The GMI Research envisages a tremendous expansion in the Fertilizer Market over the forecast period. This is because of the intensified investment in the agricultural industry to raise the crop yield.
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Fertilizer Market Dynamics
The growing demand for food items and the evolving need for superior crop production in confined fertile land will stimulate the growth of the global fertilizer market. The augmenting population across the nation has further stimulated the market growth. As per the U.S. Census Bureau, the overall population of the world was approximated to be 7.6 billion, which is anticipated to reach 9.7 billion till 2050. This significant surge in the population rate has supplemented the fertilizer market size, thus indirectly influencing the growth of the fertilizer market in terms of income. Fertilizers proffer exceptional benefits, such as allow the farmer to grow more crops in a finite fertile land area, enhances the profitability rate, and raises the crop yields.
Moreover, as per the Global Fertilizer Market Report, the increasing industrialisation accompanied by the mounting urban population across the world has resulted in an extensive reduction in the disposable productive land has supplemented the market growth. For example, approximately 12% of the land surface on the Earth was used to produce crops in 2018. Also, the aggregate fertile land area, in the United States, was approximated to be around 1,640 in 2008, which reduced to 1,520 in 2015. This significant reduction in overall arable land area for better soil fertility and consistency has resulted in better crop productivity in a specified time span. Thus, all these features together are anticipated to proliferate the market growth. However, the increasing consciousness about the hazardous effects of fertilizers on the consumer’s health and on environment is likely to restrain the growth of the global fertilizer market growth.
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