The fertilizers market is expected to reach over $245 billion in 2020

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Aug 02, 2017, 11:29 ET

ROCKVILLE, Md., Aug. 2, 2017 /PRNewswire/ -- The global fertilizer market is expected to grow from over $195 billion in 2016 to over $245 billion in 2020, according to Fertilizer Market Global Report 2017, recently released by The Business Research Company. Nitrogen was the largest segment in the fertilizer market at around 75% of the total. Nitrogen fertilizers are produced from nitrogen (N) chemical combinations Such as urea and ammonia. Phosphates were the second largest segment, at around 15% of the total market. Phosphate fertilizers are compounds or mixtures containing available (soluble) phosphate. Examples are phosphate rock (phosphorite), superphosphates or triple superphosphates, nitro phosphate, and potassium phosphates. Other fertilizers accounted for about 10% of the total market.

Asia was the largest region in the fertilizer market in 2016, accounting for around $110 billion of demand. Asia is the largest market because of the presence of large farming communities in China and India using fertilizers. The Americas comprised the second largest region, accounting for around $65 billion. Europe was the third largest region, accounting for around $18 billion.

The global fertilizer market made up around 4% of the global chemical market in 2016. The market is fragmented. The top five competitors made up around 20% of the total market share in 2016. The top three competitors include companies:

Agrium
Yara International Asa
The Mosaic Company

Increase in Demand for Water Soluble Fertilizers is one of the top trends observed in the fertilizer market as of 2016. The water soluble fertilizer market is growing rapidly due to increased commercial cultivation of high value crops to meet rising demand. These fertilizers are specifically designed to be used in "fertigation" systems such as sprinklers and drip irrigation. Increasing awareness among farmers of technology-driven agricultural practises in developing nations is driving water soluble fertilizer sales.

These and other key insights are featured in the Fertilizer Market Global Report 2017.

More information about the report is available at https://www.marketresearch.com/Business-Research-Company-v4006/Fertilizer-Global-Nitrogen-Phosphate-othersCovering-10936527/

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SOURCE MarketResearch.com