Europe Fertilizer Market size crossed USD 29.8 billion in 2021 and is estimated to expand at 2% CAGR between 2022 and 2028. The industry is growing at a commendable pace with the development of advanced fertilizer products such as water-soluble fertilizers.
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One of the most vital factors driving European industry is rising population rate, which is fueling the need for high-quality, fresh food. According to a European Union Census Bureau analysis, the regional population is expected to reach 738 million by 2030, up from 513.5 million in January 2019. This factor will play a significant part in boosting demand for food supplies, which will eventually have a favorable influence on the region's demand for high-quality fertilizers.
Impact of COVID on Europe fertilizer market outlook:
The recent COVID-19 pandemic imposed a lot of pressure on global supply chains to meet the rising demands for essential commodities, including food. Over the next few years, companies will focus on geographical expansion because of the supply chain loopholes exposed by the pandemic. Marketing strategies such as mergers and acquisitions, partnerships, and other collaborations undertaken by these companies to attract new customers will also contribute to the rising demand for fertilizers in Europe.
The liquid form segment demand will reach 10,200 kilo tons by 2028. The ease of blending, handling, and uniformity during applications, make liquid-based fertilizers more suitable for both starter and in-season applications. These fertilizers also utilize lesser water, making hem favorable for regions that face frequent water scarcity or shortages.
The essential factors boosting the fertilizer market growth is their slow feed nature for plants. With improved water-holding capacity, organic fertilizers improve the overall structure of the soil. The products can also be made at home, using bone meal, vegetable leftovers, and other natural ingredients. The different types of formulations produced by manufacturers include plant-based, animal-based, and mineral-based organic fertilizers.
The agriculture sector will witness tremendous growth through 2028. To meet increasing food demands, farmers have been on the lookout for methods to improve efficiency across their fields. One of the effective ways for increasing agricultural productivity has come from effective adoption of improved technologies, such as precise fertilization.
Fertilizer use in farms has not only provided additional nutrients and energy to the cropping systems, but it has also supported a continuous increase in annual crop production. The use of fertilizers in staple food crops such as rice, wheat, millets, maize, and barley, is one of the prime factors driving the market size.
Turkey fertilizer market will gain remarkable momentum during the forecast timeline, as it imports more than five times of fertilizers than that it exports globally. Agriculture production in the country has increased in recent years, to cater to the regional consumption as well as for exports.
Major players involved in the Europe market include CF Industries Holdings Inc., Nutrien Ltd., The Mosaic Company, Gemlik Fertilizer Inc., and Yara International ASA. The firms are involved in R&D to launch new technology products to expand their customer base globally.