Global Fertilizer Additive Market - Segmented by Type, Function, Form, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The growth in the fertilizer additive market is attributed to the high cost and demand for basic agrochemicals like pesticides and fertilizers and the dire need for improved food productivity globally through the efficient use of agrochemicals. As of 2017, the global fertilizer additive market is slated to witness a moderate CAGR. Asia-Pacific holds a share of more than half in the global fertilizer additives market. China and India are the major consumers of these products owing to the vast agricultural zones in these countries.
Due to an increase in population and growing demand for food, the fertilizer additive market is expected to grow with rapidity in future. Additionally, increasing awareness regarding fertilizer additives has raised the bar for quality, which, in turn, has increased the market share of fertilizer additives globally. Mass market penetration is leading to the introduction of new products based out of fertilizer additives and their retail across various regions.
Rise in Cost of Agrochemicals Restraining the Market
Fertilizer additives are progressively being utilized for controlling urea hydrolysis, nitrification, and ammonia loss from soil. The development of the market is hindered by high cost and interest for essential agrochemicals like pesticides and fertilizers and the desperate requirement for enhanced sustenance profitability all around through the proficient utilization of agrochemicals. According to the statistics available, India is the fourth biggest producer of agrochemicals all around, after US, Japan, and China. Raw petroleum, which is the crude material for assembling agrochemicals, further augments costs of rough oils and gives additional weight on the costs of fertilizers, pesticides, and herbicides and since fertilizer additives are used along with such agrochemicals, a rise in their cost would inevitably affect the market for additives negatively.
Asia-pacific and North America Dominate the Market
Asia Pacific holds a share of more than half in the global fertilizer additives market. China and India are major consumers of this product owing to the vast agricultural zones in these countries. Asia-Pacific is a latent region with investments coming from major players in the market.
Furthermore, rising demand for agricultural products in countries like the US, Canada, and Mexico in the North American region is projected to boost the fertilizer additives market during the forecast period. Additionally, the major key players are actively involved in the research & development in order to enhance the quality of fertilizer additives.
Major Players: COROMANDEL INTERNATIONAL LIMITED, THE MOSAIC COMPANY, DUPONT, YARA INTERNATIONAL ASA, AGRIGRO INC., AND NUTRA-FLO COMPANY, among others.
Reasons to Purchase this Report
To have an understanding of the fastest growing regions in the fertilizer additive market and their growth trends during the forecast period
The report outlines drives, restraints and trends that are currently effecting the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The report covers in-detail insights about the competitors overview, company share analysis
Identify the latest developments, market shares and strategies employed by the major market players.
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