The global Organo-Mineral Fertilizers Market is forecast to reach USD 130.72 Billion by 2027, according to a new report by Reports and Data. An increase in global population, and economic growth is a major driving factor of the market.
The market, mainly in the emerging nation, is growing with the support of the government. Governments all across the globe are offering support in the form of subsidies, incentives, loans, and tax waivers on agricultural fertilizers, which is boosting the overall industry. Rising interest rate, soil erosion, reduction in free trade, increasing usage of bio-fertilizers, government regulations, alternative farming prices, and increasing trend of organic food are also restricting the demand of the market.
The latest trend of using nano-fertilizers in agriculture are also affecting the market positively. Nano-fertilizers are increasing the soil fertility yield and improve the quality of crops. Nano-fertilizers also increase the efficiency of nutrients and lower the cost of environmental protection. Key companies manufacturing these fertilizers are Richfield Fertilizers Pvt. Ltd, Nanosolutions, Alert Biotech, and Florikan
Impact of COVID-19
The widespread of the COVID-19 has created a ripple effect that is affecting all sectors everywhere. The borders are being closed, vessels are being quarantined, and the movement of the people is also being tracked. Products are being constrained, including fertilizers and their raw materials. A disruption of the fertilizer industry across the globe is expected in the coming days.
The countries that rely heavily on trucks for their supply of fertilizers will be the most affected as vehicle movement is being strictly prohibited. Those countries which have ports are finding it a little easier to get raw materials supplied. Brazil relies heavily on trucks as transport and will be the worst off while India and China are turning towards their ports for shipment.
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Mineral Fertilizers Market: Drive factors
As of my last knowledge update in September 2021, I can provide you with some general drive factors that historically influenced the Organo-Mineral Fertilizers Market . Keep in mind that the situation might have evolved since then.
- Global Population Growth: The world's population has been steadily increasing, leading to a higher demand for food production. Mineral fertilizers play a crucial role in enhancing crop yields and meeting the food requirements of a growing population.
- Food Security Concerns: Ensuring food security is a priority for many countries. Mineral fertilizers help farmers increase the productivity of their crops, thereby contributing to stable food supplies and reducing the risk of food shortages.
- Urbanization and Reduced Arable Land: Urbanization has led to the conversion of agricultural land into urban areas. This has placed greater pressure on the available arable land to produce more crops, necessitating the use of fertilizers to maintain or increase yields.
- Increasing Income Levels: Rising incomes in developing countries often lead to changes in dietary habits, including an increased demand for meat and other protein-rich foods. This drives the demand for animal feed, which in turn boosts demand for fertilizers used in fodder production.
- Technological Advancements in Agriculture: Modern farming techniques, such as precision agriculture and controlled-release fertilizers, rely on mineral fertilizers to optimize nutrient delivery to crops and improve overall efficiency.
- Crop Rotation and Intercropping: As farmers adopt sustainable agricultural practices like crop rotation and intercropping, the need for fertilizers to replenish soil nutrients becomes more pronounced.
- Government Policies and Subsidies: Government policies, subsidies, and incentives to support agricultural productivity and food security can impact the use of fertilizers. Some governments provide subsidies to farmers, making fertilizers more affordable and encouraging their usage.
- Climate Change Challenges: Changes in climate patterns can affect soil fertility and nutrient availability. Fertilizers help mitigate the negative effects of climate change by supporting crop growth under varying conditions.
- Shift to High-Value Crops: Farmers might shift from staple crops to higher-value crops like fruits, vegetables, and cash crops. These crops often require specific nutrients provided by mineral fertilizers to achieve desired quality and yields.
- Global Trade and Export Opportunities: As agricultural products are traded globally, regions with varying soil compositions might rely on imported fertilizers to compensate for nutrient deficiencies in their soils.
- Research and Development: Ongoing research into improving fertilizer formulations, nutrient uptake efficiency, and environmental sustainability can drive innovations in the mineral fertilizers industry, attracting more users.
- Awareness of Soil Health: Increased awareness about soil health and sustainable agricultural practices has led to a focus on balanced nutrient management, boosting the use of mineral fertilizers to maintain soil fertility.
It's important to note that these factors can interact and evolve over time, impacting the mineral fertilizers market differently in various regions and contexts. For the most current and specific information, I recommend consulting up-to-date market reports, industry analyses, and agricultural experts.
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