Due to the increasing global population and increasing demand for food, the global fertilizer market is expected to witness large-scale growth during the forecast period. It is expected that the Asia-Pacific region will experience significant growth by 2028.
New York, August 25, 2021/PRNewswire/-Research Dive estimated in its latest report that by 2028, the global fertilizer market will generate USD 323.375 billion, and it will compound in the forecast period from 2021 to 2028. The annual growth rate is 5.0%.
With the rapid growth of the global population, the demand for food production is also growing. In addition, some governments are raising awareness by launching campaigns to promote fertilizers and educate farmers about the benefits of fertilizers. These factors are expected to promote the growth of the global fertilizer market during the forecast period. In addition, due to the increasingly serious environmental problems, organic fertilizers are becoming more and more popular, and it is estimated that by 2028, this will create huge opportunities for the growth of the global market. However, if the use of fertilizers is not controlled, harmful greenhouse gases will be emitted, leading to pollution, such as nitrous oxide, which is expected to limit market growth within the estimated time frame.
During the pandemic, the COVID-19 outbreak had a negative impact on the global fertilizer market. The adverse impact on market growth is mainly due to restrictions on imports and exports and the movement of people and goods by countries around the world. Delays and interruptions in the supply chain also affected market growth during the pandemic. However, many governments and companies are taking measures to recover from the chaotic situation.
These participants focus on mergers, collaborations, product development and releases to gain competitiveness in the global market.
In June 2019, EuroChem Group, the world’s leading mineral fertilizer producer, opened a third new fertilizer plant in Brazil to expand its fertilizer production facilities. It is one of the main fertilizer distributors in the country.
They focus on advanced product development and mergers and acquisitions. These are some of the strategies implemented by startups and established business organizations.
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Post time: Aug-26-2021