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.
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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.
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.
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– 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
– Alkaline water electrolysis
– Proton Exchange Membrane
– Solid Oxide Electrolysis
– Ammonium nitrate (AN)
– Calcium ammonium nitrate (CAN)
– North America
– Latin America
– Asia Pacific
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This release was published on openPR.