China, the world’s most populous country, has a huge demand for food grains and the use of fertilizers helps in getting a higher yield to meet this demand. The fertilizers market in China is expected to reach a market value of USD XX in 2021 from USD 57 billion in 2016, growing at a CAGR of XX%. The fertilizers market in China is highly fragmented, with many companies having a small market share.
Increasing population and limited agricultural land have resulted in a huge demand for agricultural products. To be able to meet the demand with the limited land available, the yield of the crop can be increased by using fertilizers, which will, in turn, increase the production. Hence, there is a huge demand for fertilizers in China, which is expected to grow year on year.
The fertilizer sector is the fastest growing in China and is the largest consumer of fertilizers in the world. Being the most populous country in the world, China has a huge demand for agricultural products. With just 11.3% arable land, there is a need to produce the crop with a higher yield in order to meet the demand. In this way, the demand for food grains is driving the fertilizers market. On the negative side, there are huge environmental concerns regarding the use of fertilizers, and these are restraining the demand in the market. The other factors driving the growth of the market are government subsidies and incentives for using organic fertilizers and elimination of land taxes for using organic fertilizers.
The nitrogenous products are estimated to witness a steady growth compared to the other products. The segmentation of China’s fertilizers market has been based on its product type and application type. In product types, the market is segmented into synthetic fertilizers (nitrogen, urea, phosphate, and others) and organic fertilizers, which include organic residues and bio-fertilizers. By application type, the market is analyzed in terms of crop-based and non-crop based.
Major companies in the sector include:
Recent Industry Insights
“The Government is encouraging the use of organic fertilizers by providing subsidies and tax incentives.”
Key Deliverables in the Study
The report holds importance for the following stakeholders-