The Asia-Pacific Fertilizer Market is expected to register a CAGR of 5.74%. Key Highlights. Fastest Growing Productivity Sector – Iron : Alkaline soils with high pH and deteriorating soil health and quality make them deficient in Iron thus increasing the need for high yielding crop production.
New York, Jan. 17, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Asia-Pacific Fertilizer Market – SIZE, SHARE, IMPACT-19 IMPACT & FORECASES TO 2028” – https://www. .reportlinker.com/p06381456/?utm_source=GNW
Major Proportion by Crop Type – Field Crops : Field crop cultivation accounts for more than 90 percent of the total agricultural land in the region and accounts for the use of 82.76% of the total fertilizer.
It grows very fast with a special type – SRF : SRF is safe for the soil and the environment as it releases nutrients to the soil during the growing season and thus reduces the leakage of nutrients.
Largest geographical area – China : China is the world’s most populous country and has the largest arable land in the region, with a high rate of fertilizer application per hectare to increase crop yields.
APAC Fertilizers Market Trends
Field Crops is the largest segment in terms of Crops.
The Asia-Pacific fertilizer market is dominated by field crops, which make up about 84.3% of the total fertilizer market. Arable crop production accounts for over 90.0% of the region’s total agricultural land.
In 2021, 7.07% of the regional fertilizer market value was accounted for by horticultural crops. More than 70.0% of the total area of horticultural production is spread across China and India. The demand for horticultural crops has increased especially after the epidemic.
China and India are the largest agricultural producers in the Asia-Pacific region, mainly due to the large availability of arable land and large population resulting in increased demand for food. With substantial government financial assistance to encourage mechanization and agricultural production, this growth trend is expected to continue.
Less than 2.0% of the Asia-Pacific fertilizer market is estimated to be accounted for by turfs and ornamentals. However, the main beneficiaries of special fertilizers are turf and ornamental plants, as they require year-round care and a continuous supply of nutrients to preserve their green color.
There is a growing trend across the region to farm. In 2021, there was an increase of 6.64 million hectares in agricultural area compared to 2020. A fifth of the region’s population is employed in agriculture, and the industry occupies more than half of the region’s land area, which has a major impact on the Asia-Pacific economy. . Therefore, the fertilizer market in the region is expected to increase during the forecast period.
China is the largest category by country.
China is the largest producer and exporter of fertilizers in the region and the world and contributes 25% of the world’s fertilizer production, according to the USDA. China’s fertilizer market is estimated at USD 55.8 billion by 2022, with a consumption volume of 110 million tons.
India is the world’s second largest consumer of fertilizers, using a capacity of 70 million metric tons by 2021. Although it is the third largest producer of fertilizers in the world, India is still dependent on foreign countries for 25% of urea, 55% of phosphorus. , and 100% potash annually.
Japan is the third largest market in the Asia-Pacific region, accounting for 10% of the market, with a value of USD 10.2 billion in 2021. However, the country accounts for only 1% of the volume consumption, that is, 2.03. million metric tons. This large difference in volume and value contribution is caused by the high price of fertilizers in this country compared to other countries in the region.
Indonesia is the fourth largest consumer by market value and the third largest by volume of consumption, accounting for 5% of value and 6% of volume in the region. The arable land in this country has been increasing over the years. In 2017, the total arable land in the country was 52 million hectares, growing to 57.0 million hectares in 2019, according to FAO. This situation may increase the use of fertilizers in the country.
Other Asia-Pacific countries such as Vietnam, Australia, Bangladesh, Pakistan, Thailand, etc., together account for 18% of the country’s total consumption. This region is the fastest growing in terms of fertilizer use, and the growth trend is expected to continue in the future.
APAC Fertilizer Market Competitive Analysis
The Asia-Pacific Fertilizer Market is fragmented, with the top five companies accounting for 8.74%. Major players in this market are Coromandel International Ltd., Israel Chemicals Ltd, Sinofert Holdings Limited, Xinyangfeng Agricultural Science and Technology Co., Ltd. and Yara International Limited (arranged alphabetically).
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