Environmental News from Asia-Pacific:
According to Precedence Research, the global agriculture fertilizers market size is projected to hit around USD 85.8 billion by 2030 with a registered CAGR of 2.1% from 2022 to 2030.
The global agriculture fertilizers market size was estimated at USD 71.16 billion in 2021. Some sales insight revealing the strong growth of agriculture fertilizers during the past few years are listed below:
- The global agriculture fertilizers market value is expected to reach US$ 85.8 billion by 2030
- By form, the solid segment captured a market share of 63% in 2021
- Liquid segment is expected to witness the fastest growth rate of 5.2% from 2021 to 2030
- Based on nature, the inorganic segment accounted for 58.5% of the global market share in 2021
- China accounts for one-third of the total global urea consumption
- The global population is expected to reach over 9 billion by 2050
- Asia Pacific is the largest market accounting for over 50% of the market share and is also projected to be the fastest-growing market during the forecast period.
China, India, and Indonesia are the top three leading users of agriculture fertilizers across the globe as well as in Asia Pacific region. The Asia Pacific countries are the largest producers of rice, wheat, rapeseed, soybean, corn, and several other crops. The huge presence of farmers and high dependence of huge number of population on agriculture has significantly boosted the demand for the agriculture fertilizers in Asia Pacific. Furthermore, the favorable government policies to boost the agriculture sector have led to the increased demand for the fertilizers. Asia Pacific is the home to the largest global population and it is growing rapidly, thereby creating a pressure on the food supply. Hence, the demand for the fertilizers is expected to rise significantly during the forecast period for ensuring adequate availability of crops and ensure adequate food supply. Thailand, Singapore, Hong Kong, and Malaysia are some of the prominent consumers of agriculture fertilizers in the Asia Pacific region.
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Source: Globe News Wire