Based on projections, The market value of Fertilizer Dispensing is expected to increase to USD 184.6 billion by 2023 and USD 251.57 billion by 2030, with a compound annual growth rate (CAGR) of 3.55%.
Factors driving the growth of the market include increasing demand for food due to population growth, government support for modernizing agriculture, and technological advancements in farming equipment.
The report also notes that the Asia-Pacific region is expected to be the fastest-growing market during the forecast period due to the large population and increasing demand for food in the region.
It’s important to note that these projections are subject to change based on various factors such as global economic conditions, technological advancements, and changes in government policies.
Sector Overview:
To provide one or more nutrients that plants require for growth, plant tissues or soil are treated with natural and synthetic fertilisers. Increased agricultural output and rising demand for better soil nutrients are expected to drive up the price of fertilisers throughout the forecasted period.
As organic fertilisers grow more prevalent, farmers should be urged to use fertilisers more efficiently and safely. The global agricultural industry is faced with a number of challenges.
According to the UN, the world’s population will reach nine billion people by 2050. This will be extremely stressful for the agricultural sector.
Important Businesses & Recent Developments:
The report provides an accurate analysis of the major companies and organisations operating in the global fertiliser market, along with a comparative evaluation based on their product portfolio, company summaries, geographic reach, business plans, market shares in specific segments, and SWOT analyses. Prominent players in this market include ARA International, Nutrien Ltd., The Mosaic Company, Haifa Group, Syngenta AG, ICL Group Ltd., EuroChem Group, OCP Group S.A., K+S Aktiengesellschaft, Uralkali, and others.
Fertilizers are substances applied to the soil or plant tissue to boost agricultural yield by supplying nutrients necessary for plant growth. To give one or more nutrients necessary for plant growth, chemicals known as fertilisers are injected into soil or plant tissues. With maintaining and improving the availability of soil nutrients, higher crop yields are encouraged.
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MARKET DRIVERS
Growth in the fertiliser dispensing market is being driven by government efforts.
The use of fertiliser and its favourable effects on agricultural productivity are being promoted by numerous governmental and non-governmental organisations all over the world.
The market for fertiliser dispensing is predicted to benefit from the promotion of fertilisers on radio, television, and in rural areas. Increased loan availability and rising rural incomes are also expected to boost revenue generation.
The use of fertilisers has a negative impact on both human and soil health. Farmers prefer to misuse fertilisers, which is terrible for the ecology, in order to enhance production. The absence of personal safety equipment for handling and applying fertilisers has an adverse effect on human health.