Fertilizer & Agricultural Chemical Market is Projected to Grow at 5.7% CAGR, Reaching US$ 785.26 Billion by 2034 | Fact.MR Report

Rockville, MD , Feb. 05, 2025 (GLOBE NEWSWIRE) — According to a new industry report by Fact.MR, a market research and competitive intelligence provider, the global Fertilizer & Agricultural Chemical Market is forecasted to achieve a valuation of US$ 452.66 billion in 2024 and further reach US$ 785.26 billion by the end of 2034.

Utilizing fertilizers and agricultural chemicals more precisely and effectively is now feasible due to precision farming technologies, which enable using GPS-guided equipment or soil health monitoring seeders. These methods minimize waste and expenses by tailoring inputs to the soil conditions and requirements of crops. In line with contemporary farming methods, this is driving the need for specialized and specially manufactured products, contributing to the market expansion. Farmers are widely employing agricultural chemicals to safeguard crops and production due to unpredictability in weather patterns, changing climate conditions, and an increase in pest outbreaks.

Over the next ten years, East Asia is forecasted to hold a leading position in the market for fertilizers and agricultural chemicals. The demand is increasing due to the region’s well-established agricultural sector and the rising need for food brought on by the expanding population.

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Key Takeaways from Market Study:

• The global market for fertilizers & agricultural chemicals is evaluated to rise at 5.7% CAGR between 2024 and 2034.
• Valuation of the market in North America is approximated to reach US$ 95.78 billion in 2024.
• The market in East Asia is projected to expand at a CAGR of 7% through 2034.
• Revenue from fertilizers and agricultural chemicals in China is projected to reach US$ 95.34 billion by 2034-end.
• By major market, the wheat growers segment is forecasted to increase at 6.7% CAGR from 2024 to 2034.
• The United States is projected to achieve a size of US$ 85.8 billion in 2024.
  Demand for fertilizers is analyzed to reach US$ 436.35 billion by the end of 2034.

“To develop new and efficient products, such as slow-release fertilizers, bio-based herbicides, precision farming instruments, and others, prominent fertilizer & agricultural chemical manufacturers are investing heavily in R&D projects,” says a Fact.MR analyst

Leading Players Driving Innovation in the Fertilizer & Agricultural Chemical Market:

Key players in the fertilizer & agricultural chemical industry are Coromandel International Limited, K+S Aktiengesellschaft, OCI N.V., Shandong Hualu Hengsheng Group Co., Ltd., Acron Group, ICL Group Ltd., Yara International ASA, Nutrien Ltd., PhosAgro PJSC, CF Industries Holdings, Inc., Dhanuka Agritech, Indian Farmers Fertiliser Cooperative Limited (IFFCO)

Increasing Utilization of Fertilizers from Farmers:

Compared to pesticides and other agricultural chemicals, fertilizers are higher in demand because of their critical function in increasing crop productivity and yields. Fertilizer consumption is rising because of the growing global population and the requirement to raise agricultural productivity to meet food demand. Due to urbanization and environmental degradation, farmers in several countries are becoming more reliant on fertilizers to maintain soil fertility and increase agricultural production as arable lands are becoming increasingly limited.

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Fertilizer & Agricultural Chemical Industry News:

• To promote the use of nano-fertilizers, the Indian Farmers Fertiliser Cooperative Limited (IFFCO) established the Nano Fertiliser Usage Promotion Mahaabhiyan in July 2024.
• In order to safeguard crops and boost agricultural yields, Dhanuka Agritech, a well-known agrochemical company in India, introduced two new products in April 2024: a biofertilizer called “MYCORe Super” and an insecticide called “LaNevo.”

More Valuable Insights on Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the fertilizer & agricultural chemical market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on product and service (fertilizers, pesticides, other agricultural chemicals) and major market (wheat growers, fruit & vegetable growers, corn growers, rice growers, non-agricultural users, cotton growers, soybean growers, other cereals producers), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).

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