Comprehensive Report On The Global Chemical Fertilizers Market For The Forecast Period 2023-2032 | Sinopec Limited, Yara International ASA (ADR), Guardian Industries LLC, Nutrien Ltd., Marubeni, Mitsui, BASF SE

The Chemical Fertilizers Global Market Report 2023 by The Business Research Company, provides chemical fertilizers market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Chemical Fertilizers Global Market Report 2023, the global chemical fertilizers market grew from $159.16 billion in 2022 to $169.17 billion in 2023 at a compound annual growth rate (CAGR) of 6.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The chemical fertilizers market is expected to grow to $214.07 billion in 2027 at a CAGR of 6.1%.

Farmers all around the world are adopting intensive farming techniques to increase productivity per hectare. Intensive farming is an agricultural intensification and mechanization system that aims to maximize yields from available land through various means, such as heavy use of pesticides and chemical fertilizers. These techniques help to meet the rising demand for food of the growing population and help to prevent food shortages. Some intensive farming techniques, such as monoculture, drive the demand for fertilizers. Monoculture is the practice of growing one type of crop intensively over a large area, thus depleting nutrients in the soil and making it heavily dependent on synthetic fertilizers.

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The chemical fertilizers market is segmented:

1) By Type: Nitrogen Fertilizer, Phosphate Fertilizer, Potash Fertilizer

2) By Crop Category: Cereals, Oilseeds, Vegetables, Fruits, Other Crop Categories

3) By Method of Application: Broadcasting, Drop Spreading, Fertigation, Foilar Spray

4) By Form: Solid, Liquid, Gaseous

5) By Product Type: Complex Fertilizers, DAP, MOP, Urea, SSP, Other Product Types

The fertilizer market is likely to be affected by the rising use of bio-fertilizers due to the adverse impact of synthetic fertilizers on soil and other environmental concerns. A bio-fertilizer contains living microorganisms such as bacteria, fungi, and algae, which are capable of fixing atmospheric nitrogen or converting soluble phosphate and potash in the soil into forms available to the plants. Bio-fertilizers promote growth in plants by increasing the supply or availability of primary nutrients to the host plant. The negative effects of long-term chemical fertilizer use on the soil boosted the use of bio-fertilizers.

The chemical fertilizers market report table of contents includes: