Global fertiliser market to generate revenue of $323,375.0 M by 2028: Research Dive
The segment is growing at a CAGR of 5% from 2021-2028
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The global fertiliser market is anticipated to witness remarkable growth during the forecast period, owing to the importance of fertilisers in crop growth to cater for the increasing demand for food among the growing population around the globe. The inorganic type sub-segment is expected to be the most profitable. The Asia-Pacific region is expected to dominate in the global industry.
According to a report published by Research Dive, the global fertiliser market is expected to generate a revenue of $323,375.0 million by 2028, growing exponentially at a CAGR of 5 per cent during the forecast period (2021-2028). The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Increasing population and rapid urbanisation have substantially increased the demand for food around the globe. These factors are expected to bolster the growth of the market during the forecast period. An increase in pollution due to the unconstrained use of fertilisers is expected to impede the growth of the market during the forecast period. The increasing prevalence of organic fertilisers due to various properties like soil nutrients enhancement improved water retention capacity, and reduction in the need for pesticides are expected to create tremendous opportunities for the growth of the market during the forecast period.
The inorganic sub-segment is expected to generate a revenue of $186,167.5 million during the forecast period. The solid sub-segment is expected to generate a revenue of $200,943.9 million during the forecast period.
The agriculture sub-segment is predicted to generate a revenue of $130,795.8 million during the forecast period. A significant surge in population, globalisation, and urbanisation around the world has subsequently increased the demand for food.
The Asia Pacific Region is expected to grow exponentially with a CAGR of 5.4 per cent during the forecast period. A stringent restriction imposed by the government on import and export significantly disrupted the supply chain and distribution channel of the fertiliser industry.