COVID-19 Impact on Mineral Fertilizers Market
- Various measures introduced to deal with the COVID-19 pandemic, such as lockdowns, led to a decline in trade activities and closure of various factories.
- Several governments and private sector businesses are currently operating at a limited capacity for operations due to recent events surrounding the COVID-19 pandemic, which in turn is hampering agricultural productivity.
- In the corona pandemic situation, the farmer is not applying fertilizers, and this hampers the yield of crops. Manufacturing across the globe came to a halt due to the unavailability of raw materials, shortage of labour, etc. This is led to a decline in the demand for mineral fertilizer.
- The global impact of the coronavirus pandemic was completely unpredicted. It put the world economy in major distress. Demand for minerals fertilizer has also been negatively impacted.
Key Drivers and Restraints of Mineral Fertilizers Market
- One of the major concerns of farmers, currently, is to get nutrient land and efficient crops, which creates the need for highly effective fertilizer. Nutrient losses in the land impact the yield of crops. Various types of losses of nutrients occur due to runoff, atmospheric loss, leaching, and direct losses. Mineral’s fertilization is useful to counter these effects. Enough nutrients are supplied to crops by adding minerals fertilizer to the soil.
- The complex process of fertilization and high cost of fertilizers are major factors restraining the market. Moreover, increasing reliance on inorganic techniques of cultivation is another factor restraining the organic fertilizers market. Excessive usage of fertilizers damages the plants and reduce soil fertility. The ingredients in the fertilizers are toxic to the skin and respiratory system. The initial cost required to be invested by the farmer is also considerably high.
Mineral Fertilizers Market: Land type Segment
- In terms of application, the minerals fertilizer market can be classified into agricultural and nonagricultural.
- Agriculture is an important part of the economy of any country. The agriculture segment include food crops, feed crops, fiber crops, oil crops, ornamental crops, and industrial crops. Food crops, such as fruit and vegetables, are harvested for human consumption. Grains, such as corn, wheat, and rice, are the world's most popular food crops.
- Non-agricultural means land upon which no agricultural activities are conducted. These are used for nurseries, greenhouses, turf land, and others.
Asia Pacific to Dominate Mineral Fertilizers Market
- In terms of region, mineral fertilizers market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
- Asia Pacific dominated the global market in 2020, due to major industrial development in countries such as China and India. Increasing investment in mineral fertilizers market in Asia Pacific is estimated to hamper the demand for minerals fertilizers. Moreover, India and China are witnessing rapid increase in agriculture production, and there is increased awareness about minerals fertilizers, which in turn is fueling the market in these countries.
Key Manufacturers Operating in Global Mineral Fertilizers Market
- The Mosaic Company
- Yara International ASA
- Nutrien Ltd.
- ICL Group
- Nufarm Ltd.
- Koch Industries
Mineral Fertilizers Market: Research Scope
Mineral Fertilizers Market, by Land Type
Mineral Fertilizers Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Mineral Fertilizers Market: Introduction
- Mineral fertilizers, both natural or manufactured, containing nutrients that are essential for the normal growth and development of plants. Mineral fertilizers are mostly used as chemical, artificial, and synthetic fertilizers.
- Fertilizers are utilized as a supplement to the natural soil nutrient supply in order to satisfy the demand for crops and produce cost-effective yields. They are also used to balance the nutrients lost by the removal of plant products or by leaching or gaseous loss and other losses.
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