The market is estimated to grow at a CAGR of XX % from 2017-2022. The market value of fertilizers in 2016 was USD XX and is expected to reach USD XX in 2022. The fertilizers market is led by nitrogen fertilizer, with around XX % of the total fertilizer market share belonging to nitrogen fertilizer. Around 62% of Thailand’s population is dependent on farming, as a result of which the fertilizers market is experiencing a high growth rate.
Consumers are becoming increasingly health-conscious and the demand for organic foods is increasing. The organic fertilizers and biofertilizers market is expected to grow as a result of the increased demand for organic food products. Government encouragement by providing subsidies and incentives for the use of organic fertilizers will drive the growth of organic fertilizers.
The demand for fertilizers is growing at a faster rate due to the increased demand for agricultural products in the region. The farmers are focusing more on increasing the yield of the crop to meet the growing demand for food grains. To increase the yield of the crop, farmers are using more fertilizers, which will give the necessary nutrients to the crop and help in increasing the yield. In Thailand, the cost of setting up a chemical factory is very high and requires a huge initial investment. To meet the growing demand for fertilizers, imports are increasing and this is driving the growth of the market. The other factors driving the growth of the market are growing soil management practices, new farming techniques, and increasing arable land. The major restraints to the fertilizers market include environmental and regulatory issues, deficiency of micronutrients, and growing demand for food safety and quality.
Thailand’s fertilizers market is segmented based on the product type and application. The segmentation on product type includes synthetic fertilizers and organic fertilizers (organic residues and fertilizers). Synthetic bio fertilizers are growing at a faster rate compared to synthetic fertilizers and organic fertilizers. By application, the fertilizers market is analyzed in terms of crop-based (grains and cereals, fruits and vegetables, and oil seeds) and non-crop based.
Major companies in the sector include:
Recent Industry Insights
“To reduce the import of fertilizers in Thailand, the government is encouraging private sector production of organic fertilizers and biofertilizers”
Key Deliverables in the Study
The report holds importance for the following stakeholders-