Austin, July 23, 2024 (GLOBE NEWSWIRE) -- The Green Fertilizer Market Size was valued at USD 2.15 billion in 2023 and is expected to reach USD 3.53 billion by 2032 and grow at a CAGR of 5.65% over the forecast period 2024-2032.
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The Green fertilizer market has tremendously evolved in the last few years, driven by increasing environmental consciousness and a dire need for sustainable agriculture practices. By the end of 2024, the situation is looking radically different, and it is a massive time for this market to turn towards an eco-friendly alternative to traditional chemical fertilizers. One such development is the surge of regulatory support toward organic farming, driven by global environmental policy and consumer demand for healthier food products. For example, the European Union's "Farm to Fork" strategy, launched in 2020, outlines a reduction in dependence on synthetic fertilizers and promotes organic inputs instead. Accordingly, this policy increases the adoption of green fertilizers all over Europe. This is further evident from recent funding rounds, such as the $50 million that one of the biggest agricultural tech companies invested in developing advanced bio-based fertilizers. Much of this innovation is related to reducing carbon footprints and enhancing soil health, thus falling squarely within the broader goals of sustainable agriculture.
Similarly, other factors shaping the market dynamics are the rising issues of soil degradation and the related demand for efficient solutions in land restorations. Green fertilizers, which include the categories of organic and bio-based, gain further impetus due to improved functions in enhancing the fertility and texture of the soil, all while causing minimal environmental impact. For instance, green fertilizers, such as biochar, improve soil fertility while capturing carbon and, therefore, target two major challenges that humanity faces: fertility and climate. Moreover, the shifting consumer preference towards organically grown produce has heightened the demand for green fertilizers, hence becoming a focal point in agriculture stakeholder activity. This trend has been evident in the growth of certifications and standards for organic products, such as the USDA Organic certification in the United States, which further powered the application of green fertilizers.
Green Fertilizer Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 2.15 billion |
| Market Size by 2032 | USD 3.53 billion |
| CAGR | 5.65% by 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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Key Players
Some of the major players listed in the Green Fertilizer Market are Tata Chemicals, Yara International, Nutrien Ltd., The Mosaic Company, Coromandel International Ltd., Haifa Group, Ishihara Sangyo Kaisha Ltd., BioWorks, Inc., K+S AG, Loveland Products, Inc., and other players.
Segment Analysis
Alkaline water electrolysis will grow at the fastest rate in the forecast period with a CAGR of 5.46% because of the well-known, reliable, and traditional method for electrolysis. Alkaline water electrolysis is the process involving two electrodes working in a liquid electrolyte solution like potassium or sodium hydroxide. Its growing application in green ammonia production is due to the lower-cost catalysts and higher gas purity. In this regard, higher durability and reduced dissolution of the anodic catalyst, due to the help of an exchangeable electrolyte, are expected to give impetus to the growth of alkaline water electrolysis. It is observed that the net energy consumption and power requirement for the ammonia electrolytic and water electrolyzers, comparing them at different rates of hydrogen production, amount to a quite high share of the total energy consumed by the water electrolyzers—around 65% more than that of the ammonia electrolytic cell. Thus, the ammonia electrolytic cell could perhaps work with some little energy borrowed from a (Polymer electrolyte membrane) PEM hydrogen fuel cell. Moreover, the amount of consumption by the ammonia electrolytic cell is lower compared to that in water electrolyzers, suggesting that it also can be driven by renewable energy sources to produce hydrogen on demand.
By Technology
- Alkaline water electrolysis
- Proton Exchange Membrane
- Solid Oxide Electrolysis
By Fertilizer Type
- Ammonium nitrate (AN)
- Calcium ammonium nitrate (CAN)
By Form
- Solid
- Granules
- Pellets
- Powder
- Liquid
- Concentrates
- Solutions
Recent Developments
June 2024: ACME Group and IHI Corporation jointly developed a Green Hydrogen and Ammonia project, with a consideration of an investment of USD 7 billion at Gopalpur Industrial Park, Odisha.
Regional Analysis
In 2023, Europe dominated the Green Fertilizer market with a market share of about 30% due to stringent sustainability policies and commitments by governments concerning the reduction of carbon emissions. The Strategy has received much-needed impetus from the EU's Farm to Fork, which substantially supports environmentally clean ways of farming. Germany, France, and the Netherlands have been drivers in this movement. While Germany's stringent environment-related regulations and France's subsidization of organic inputs have fueled adoption, the Netherlands' leadership position in progressive farming practices and incentives supports the market growth. In setting up several green fertilizer production facilities and research centers across Europe, its leadership is further aided by government and private investments. This holistic approach has made Europe the clear leader in the green fertilizers industry.
SNS View on Green Fertilizer Market
The green fertilizer market is foreseen to grow at a fast pace if one considers the global trend and regulatory pressure toward sustainability. Indeed, analysts call it driven by increasing environmental awareness, government incentives, and technology advancements in bio-based fertilizers. Still, the need felt for green fertilizers has to do with much greater commitments toward a reduction in the carbon footprint of agriculture and improving soil health. While higher up-front costs and limited availability in certain regions present a challenge, the overall trajectory for this market remains very promising. Further growth and spread of green fertilizers will likely be driven by innovations in new product formulations and supportive regulatory frameworks over the coming years.
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Key Takeaways:
- The green fertilizer market is growing rapidly due to an increased demand for sustainable agriculture practices and regulatory support.
- The key segment would be bio-based fertilizers, driven by developments in the areas of microbial products and organic formulations.
- Some of the recent initiatives taken in this regard are new product launches, changes at the regulatory level, etc., aiming to increase green fertilizers.
- Regionally, Europe and North America drive the market, but growing concerns about the environment and food security are now raising adoption in Asia.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Green Fertilizer Market Segmentation, By Technology
8. Green Fertilizer Market Segmentation, By Fertilizer Type
9. Green Fertilizer Market Segmentation, By Form
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
13. Use Case and Best Practices
14. Conclusion
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