According to the latest report by Renub Research, titled “Global Fertilizer Market by Segments, Region, Company Analysis & Forecast” As per Renub Research findings, Global Fertilizers Market will reach US$ 93.9 Billion by 2027. The global fertilizer industry has played a pivotal support role in the global agricultural sector. The growth in the use of chemical fertilizers amongst the farmers has been the source of nationwide agrarian development in many countries. Further, the fertilizers industry is distributed worldwide between three major sectors: private sector undertakings, public sector, and cooperative societies. The governments of numerous nations have also subsidized fertilizers to ensure that fertilizers are readily available to farmers and the countries remain self-sufficient in agriculture.
Additionally, an increase in agricultural product prices has led to increasing demand for fertilizers globally. Correspondingly, fertilizer raw materials such as natural gas, phosphate rock and potash faced rapidly growing realm market prices. Hence, the enduring trend has been the shift in consumption. Overall, the global fertilizer market comprises three primary nutrients, which all have essential and complementary roles in the ecological processes of plants. Amongst the three, nitrogen is the most crucial nutrient in the world. The other two primary nutrients hold phosphorus and potassium.
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While nitrogen fertilizers are manufactured undeviatingly via chemical processes, the production of phosphate and potash fertilizers involves digesting and mining activities. Two critical raw materials for nitrogen fertilizers are natural gas, widely obtainable in multiple parts of the world, and air. Still, all nitrogen fertilizers are contrived from ammonia, processed directly from natural gas. The availability of raw materials advances the manufacture of ammonia, and thus nitrogen fertilizers are possible in various locations.
On the other hand, potassium fertilizers are generally applied on vegetables, rice, sugar, fruits, soybean, palm oil, and cotton owing to their capability to enhance crop productivity, crop yield, increase nutrient value, and resistance from diseases and harmful parasites. The rise in cattle feed consumption and increasing purchasing power worldwide are expected to contribute to potassium fertilizer market growth. Our research suggests that Worldwide Fertilizer Market was US$ 83.5 Billion in 2020, and it is estimated to grow with a CAGR of 1.69% during the forecast period (2020-2027).
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