Humans and plants both need nutrients for survival. Humans need in the form of food grains, while plants need in the form of chemical fertilizers. Food production goes hand in hand with climatic conditions, soil fertility and fertilizer needs. Fertilizers are the gateway to rejuvenating the soil by providing essential nutrients the plants need to grow healthily. The three fertilizers nitrogen, phosphorus and potash are needed by plants in adequate quantities and at regular intervals for sustainability. Along with fertilizers climate plays a paramount role in the growth process of plants. World population is skyrocketing and so is the demand for food products derived from plants. Equivalent to this the production of crops needs to be leveraged to avoid food scarcity. The urban sprawl is decreasing the arable land at a lightening pace in the rural areas. This is creating demand for fertilizers in the global market.
According to the research report “Global Fertilizer Market Outlook, 2027" published by Bonafide Research, the market is expected to grow at the CAGR of around 5.00% by the year 2027. Delving deep into the market, we can conclude that Asia Pacific is the prominent revenue-generating market, with China & India at the forefront. China is the largest producer as well as consumer of fertilizers. Fertilizers are more often used in dry form rather than liquid form. Urea as the presiding dry nitrogen fertilizer is commonly used. Liquid fertilizers need to penetrate deep into the fertilizer market with strategic evolutions. The growing population, decreasing agricultural land areas and government backed support is paving the road for fertilizer growth globally.
Millennial’s are adopting the vegetarian or plant based diets instead of animal derived foods products. This is one of the significant forces to propel the market growth for fertilizers in future. As with the increased demand for food grains the production capacity would also be increased and thus leading the fertilizer demands to rise. Consumers are ditching the traditional wheat and white rice with soybean, multigrain, oats, and brown rice. Milk is substituted by almond milk or soy milk or even fruit flavour milk. This changing wave of dietary preferences is sure going to drive the fertilizer market.
Complex fertilizers (NPK) with varying proportions of nitrogen, phosphorus and potash are expected to further drive the fertilizer market to new levels in the future years. As, these fertilizer has all the three nutrients that are required by plants for good growth and quality yields they are gaining traction among the farmers. The ratio of nitrogen, phosphorus and potash is determined upon the soil fertility, deficiency of nutrients and the crop that is going to be grown.