Green Fertilizer Market Size, Share, Demand & Trends by 2033
As per the reports published by FMI, the global green fertilizer market is projected to have an average-paced CAGR of 4.5% during the forecast period. The current valuation of the market is US$ 2,145.73 Million in 2023. The market value of the green fertilizer market is anticipated to surpass a market valuation of US$ 3,332.26 Million by the year 2033. A historical market valuation of US$ 2,053.33 Million has been recorded by the analysts of Future Market Insights for the concerned market during the base year.
FMI has analyzed that the urban population is becoming
more concerned about their health they are increasingly focusing on the
consumption of food that is free and devoid of chemical or synthetic
substances. This is identified as a key element impelling the farmers to tilt
towards the adoption of green fertilizers.
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There are several advances made in the technological
field to manufacture green fertilizers by utilization of genome and
biotechnological tools. Furthermore, stringent regulations imposed by the
government to reduce carbon footprints and sustainable techniques for the
production of healthy crops are identified to segment the growth of the market
through the forecast period.
However, a high cost associated with the production of
green fertilizers, coupled with the high availability of synthetic fertilizers
at cheaper prices is anticipated to hinder the pace of advancement through
2033.
Key Takeaways from the Green Fertilizers
Market
- The
green fertilizers market has witnessed an approximate surge of US$ 92.4
Million from the base year to the current.
- The
alkaline water electrolysis segment is projected to advance at a moderate
pace, recording a CAGR of 6.5% through 2033. This segment is likely to
surpass a valuation of US$ 121.36 Million by 2033.
- The
nitrate-based fertilizer segment registered a CAGR of 5.3% in 2023 and is
currently holding a market value of US$ 64.09 Billion.
- The
North American Region is expected to hold dominant shares through the
forecast period and is advancing at a CAGR of 6.3% in 2023.
“Increasing demand from farmers for
fertilizers that have relatively long shelf-life, and easy transportation is
likely to create lucrative growth opportunities for the green fertilizer
manufacturers." - Says an FMI Analyst.
Competitive Landscape in the Green
Fertilizers Market
The key market players operating in the green
fertilizers market are embarking upon new product launches that include
plant-based green fertilizers. Due to the existence of numerous international
and regional companies, the market for green fertilizers.
is very competitive. To strengthen their position in
the market, major players are implementing a variety of methods, including
product portfolio growth and regional development. The key players are adopting
various business strategies, such as mergers and acquisitions, to expand their
geographic presence and consumer base across the world.
Yara International ASA, Siemens Energy, Origin Energy
Limited, Iberdrola, S.A., HY2GEN AG, and Hive Energy are some of the key
players in the market.
Recent Developments
- In
March 2021, CoverCress (U.S) raised a considerable sum of US$ 8.0 million
from Bungee, which is a giant unit of agribusiness. The investment made is
likely to help the company in scaling up the development of crops of
pennycress. This is used as a cover crop after the corn harvest.
- In
January 2021, ThyssenKrupp AG secured an engineering contract for the
installation of an 88-megawatt (MW) water electrolysis plant for the
Canadian energy company, Hydro-Quebec. It is identified that the water
electrolysis plant is likely to produce 11,100 metric tons of green
hydrogen annually.
Key Segments in the Green Fertilizers
Market
By Technology:
- Alkaline
water electrolysis
- Proton
Exchange Membrane
- Solid
Oxide Electrolysis
By Fertilizer:
- Packaging
- Ammonium
nitrate (AN)
- Calcium
ammonium nitrate (CAN)
By Region:
- North
America
- Latin
America
- Asia
Pacific
- MEA
- Europe
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Full Report @ https://www.futuremarketinsights.com/reports/green-fertilizer-market
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