Canada Fertilizer Market to be Dominated by Solid Foam Type Segment Through 2028
Growing
adoption of organic fertilizer, increasing export opportunity, and rising
technological advancement are factors driving the Canada fertilizer market
in the forecast period, 2024-2028.
According to TechSci Research
report, “Canada Fertilizer Market-
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, Canada fertilizer market size
is anticipated to increase at a substantial rate in the forecast period of
2024-2028. The growing demand for food in Canada, combined
with favorable agricultural conditions and government support, is driving the
growth of the Canada fertilizer market. The market is expected to continue to
grow as the country's population increases and its agriculture sector expands.
The world's population is growing, and with it comes, an increased demand for
food. Fertilizers help enhance crop yields by providing essential nutrients to
plants, enabling farmers to meet the rising food demand. As per the report
by the United Nations, to support the survival of the population and fulfill the
need of 9.7 billion people's food by the year 2050, agriculture production will
have to increase by 70 percent over the next 30 years. As the Canada is
will hold 44 million people by 2030 with significant growth in agriucltural
activities, it will lead to increase in the demand of filtizer in the upcoming
period.
Moreover, the availability of
arable land is limited, and in some cases, it is decreasing due to
urbanization, land degradation, and other factors. Fertilizers allow farmers to
maximize the productivity of existing agricultural land by optimizing nutrient
levels and supporting plant growth. Governments in Canada develop
agricultural policies and provide funding to support the agricultural sector,
including the fertilizer market. These policies aim to enhance productivity,
promote sustainable practices, ensure food security, and stimulate economic
growth. Funding initiatives help farmers access resources, including
fertilizers, at affordable prices, encouraging their use and driving market growth.
The Canadian fertilizer
market is facing several challenges, including rising input costs,
weather-related disruptions, competition from other countries, and environmental
regulations. The cost of fertilizer inputs, such as natural gas and ammonia,
has been rising in recent years. This has put pressure on fertilizer prices and
made it more difficult for farmers to afford the nutrients they need, to
produce crops. Additionally, Canada is a major producer of fertilizer, but
faces competition from other countries, such as Russia and China. These
countries have lower production costs, which allows them to sell fertilizer at
lower prices. Governments around the world are increasingly regulating the use
of fertilizer. It is due to concerns about the environmental impact of
fertilizer runoff, which can pollute waterways and contribute to climate
change. Hence, to stay competitive, the industry needs to find ways to reduce
costs, improve efficiency, and develop new products that are more
environmentally friendly.
In addition to the challenges
mentioned above, the Canadian fertilizer market is facing several external and
uncontrollable challenges, such as the COVID-19 pandemic, global recession, and
war in Ukraine. The war in Ukraine has disrupted the global fertilizer market,
as Ukraine is a major producer of fertilizer. This has led to higher fertilizer
prices and uncertainty about the future of the fertilizer market. Therefore,
above mentioned factors are impeding the Canadian fertilizer market growth, but
the industry is working to address these challenges and remain competitive in
the global market.
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Canada
fertilizer market is segmented based on origin, foam, mode of application, crop
type, source, and region.
Based on the origin, the market is
categorized into organic, synthetic, and bio-fertilizer.
The bio-fertilizer segment is expected to hold the largest market share in the forecast
period because of its environmental and economic benefits. Bio-fertilizers are
organic substances that contain living microorganisms that enhance the nutrient
availability and uptake of plants. They are more sustainable and cost-effective
than chemical fertilizers, which can cause soil degradation, water pollution,
and greenhouse gas emissions. Bio-fertilizers improve soil health and
biodiversity, which can increase crop yield and quality.
Based on the
crop type, the market is fabricated into grains & cereals, pulses & oilseeds, commercial crops, fruits &
vegetables, and others. The pulses & oilseeds segment is expected to hold
the largest market share in the forecast period owing to the high demand and
profitability of these crops. According to Farm Credit Canada (FCC), pulses and
oilseeds produced exceptionally well in
2021, with an estimated 11.9% year-over-year growth in farm cash receipts. They
faced higher input costs, especially for fertilizer, which increased by 12.0%
for the first three quarters of 2021. Therefore, these producers may have
invested more in fertilizer to boost their yields and quality, and to take
advantage of the strong prices and export markets for their crops.
Major
companies operating in the Canada fertilizer market are:
- Lucent Biosciences
Inc.
- Nurture Growth Bio
Fertilizer Inc.
- Soilgenic
Technologies, LLC
- Alberta Eco
Biotechnology Inc.
- Indogulf BioAg LLC
- CF Industries
Holdings Inc.
- Yara International
ASA
- Nutrien Ltd.
- The Mosaic Company
- AgriTec
International Ltd.
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“Canada
is a significant player in the global fertilizer market, both as a producer and
an exporter. The country has abundant natural resources, including vast
reserves of potash, phosphate, and nitrogen, which are essential components for
fertilizer production. Canada exports a considerable amount of fertilizers to
international markets, including the United States, Brazil, India, and China. Canada
exports 95
percent of potash, and 40 percent of nitrogen production to their trade
partners or other countries. Apart from these, Canada
has engaged in numerous trade agreements, such as the Canada-United
States-Mexico Agreement (CUSMA), which replaced the old NAFTA. These agreements
have reduced trade barriers and provided favorable treatment for Canadian
fertilizer exports to the United States and Mexico, two of Canada's largest
trading partners. Additionally, Canada has trade agreements with other
countries and regions globally, enabling market diversification and further
growth opportunities.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“Canada Fertilizer
Market By Origin (Organic, Synthetic, and Bio-fertilizer), By Form (Solid,
Liquid), By Mode of Application (Foliar Spraying, Fertigation, Sowing,
Broadcasting, Spraying, Drip Method, and Others), By Crop Type (Grains &
Cereals, Pulses & Oilseeds, Commercial Crops, Fruits & Vegetables, and
Other), By Source (Domestic, Import), By Region, Competition, Opportunity and
Forecast, 2028”, has evaluated the future
growth potential of Canada fertilizer market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision-makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Canada fertilizer market.”
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