Fertilizers Market in Thailand 2015-2019
Market outlook of the fertilizers market in Thailand
Fertilizers are used to prompt the growth of plant and also in increasing the crop yield. They help plants in holding the soil, thereby reduce soil erosion. Technavio’s market research analyst has estimated that the consumption of fertilizers in Thailand was 2.74 million metric tons in 2014 and is expected to reach a volume of 3.34 million metric tons in 2019, growing at a CAGR of more than 4%. Agriculture is one of the major source of the economy in Thailand, wherein more than 60% of the population is involved in agriculture.
The increasing population in Thailand every year has increased the demand for food, thereby increasing the production and consumption of fertilizers in the country. The consumers are expanding their diets with these dietary changes manifested in the form of increased demand for grain-intensive animal protein and dairy products. However, with the decline in arable land, it is difficult for farmers to increase productivity enough to cater to the high demand for food. Therefore, farmers are increasingly depending on fertilizers to improve plant growth and yields.
Segmentation of the fertilizers market in Thailand by product
Technavio Announces the Publication of its Research Report – Fertilizers Market in Thailand 2015-2019
Technavio recognizes the following companies as the key players in the Fertilizers Market in Thailand: Artemis & Angel, Chia Tai, National Chemical Fertilizer Public Company, Thai Central Chemical and Yara International
Other Prominent Vendors in the market are: Ajinomoto, Crop Argo, Global Bio, ICL Fertilizers, and Terragro Company.
Commenting on the report, an analyst from Technavio’s team said: “Increased awareness of the negative impact of chemical fertilizers on health and the environment has led to an increase in adoption of eco-friendly biofertilizers. Such biofertilizers are organic in nature and are commonly derived from seaweed and fish and bone meal. Seaweed supplies potassium and other trace elements, while fish meal is a good source of nitrogen and phosphorous. Such organic nutrients are usually composted before they are applied to plants.”
According to the report, the growing population in Thailand is leading to a high demand for food. The consumers are expanding their diets, and these dietary changes are manifested in the form of increased demand for grain-intensive animal protein and dairy products. The population growth and the demand for food are driving the demand for food grain, which is propelling the agriculture production output.
Further, the report states that the uncertainty in the climatic conditions, especially with regard to rain, can lead to disasters for both agriculture and human life.
Artemis & Angel, Chia Tai, National Chemical Fertilizer Public Company, Thai Central Chemical, Yara International, Ajinomoto, Crop Argo, Global Bio, ICL Fertilizers, Terragro Company.
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