Worldwide Fertilizer Market was US$ 83.5 Billion in 2020, and it is estimated to grow with a CAGR of 1.69% during the forecast period (2020-2027). Global Fertilizer Market is going to worth more than US$ 93.9 Billion by 2027.
The need for fertilization is increasing globally due to the rising global population. Fertilizers play a significant role in plants' growth, which provides nutrients to the soil, leading to production efficiency and more optimum food production. The primary nutrients for plant growth are ammonia, phosphorus, and potassium, and these should be in the right quantity for healthy crops.
Nitrogen is essential in developing plants because it forms proteins that help to build tissues present in plants. In comparison, phosphorus helps develop the plant through photosynthesis purpose, which converts sunlight to energy. Potassium is useful for carbohydrate and starch synthesis.
European countries have come out with new fertilizers rules that fertilizers should be of high-quality standards and should be sold across Europe freely with proper safety. This new rule will boost phosphate fertilizers with low cadmium mixture and provide a more excellent choice to farmers towards environment-friendly agriculture. Oceania countries have less use of land for agriculture, and they mainly depend upon exports. The countries like Egypt and South Africa are concentrating on ammonium nitrate production.
In 2020, Mosaic Company collaborated with BioConsortia, Inc. to launch a nitrogen-fixing microbial product to increase corn, wheat and other major non-legume row crops. The impact of coronavirus on the global fertilizer market was it hit its supply chain distribution. Due to lockdown, farmers faced difficulties in transportation of the shipment of the goods.