The global fertilizer additive market is expected to reach US$ 3,963.0 Mn in 2027 from US$ 3,216.2 Mn in 2018
NEW YORK, Nov. 25, 2019 /PRNewswire/ --
The global fertilizer additive market is expected to reach US$ 3,963.0 Mn in 2027 from US$ 3,216.2 Mn in 2018. The global fertilizer additive market is estimated to grow with a CAGR of 2.4% from 2019-2027.
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The market is driven by factors such as robust growth of fertilizer industry, increasing population and decreasing arable land, and rising research and development in the fertilizers.
The demand for fertilizers in many countries has been growing due to the increasing demand for food grains on account of the rising population.The institutions such as the Food and Agriculture Organization of the United Nations (FAO) and the International Food Policy Research Institute (IFPRI) have published estimations of an increase in global food demand out to 2050.
The FAO projections show that world food demand may rise by 70% by 2050.The global food demand is anticipated to come from rising consumer incomes in regions such as Asia, Eastern Europe, and Latin America.
Also, a report published by the Joint Research Centre in 2018, an area half the size of Europe is undergoing severe degradation and will become inappropriate for farming every year. Also, a report published by the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services supported by the Joint Research Centre's claim with the area of arable land shrinking and demand for food on the rise, farmers are frequently using fertilizers to boost the production.
According to a study conducted in 2015, at the University of Sheffield's Grantham Centre for Sustainable Futures in Britain, ~33% of the world's "adequate or high-quality food-producing land" has been vanished in the past 40 years due to the use of chemical fertilizers, frequent plowing, and climate change.In conjunction with the expected growth rates of the global population, governments are focusing on the development of sustainable agriculture, this will enable them to considerably increase their food production However, as a result of growing urbanization levels, available arable land is expected to decrease further.
Due to this, fertilizers are likely to play an essential role in increasing the average crop yields per hectare.However, the quality and performance of fertilizers may deteriorate with time.
Fertilizer additives aid in the production, handling, storage, and transportation of fertilizers.The additives help fertilizers maintain their shape, limit caking, decrease dust formation during manufacture, and avoid wetting of fertilizers.
Thus, the growing use of fertilizers in agricultural practices is estimated to fuel the growth of the fertilizer additives market.
The overall global fertilizer additive market size has been derived using both primary and secondary source.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the fertilizer additive market.
Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the fertilizer additive market.
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