Fertilizer Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

NAVI MUMBAI, India - June 12, 2021 - PRLog -- Since the COVID-19 outbreak, the fertilizer industry has been significantly affected in many parts of the world from the outset of the pandemic. Due to the shortage of labor and the shutdown of a few fertilizer plants located in the integrated chemical complexes, shipments were affected in the initial lockdown process. China, being the epicenter of the pandemic and was greatly impacted in the beginning. However, the conditions in the country are stabilized and production rates have increased for all fertilizers. Hence, the overall effect of COVID-19 on the fertilizer industry is observed to be moderate.

Asia-Pacific is the largest fertilizer market and accounts for a share of around 60.0% of the overall market. China is the largest consumer of fertilizers in the Asia-Pacific region and represented around 53.0% share in the Asia-Pacific fertilizer market in 2019.

Over the long term, the technological innovations in the industry, coupled with the growing demand for N, P, & K and micronutrient fertilizers, are expected to drive market growth. However, regulatory and environmental constraints and high production cost are likely to act as drawbacks in the industry.
Competitive Landscape

The fertilizer market is highly consolidated, and the major players constitute a large share, while the other fertilizer companies constitute a smaller part of the market share, based on overall fertilizer market revenue in 2020. The major players in the market are Yara International ASA, The Mosaic Company, Nutrien Limited, EuroChem Group, PhosAgro, K+S Aktiengesellschaft​, and Groupe OCP, among others.

The companies in the market are investing heavily in product development. For instance, in 2017, The Mosaic Company with its joint venture launched the first DAP fertilizer in Saudi Arabia. It provided a new source of phosphate rock and helped them to improve access to growing agricultural markets, most notably India.

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