Sulfur Fertilizers Market to Reflect Tremendous Growth Potential...

Sulfur Fertilizers Market to Reflect Tremendous Growth Potential with A CAGR of 2.5% BY 2028

Posted 2023-09-06 08:55:40

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Market Summary: In 2020, the global Sulfur Fertilizer market reached a value of USD 4.6 billion, with a projected Compound Annual Growth Rate (CAGR) of 2.5% during the forecasted period. This growth is driven by increasing concerns about sulfur deficiency in soil and a rising demand for high-quality food products.

Conventional agricultural practices have led to soil degradation over time, resulting in a lack of essential nutrients for crop growth. Sulfur fertilizers are used to replenish lost sulfur, a crucial component for plant nutrition. These fertilizers enhance crop quality, yield, and maintain protein and oil percentages in traditional crops, aligning with the growing demand for top-quality food. Government support and investments in research and development further boost the global sulfur fertilizer market.

The global sulfur fertilizer sector faced challenges due to the COVID-19 pandemic, which disrupted production and supply chains, particularly in China, the world's largest producer and consumer of micronutrients.

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Market Dynamics: Driving Factor: Increasing concerns over soil sulfur deficiency and the demand for high-quality food products. Sulfur deficiency in soil hampers plant growth and development, especially in young leaves. This deficiency drives the need for sulfur additives, increasing the demand for sulfur fertilizers. Additionally, the growing global population has led to a substantial demand for high-quality food grains, further fueling the need for sulfur fertilizers.

Restraint: Growing preference for organic food and price volatility. The rise of organic farming, which relies on natural and biological materials to maintain soil fertility and minimize environmental impact, poses a challenge to the sulfur fertilizers market. As organic agriculture gains popularity, the demand for traditional fertilizers is expected to decline. Price fluctuations in sulfur fertilizers also hinder market expansion.

Type Outlook: Categorizing sulfur fertilizers into sulfates, liquid sulfur fertilizers, and elemental sulfur, the sulfates segment dominated in 2020 and is projected to continue leading. Sulfates are readily available for plants and crops in the soil, with Ammonium Sulfate, magnesium sulfate, Ammonium Phosphate sulfate, and Potassium Sulfate being commonly used sulfate fertilizers.

Crop Type Outlook: Segmenting the market based on crop type into cereals & grains, fruits & vegetables, oilseeds & pulses, and others, the oilseeds and pulses segment is expected to generate the highest revenue during the forecast period. These crops, grown in semi-arid tropical regions, serve as staple foods in many developing countries, resulting in high nutritional value demand. Since these crops are drought-tolerant, they often suffer from sulfur deficiency, driving the sulfur fertilizers market.

Form Outlook: Categorizing sulfur fertilizers into dry and liquid forms, the dry segment led the market in 2020 and is expected to witness substantial growth during the forecast period. Dry fertilizers are easy to apply, have a longer shelf life than liquid ones, and are cost-effective, contributing to their high global consumption.

Application Outlook: Sulfur fertilizers are applied via foliar, soil, or fertigation methods. Soil application is the most widely used and economical method, reducing overall fertilization costs. Various techniques like seed placement or broadcasting are used, driving the demand for soil-based applications.

Cultivation Outlook: The sulfur fertilizers market is divided into controlled environment agriculture and open field cultivation. Controlled environment agriculture, which includes practices like greenhouse and hydroponics, offers faster crop growth and better control over water and nutrient use. This segment is expected to witness the highest CAGR during the forecast period.

Regional Outlook: The Asia Pacific led the global sulfur fertilizers market, capturing around 30% of the market share, followed by North America and Europe. APAC's strong position is attributed to improved agricultural techniques, demand for high-quality products, and contributions from countries like India, Indonesia, and China. Government investments in research and development and increasing awareness among farmers about soil sulfur content reduction drive market growth in this region.

North America is also expected to hold a significant share in the sulfur fertilizers market due to its vast agricultural area and local farmers' knowledge of advanced farming techniques.

Competitive Landscape: Numerous international and local market players are employing strategies like collaborations, acquisitions, and mergers to maintain market positions. Key players in the sulfur fertilizers market include Nutrien, Ltd, EuroChem Group, Koch Industries, Inc., Tiger-Sul Products, LLC, Abu Dhabi Fertilizer Industries WLL, Kugler Company, Yara International ASA, Israel Chemicals Ltd., Zuari Agro Chemicals Ltd, K+S Aktiengesellschaft, and Devco Australia Holdings Pty Ltd.

This report provides revenue growth forecasts at the global, regional, and country levels and analyzes market trends in various sub-segments from 2018 to 2028. The market is segmented based on Type, Crop Type, Form, Application, Cultivation Type, and Region.

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