry global market size, regional shares, competitors with a chemical fertilizer market share, detailed chemical fertilizer market segments, market trends and opportunities, and any further data you may need to thrive in the chemical fertilizer industry. This chemical fertilizer market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The adoption of precision agriculture technologies is anticipated to drive the growth of the chemical fertilizer market in the future. Precision agriculture technologies involve the utilization of data-driven tools and practices to enhance crop and livestock production, leading to increased efficiency and sustainability. Precision agriculture relies on real-time data to precisely apply fertilizers to crops where and when they are needed most, minimizing waste and optimizing nutrient delivery. For example, as of May 2021, data from the Association of Equipment Manufacturers, a US-based trade association, indicated that precision farming technology had already increased agricultural output by 4%, reduced fertilizer use by 7%, minimized herbicide treatments by 9%, decreased fossil fuel consumption by 6%, and lowered water consumption by 4%. As a result, the adoption of precision agriculture technologies is fueling the growth of the chemical fertilizer market.

The fertilizer market is likely to be influenced by the increasing adoption of bio-fertilizers, primarily due to concerns about the adverse effects of synthetic fertilizers on soil and the environment. Bio-fertilizers are comprised of living microorganisms, including bacteria, fungi, and algae, which have the ability to either fix atmospheric nitrogen or convert soluble phosphate and potash in the soil into forms that plants can readily use. By enhancing the supply and availability of essential nutrients to host plants, bio-fertilizers stimulate plant growth. The detrimental consequences of prolonged chemical fertilizer usage on soil quality have driven the demand for bio-fertilizers.

Phosphorus recovery from sewage, manure, and various other sources is becoming increasingly significant as a means to produce fertilizer. Given that phosphorus is a finite and non-renewable resource, there is a growing focus on recycling and reclaiming phosphorus for agricultural use. Processes such as anaerobic digestion and composting enhance the availability of plant-available phosphorus, while acid treatment and oxidation are employed to increase phosphorus content in sewage sludge. Research conducted by the Luke Research Agency in Finland indicates that adequately treated manure and sludge can potentially yield more phosphorus compared to traditional inorganic fertilizers.

In February 2022, a collaboration between the Environmental Protection Agency (EPA) and the US Department of Agriculture (USDA) was initiated to address and advance agricultural sustainability in the United States by mitigating negative impacts and developing next-generation fertilizers. This cooperative effort involves key stakeholders, including representatives from corn growers, fertilizer companies, university researchers, and various environmental and industry non-governmental organizations. The collaboration revolves around two distinct challenges designed to expedite the creation and adoption of cost-effective innovations, both existing and novel, aimed at reducing the environmental footprint of corn production in the United States. The outcomes of this partnership have the potential to enhance crop productivity not only in the United States but also in other regions. The USDA is a federal government agency in the United States responsible for formulating and enforcing legislation related to agriculture, forestry, rural economic development, and food.

Major companies operating in the chemical fertilizers market include Sinopec Limited, Yara International ASA (ADR), Guardian Industries LLC, Nutrien Ltd., Marubeni Corporation, Mitsui & Co. Ltd., BASF SE, CF Industries Holdings Inc., Israel Corp Ltd., Sinofert Holdings Limited, Central Farmers Fertilizers Industries, The Mosaic Company, Haifa Group, Indian Farmers Fertiliser Co-operative Limited (IFFCO), Oriental Chemicals Iimited, Abu Qir Fertilizers and Chemicals, Acron Group, Intrepid Potash Inc., EuroChem Group AG, Uralkali, PhosAgro, PotashCorp, Agrium, Kali und Salz (K+Z), Coromandel International Limited, Gujarat State Fertilizers & Chemicals Ltd., Chambal Fertilisers and Chemicals Limited, Rashtriya Chemicals & Fertilizers Ltd., Deepak Fertilisers and Petrochemicals Corporation Ltd., Zuari Agro Chemicals Ltd., National Fertilizers Limited, Fertiberia, Office Chérifien des Phosphates (OCP) Group, Sociedad Química y Minera de ( SQM ), Potash Ridge Corporation.

Asia-Pacific was the largest region in the chemical fertilizers market in 2023. North America was the second-largest region in the chemical fertilizers market. The regions covered in the chemical fertilizers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the chemical fertilizers market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa

The chemical fertilizer market consists of the sales of phosphorus fertilizers, calcium, magnesium and sulphur fertilizers, micronutrient fertilizers, and Inhibitors. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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