A recently published study by FMI expects the global fertilizer additives market to augment at a 4.6% CAGR from 2022 to 2032. By the end of the said assessment period, a valuation of US$ 1,685.96 Million is expected for the market.
Fertilizer additives are gaining huge traction owing to the expansion of agriculture industry across the globe. Moreover, properties of fertilizer additives that help in anticaking are making them essential.
From 2017 to 2021, the industry experienced noteworthy growth, registering a value CAGR of 4% and closing at US$ 1,028.01 Million. Technological advancement in the agriculture sector is contributing to the growth of fertilizer additives.
In addition, government authorities of various countries are launching initiatives that help the agriculture industry to grow. This, in turn, is increasing the use of fertilizer additives. Potash and phosphate-based fertilizers work well for yield enhancement. They not only ensure growth of crops but also provide nutrition.
This, in turn, is accelerating the growth of fertilizer additives in the agriculture industry. Therefore, with government initiatives and expansion of agriculture sector the fertilizer additive market is expected to surge in the assessment period 2022-2032.
Key Takeaways from the Market Study
- S. fertilizer additives market is anticipated to witness for 2.6%year-on-year growth and is expected to reach a value of US$ 315.3 Million by the end of 2032.
- France is expected to hold a market share of 45% for additive fertilizers market in 2032.
- India is expected to grow at a CAGR of 5%between 2022 and 2032 for fertilizer additives market.
- By product type, Anti-caking agent segment is expected to possess 35% market share for fertilizer additives market in the forecast period 2022-2032.
- Which Are Some Prominent Drivers Of Fertilizer Additives Market?
Potash and Phosphate-based fertilizer additives gaining traction
The growing concern towards yield enhancement has led to various formulations of fertilizers which incorporate unique mix of fertilizer additives to impart necessary properties as per climate, soil type and crop type across regions. This trend and typical usage formats provide significant push to global fertilizer additive market.
Owing to higher consumption of urea, potash and phosphate based fertilizers, growth outlook for the market of fertilizer additives is expected to witness a growth of magnitude 4.4% in the first half of 2022, which is approximately 40 bps higher as compare to the actual growth in first half of 2021.
Nutrition level of fertilizers along with prevention properties augmenting growth of additive fertilizers
The ability of the product to prevent loss of key nutrients such as phosphorous, sulfur, potassium and nitrogen is expected to augment the growth over the forecast period. Moreover, it is used during transportation and storage of fertilizers to inhibit the caking and corrosion. It is also used to prevent the moisture and lump formation in fertilizers, which are generally caused by the humid climatic condition.
The nutrition level of fertilizers is enhanced by the utilization of additives as they help in reducing nitrogen, potassium, sulfur, and phosphorous ion losses caused due to immobilization, denitrification, leaching, and volatilization. Among all additives, nitrogen-based products are considered highly important as nitrogen is a very crucial component for the growth of a plant.
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