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What Is the Fertilizer Additives Market Size in 2024 and Its Growth Rate?
The fertilizer additives market size appears to have grown substantially in recent years. It is projected to expand from $3.09 billion in 2023 to $3.28 billion in 2024 at a compound annual growth rate CAGR of 6.2%. The growth during the historical period can be attributed to factors such as soil nutrient depletion, improved agricultural productivity, environmental regulations, the development of crop-specific solutions, and increased fertilizer efficiency.
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What Does the Fertilizer Additives Market Growth Forecast Reveal?
The next few years are expected to bring strong growth to the fertilizer additives market. It is forecast to increase to $4.2 billion in 2028 at a compound annual growth rate CAGR of 6.4%. The growth during the forecast period can be primarily attributed to the evolution of precision agriculture, the adaptation to climate change, the rise of organic farming and organic additives, the introduction of bio-based and biodegradable additives, and the development of customized nutrient blends. Major trends likely to shape the forecast period include the adoption of controlled-release fertilizers, nutrient stabilizers, nano and micronutrient additives, data-driven farming, and the use of sustainable packaging.
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What are the main drivers of the Fertilizer Additives Market growth?
The exponential rise in the demand for agricultural commodities is a primary factor driving the growth of the fertilizer additives market. Agricultural commodities, such as staple crops and livestock raised on farms or plantations, are becoming increasingly necessary. In the production activities of these commodities, fertilizer additives are used to enhance performance and control the application of fertilizer. For instance, data published by the Organization for Economic Co-operation and Development suggests that global agricultural production is expected to rise from 766 million tons in 2020 to 839 million tons in 2030. The increasing demand and production of agricultural commodities are expected to substantially boost the demand for fertilizer additives during the forecast period.
Which key industry players are in the Fertilizer Additives Market?
Leading companies operating in the fertilizer additives market include KAO Corporation, Clariant AG, Filtra Catalysts & Chemicals Ltd., Novochem Group, Solvay SA, Agrium Inc., Bio Huma Netics Inc., Bunge Limited, Compass Minerals, Compo Expert GmbH, Fertilizer Industry Round Table, Haifa Group, Helena Agri-Enterprises, Israel Chemicals Ltd., Kali und Salz GmbH, Kingenta Ecological Engineering Group, Koch Industries Inc., Lamberti Group, Nufarm Ltd., Nutra-Flo Company, Nutrien Ltd., Plant Food Company Inc., Soil Technologies Corporation, Sociedad Química y Minera de Chile, Stoller Enterprises Ltd., The Andersons Inc., Timac Agro USA, Tradecorp International, UPL Limited, Valagro SpA, Verdesian Life Sciences LLC, Wilbur-Ellis Company, Yara International ASA.
Emerging trends in the Fertilizer Additives Market:
The ongoing adoption of new technologies is a key trend that is gaining traction within the fertilizer additive market. Companies operating in the fertilizer additives market are leveraging technologies such as ammonia technology, urea formaldehyde concentrate technology, and nanotechnology in their product development and manufacturing processes to lessen their carbon footprints and transition towards more environmentally-friendly manufacturing practices. Stamicarbon, for example, announced the launch of Stami Green Ammonia Technology in May 2021 as a solution to the global carbon issue.
How is the global Fertilizer Additives Market Segmented?
The Fertilizer Additives Market can be broadly segmented by type including Dust Control Agent, Anti-Caking Agent, Anti-foam Agents, Granulation Aids, Colorants, Corrosion Inhibitors, Hydrophobing Agents, by form Granular, Prilled, Powdered, and by application Urea, Ammonium nitrate, Diammonium phosphate, Monoammonium phosphate, Ammonium sulfate, Triple superphosphate, Other Applications.
What does the regional outlook for the Fertilizer Additives Market look like?
In 2023, North America stood out as the largest region in the fertilizer additives market. However, during the forecast period, the fastest-growing region is expected to be Asia-Pacific. The regions covered in this report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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