Chemical Fertilizers Market size was valued at USD 174.72 Billion in 2023 and is poised to cross USD 548.58 Billion by the end of 2036, expanding at more than 9.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of chemical fertilizers is estimated at USD 189.19 Billion. The market for chemical fertilizers is estimated to expand since there is a growing demand to maximize production and yield with conventional farming practices. The need for chemical fertilizers in the farming sector has been propelled by the enormous desire for cost-effective, sustainable farming practices.
Many governments provide subsidies and incentives to promote agriculture and food production. These policies can stimulate demand for chemical fertilizers among farmers. For instance, the US federal government paid farms USD 28.5 billion in direct agriculture program payments or subsidies in 2021.
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
9.2% |
|
Base Year Market Size (2023) |
USD 174.72 Billion |
|
Forecast Year Market Size (2036) |
USD 548.58 Billion |
|
Regional Scope |
|
Macronutrients (Nitrogen Fertilizer, Phosphate Fertilizer, Potash Fertilizer)
The nitrogen fertilizers segment is anticipated to hold 56% share of the global chemical fertilizers market during the forecast period, owing to the quality of the fertilizer to provide reduced spoilage and increased process efficiency to ensure energy is available when and where the plant needs to optimize yield. With roughly 24 million metric tons consumed in 2020, China was the top consumer of nitrogen fertilizer followed by India and the United States, with 20.4 and 12.1 million metric tons respectively.
Product type (Complex Fertilizers, DAP, MOP, Urea, SSP)
Chemical fertilizers market from the urea segment is accounting for the highest revenue share, given the extensive use of urea as animal feed and fertilizers in agriculture. In 2021 the global volume of production of unsaturated urea is estimated to be around 179.8 million tonnes. In addition, Urea contributes to the growth of green leafy plants by providing nitrogen to the plants. It's also helping plant photosynthesis.
Our in-depth analysis of the global chemical fertilizers market includes the following segments:
|
Macronutrients |
|
|
Product Type |
|
|
Crop Category |
|
|
Application |
|
APAC Market Forecast
The chemical fertilizers market in Asia Pacific is projected to hold the largest market share of 35% by the end of 2036, backed by the rising exports of agricultural and processed food products. From April to December 2022, the total export of APEDA products in India scaled from USD 17.5 billion over the same period of the previous fiscal to USD 19.7 billion. Moreover, the increasing farming activities and increasing production of vegetables and cereals in the region contributed to the market's growth.
North American Market Statistics
The chemical fertilizers market in North America is anticipated to grow at a significant rate owing to the region's large cultivation area. About 69.0% and 18.5% of all cropland in, the United States and Canada, respectively produce the most fertilizer in the area. Farmers were able to capitalize on the advantages of fertilizers thanks to current scientific and technological developments in the field.
Author Credits: Rajrani Baghel
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?