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. The fertilizer industry procures raw materials such as rock phosphate, sulphur and ammonia from mining companies and natural gas from oil and gas companies to produce fertilizers.
Many farmers across the world are shifting from chemical fertilizers to organic fertilizers. Organic fertilizers are carbon-based compounds that increase the productivity and growth quality of plants. Using organic fertilizers helps ensure food produced from these fertilizers is non-toxic, safe and environment friendly and also ensures farms remain fertile for longer periods. Organic fertilizers play an important role in practicing sustainable organic farming by the farming community.
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The reasons for expected growth of the global fertilizers market size from $357 billion in 2017 to $412 billion by 2021 are the economic growth and technological advances.
Fertilizer Market Segmentation
The fertilizer market in The Business Research Company’s report is segmented into three segments, namely nitrogen, phosphate and other fertilizers manufacturing. While the first segment accounts for three-fourth of the market share, the remaining share is split among the other two segments.
Asia-Pacific was the largest region in the fertilizer market in 2017, accounting for more than two-fifth of the market share.
The top fertilizer manufacturers covered in the report are Yara International Asa, The Mosaic Company, Potash Corp. Of Saskatchewan Inc., Eurochem Inc. and Agrium Inc. Yara International Asa was the largest competitor in the fertilizer industry, followed by The Mosaic Company and Potash Corp. Of Saskatchewan Inc. Yara International Asa is involved in the production of nitrogen fertilizer, dry ice, nitrates, ammonia, urea and other nitrogen-based chemicals. Yara International was founded in 1905 and is headquartered in Oslo, Norway.
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