MARKET OPPORTUNITY 3 (Fertilizers Market)
A fertilizer is any material of natural or synthetic origin that is applied to soils or to plants to supply one or more plant nutrients essential to the growth of plants. Many farmers across the world are shifting from chemical fertilizers to organic fertilizers.
Most fertilizers that are commonly used in agriculture are made up of NPK i.e. the three basic plant nutrients: nitrogen, phosphorus, and potassium. Some fertilizers also contain certain “micronutrients,” such as zinc and other metals, that are necessary for plant growth. Fertilizers are applied to replace the essential nutrients for plant growth in the soil after they have been depleted.
Crops like rice, wheat require zinc and other macronutrients in large amounts.
TYPES AND SPECIFICATIONS
The Fertilizers Market is segmented by Type (Straight and Complex Fertilizers), Crop Type (Grains and Cereals, Pulses and Oilseeds, Commercial Crops, Fruits and Vegetables, and Other Crop Types), and Geography (North America, Europe, Asia-Pacific, South America, and Africa).
The United States Fertilizer Market is Segmented by :
Type (Nitrogenous, Phosphatic, and Potash, Secondary Nutrient and Micronutrient Fertilizers)
Application (Grains and Cereals, Pulses and Oilseeds, Commercial Crops, Fruits and Vegetables, and Turf and Ornamentals).
ADVANTAGES OF PLACEMENT OF FERTILIZERS
The main advantages are as follows:
Reduces fixation of nutrients as it provides minimum contact between the soil and the fertilizer.
It does not support the growth of weed.
Gives a high residual response.
The utilization of fertilizers by the plants is higher.
Loss of nitrogen by leaching is reduced.
Being immobile, phosphates are better utilized when placed.
MARKET ANALYSIS AND INSIGHTS
The Global Fertilizer market was valued at 106.51 Million USD in 2020 and will grow with a CAGR of 6.19% from 2020 to 2027.
Since the COVID-19 outbreak, the fertilizer industry has been significantly affected in many parts of the world. Asia-Pacific is the largest fertilizers market and accounts for a share of around 60.0% of the overall market.
China is the largest consumer of fertilizers in the Asia-Pacific region, and it accounted for around 53.0% share in the Asia-Pacific fertilizer market in 2019.
Over the long term, the technological innovations in the industry, coupled with the growing demand for N, P, and K and micronutrient fertilizers, are expected to drive the market growth
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