Dublin, Aug. 08, 2023 (GLOBE NEWSWIRE) -- The "Europe Fertilizer Spreader Market - Regional Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
Europe fertilizer spreader market is expected to grow at a CAGR of 4.11% from 2022-2028.
Europe, with its vast population of over 749 million food consumers, places great importance on the agriculture sector as a driving force for economic development. Ensuring food self-sufficiency remains a critical agenda for the prosperity of any economy.
Within this context, the Europe fertilizer spreader industry features major vendors like AGCO Corporation, Deere & Co., CNH Industrial, Kubota, and Adams Fertilizer Equipment, alongside numerous local and international players contributing to a cohesive market.
However, the evolving economic landscape demands constant advances and upgrades in agricultural equipment, pressuring vendors to enhance their value proposition and establish a strong business presence. To further strengthen the agriculture sector, governments in countries like Germany, France, Italy, and others are working towards doubling the quantity and revenues from agricultural product exports by 2030.
Notably, the Europe fertilizer spreader market experienced a 3.4% growth in 2022 compared to the previous year, driven by favorable climatic conditions that bolstered crop production and fertilizer spreader sales. With various government schemes and initiatives facilitating credit and improving agriculture-related operations, the overall value chain of the market is poised for further growth.
The focus on export-centric production and the promotion of high-quality products will continue to drive sales of new fertilizer spreaders and agricultural equipment to meet the demands of farming activities.
MARKET TRENDS & DRIVERS
Increased Food Consumption & Population Growth
The rise in population increases the demand for sustainable agriculture practices. This can increase the productivity of lands and mitigate the effects of climate and chemical impact on agriculture.
Deploying fertilizer spreaders in agriculture remains a key factor supporting sustainable agriculture. Fertilizer spreaders are widely used to spread fertilizers on large fields in less time. The fertilizer spreaders, the muscle of modern agriculture, are expected to play a vital part in European food production during the forecast period.
Lack of Skilled Farm Labor
The lack or unavailability of unskilled labor drives farmers and farm owners to invest in fertilizer spreaders to fulfill the otherwise manually completed tasks, such as preparing the soil for planting and fertilizer spreading.
Western European countries need more skilled labor as they have higher levels of mechanization. Labor during the harvesting phase is necessary to complete tasks performed using combined harvesters and balers. Landowners in Germany and some other European countries, generally farmers, employ labor to carry out tedious tasks. A labor shortage is witnessed in the agriculture sector due to several reasons.
Lack of incentives, migration toward other sectors for employment, and hazardous working conditions in this industry are some reasons. One of the major socio-demographic features that drive the Europe fertilizer spreader market is that, on average, farmers are in the older age group, which leads them to rely on fertilizer spreaders.
SEGMENTATION INSIGHTS
INSIGHTS BY MOUNTING TYPE
In 2022, the mounted fertilizer spreader segment recorded high growth in the Europe fertilizer spreader market. The primary factor for the steady growth of the mounted type of fertilizer spreader is the low cost and efficiency. The sales of trailed fertilizer spreaders are expected to remain steady during the forecast period, as farm sales are likely to remain the same in the coming years.
INSIGHTS BY THE FERTILIZER TYPE
The Europe fertilizer spreader market by fertilizer type is categorized into solid and liquid. The solid fertilizer spreader segment generated the highest sales in almost all the countries of Europe. Due to the expansion of hydroponic system field areas, the availability of fertilizers at reduced prices, and the rise in mechanization, which has led to a rise in the adoption of technologies in fertilizer spreaders.
GEOGRAPHICAL ANALYSIS
Russia was the largest fertilizer spreader market in Europe in terms of unit sales, accounting for a share of over 29% share in 2022.
Low prices of commodities such as wheat at the global level have put pressure on farmers to invest in new machinery. As a result, the fertilizer spreader market in Russia took a hit in 2020. However, ambitious plans of the Russian government are putting the fertilizer spreader industry back on track.
MARKET DYNAMICS
Market Opportunities & Trends
- Development of Smart & Autonomous Spreaders
- Increased Food Consumption & Population Growth
Market Growth Enablers
- Fiscal Support to Farmers Through Loans & Subsidies
- Increased Farm Mechanization
- Lack of Skilled Farm Labor
Market Restraints
- Lack of Awareness of Latest Developments in Agricultural Technologies
- Lack of Educated Farmers in Emerging Countries
- Resource Scarcity of Small- & Medium-Scale Farmers
- Climate Change Adversely Impacting Agricultural Activities
- Volatility in Raw Material Costs
Benefits of Using Fertilizer Spreaders
- Increased Production Output
- Fill the Gap in Manual Labor
- Increased Attention to Accuracy
- Increased Precision Farming
- Type-Approval (Mother) Regulations in Europe
COMPETITIVE LANDSCAPE
Key Company Profiles
- AGCO Corporation
- CNH Industrial
- Deere & Company
- Kuhn Group
- AMAZONEN-WERKE H. DREYER SE & CO. KG
Other Prominent Vendors
- Adams Fertilizer Equipment
- Eurospand Cavallo
- CEA AGRIMIX
- Montag Mfg
- Salford Group
- Cleris
- Takakita
- Enorossi
- Vervaet
- Kuxmann
For more information about this report visit https://www.researchandmarkets.com/r/7ib7yy
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