Fertilizer additives refer to materials that are included along with fertilizers to the prevent loss of essential nutrients including nitrogen, calcium, phosphorus, and potassium. The key factor driving the demand for fertilizer additives is the growing demand for fertilizers.
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The latest trend gaining momentum in the market is the growing prominence of non-nutrition fertilizer additives.
Non-nutrition additives are fertilizer additives that do not include essential elements associated with plant growth. However, non-nutrition additives aid in the delivery of nutrition along with other benefits pertaining to plant functions.
The demand for non-nutrition additives is backed by the increasing demand for the application of organic fertilizers.
Major key players in the global fertilizer additives market: ArrMaz, Chemipol, Clariant, michelman, and Solvay. The analysts forecast global fertilizer additives market to grow at a CAGR of 2.68% during the period 2018-2022.
According to the fertilizer additives market report, one of the major drivers for this market is the increasing popularity of nitrogen fertilizers. Nitrogen fertilizers are based on nitrogen chemical combinations.
These are added to stimulate the growth of plants and offer numerous benefits including faster growth of plants, improved pasture quality, and increased crop yield. This will increase the need for nitrogen fertilizers during the next few years, positively affecting this market’s growth.
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Further, the report states that one of the major factors hindering the growth of this market is the escalating prices of fertilizers. The increasing prices of fertilizers in different regions of the world have posed a major challenge to the growth of this market.
In countries such as India, the fluctuating tax rate has already discouraged farmers to opt for fertilizers. The increase in the prices of fertilizers has led to an increase in retail prices of fertilizer additives, affecting market growth.
Market driver: Increasing popularity of nitrogen fertilizers propelling demand for fertilizer additives
Market challenge: Escalating prices of fertilizers hampering market growth
Market trend: Growing prominence of non-nutrition fertilizer additives
Key questions answered in this fertilizer additives market report:
- What will the market size be in 2022 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?