Nano Fertilizer Market size was valued at USD 345.3 million in 2023 and is set to exceed USD 1.80 billion by the end of 2036, expanding at over 16.1% CAGR during the forecast period i.e., between 2024-2036. In 2024, the industry size of nano fertilizer is estimated at USD 395.2 million.
The growth of the market is attributed to the rising need for high-quality and nutritious food to cater to the rapidly expanding global population. Nano fertilizer improve the nutritional value of agricultural products and are widely used in farms due to their cost-effectiveness, easy usage, and low requirement compared to conventional chemical fertilizer. These nano fertilizer are rapidly gaining traction as there has been a steady inclination toward sustainable agriculture.
Several governments across the globe are launching new programs and campaigns to promote nanofertilizer with higher efficiencies and lower drawbacks, compared to conventional fertilizer. For instance, in July 2024, Nano Fertilizer Usage Promotion Mahaabhiyan was launched by IFFCO India to promote the use of nano fertilizer. Under this, farmers from 800 villages will be given a subsidy of 25% on the market price of Nano Urea Plus, Nano DAP, and Sagarika to improve crop yields.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
16.1% |
|
Base Year Market Size (2023) |
USD 345.3 million |
|
Forecast Year Market Size (2036) |
USD 1.80 billion |
|
Regional Scope |
|
Method of Application (Soil Method of Application, Foliar/Spray Method of Application, Soaking Method)
It is anticipated that the soil mode of application will dominate the nano fertilizer market and account for the largest revenue share of 72% during the forecast period owing to the extensive use of soil method of application in agricultural practices, the ability to provide sustained nutrient availability to plants, and the ease of application over large areas of cultivated land. Additionally, the soil application of fertilizer enables the gradual release of nutrients, providing a consistent supply to crops over an extended period, which is particularly beneficial for the growth and development of agricultural produce.
Raw Material (Silver, Copper, Aluminum, Carbon, Others)
The carbon segment is projected to dominate the nano fertilizer market in terms of revenue, primarily due to its exceptional absorption capability. Carbon nanomaterials (CNMs) serve as fertilizer and play a key role in promoting crop growth and health. Graphene oxide film, for instance, is a carbon-based nanomaterial, that can prolong the process of potassium nitrate release, and time of function and minimizes losses by leaching. These raw materials have been infused with particles that possess antibacterial properties against different plant illnesses, as well as the capacity to enhance plants' ability to absorb essential nutrients from the soil.
In April 2022, Zhu et al. disclosed that novel fungicides could be made using carbon-based nanomaterials that have antifungal properties. SWCNTs or single-walled carbon nanotubes, have the highest antifungal effect compared to several other carbon nanomaterials (CNMs) tested against two plant pathogenic fungi.
Application (Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables, Others)
The cereals and grains segment in the nano fertilizer market is projected to hold a revenue share of 45% throughout the projected period owing to the growing demand for grains and cereals, particularly maize, wheat, rice, and oats to provide food to the rapidly rising population. The nutritional value and protein content of cereals & grains, compared to other vegetables and fruits, further contribute to the growth of this segment.
Farmers are transitioning towards nano fertilizer to fulfill the growing need for production. According to Food and Agriculture’s (FAO) latest prediction for global cereal production in 2024 has been raised by 7.9 million tons and is now valued at 2,854 million tons. The capacity of nano fertilizer to enhance crop productivity and effectiveness in delivering vital nutrients continues to be highly profitable in boosting segment revenue growth.
Our in-depth analysis of the nano fertilizer market includes the following segments:
|
Raw Material |
|
|
Method of Application |
|
|
Application |
|
North America Market Statistics
The nano fertilizer market in North America is expected to account for a significant revenue share of about 35% during the projected timeframe owing to a high focus on improving nutrient content and rapid advancements in nanotechnology. There has been rapid adoption of high-quality nano fertilizer in the U.S., Canada, and Mexico to improve crop quality and cater to rising demand for crops such as maize, wheat, rice, and oats.
The market for nano fertilizer in the U.S. is rapidly expanding as farmers are transitioning from traditional fertilizer to nano fertilizer to enhance crop productivity and agricultural companies are launching advanced, innovative products. For instance, in November 2023, Nano Yield introduced the NanoCote brand, a groundbreaking nanotechnology-based granular fertilizer coating designed for fertilizer, adjuvants, and crop chemistries.
The nan0-fertilizer market in Canada is propelled by strong growth in the agriculture and food business, together with the consequent technological development in the nano fertilizer sector. This growth aligns with growing investments and the rising awareness about the benefits of using nano fertilizer to improve crop productivity and address the need for enhanced agricultural technologies.
APAC Market Analysis
Asia Pacific is expected to register significant growth in the nano fertilizer market owing to increasing food demand, rising population in the region, and high adoption of sustainable agricultural practices. Countries such as India, China, Japan, South Korea, and Indonesia play diverse and influential roles in shaping the agriculture industry landscape.
In India, the development and adoption of nano fertilizer, particularly nano urea, has received significant attention and are poised to revolutionize agricultural practices to enhance crop productivity while reducing environmental pollution and input costs. In June 2024, Coromandel International Limited, introduced an advanced nano fertilizer plant at the Kakinada complex in Andhra Pradesh. This unit produces a huge range of NPK grades with an annual capacity of 2 million metric ton of fertilizer and serves to the needs of farming communities across India.
In China, nano fertilizer are gaining attention as a potential solution to enhance agricultural practices and crop production. The efficient use of engineered nanomaterials (ENMs) in place of conventional fertilizer and pesticides is seen as a way to minimize the environmental impact of agricultural approaches. Key players such as Neufarm Chemical, Qingdao Develop Chemistry Co., Ltd, and Xingtai Ruijin Import and Export Co., Ltd. are adopting several strategies and advancements to enhance crop nutrition, improve soil quality, and promote sustainable agricultural practices.
Japan’s nano fertilizer market is rapidly expanding due to the presence of strong financial initiatives and policy structures. The continuing process of research and development in Japan within this field demonstrates the potential for nano fertilizer to contribute to the advancement of agricultural practices.
Nano fertilizer offer benefits such as enhanced nutrient absorption within the plants, high crop yield, and reduced environmental impacts. To deliver maximized output, key players in the agricultural sector are actively exploring the potential of nano fertilizer to enhance sustainable agriculture and address complex challenges in farming practices. These key players are adopting several strategies such as mergers and acquisitions, partnerships, product launches, and license agreements to retain their market position and enhance their product base. Here is a list of key players in the market.
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?