LONDON--(BUSINESS WIRE)--The global fertilizer additives market size is expected to grow by USD 386.81 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth. Request a free sample report
The increasing popularity of nitrogen fertilizers is expected to drive the demand for fertilizer additives during the forecast period. Nitrogen fertilizers are compounds that are added to stimulate the growth of plants backed by the process of photosynthesis. Key benefits of nitrogen fertilizers include faster growth of plants, improved pasture quality, and increased crop yield along with improved quality of land. The demand for nutrients such as nitrogen, phosphate, and potash grew by almost 6.6% between 2015 and 2019 with the highest increment registered by nitrogen.
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As per Technavio, the increasing research activities on fertilizer technology development will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Fertilizer Additives Market: Increasing Research Activities on Fertilizer Technology Development
The global fertilizer additives market is driven by the increasing focus on the development of fertilizer technology. Novel and improved fertilizers have been critical in addressing the demands of the growing population globally, along with providing food security. Research activities have also been extended to include granulation technology. Research activities pertaining to the development of fertilizer technology also focus on micronutrients, which increases the consumption of fertilizer additives. An increasing number of research studies are being conducted for the development of boron and zinc micronutrients as essential ingredients for the growth of crops, including flowering. Focus on these areas has led to the exploration of new methods that better synchronizes the release of fertilizers with the requirements of the plants. Therefore, the global fertilizer additives market has benefited from joint efforts in the field of research.
“Factors such as the shrinking arable land, and the growth of the agricultural sector will have a significant impact on the growth of the fertilizer additives market value during the forecast period,” says a senior analyst at Technavio.
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Fertilizer Additives Market: Segmentation Analysis
This market research report segments the fertilizer additives market by type (granular, prilled, and powdered) and geography (APAC, North America, Europe, South America, and MEA).
The APAC region led the fertilizer additives market share in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the increasing demand for fertilizers, particularly in countries such as India and China, and the growing population in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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