Australia Fertilizers Market Predicted To Reach USD 1.8 Billion By 2030

Posted by Neha Bora on August 9th, 2023

San Francisco, 9 Aug 2023: The Report Australia Fertilizers Market Size, Share & Trends Analysis Report By Type (Nitrogenous, Phosphatic, Potassic, Secondary Fertilizers, Others), And Segment Forecasts, 2023 - 2030

The Australia fertilizers market size is expected to reach USD 1.8 billion by 2030, and is expected to expand at a CAGR of 1.6% over the forecast period as per the new report by Grand View Research, Inc. The industry growth is majorly driven by the rising demand for food crops coupled with shrinking arable land and the adoption of precision farming methods. New food processing, manufacturing, and packaging techniques have resulted in a flourishing food & beverages sector across the country. This has led to an increase in demand for agricultural products such as food grains, vegetables, oilseeds, and fruits, thereby driving the growth of the product market.

However, ammonia used for manufacturing fertilizers gets volatilized from nitrogen fertilizers and forms fine particles in the atmosphere, which are hazardous to human health. Also, nitrification releases nitrous oxide in small amounts, which gets mixed into the stratosphere, thereby contributing to the depletion of the ozone layer. Nitrous oxide also contributes to the greenhouse effect. Moreover, if the nitrogenous fertilizers are applied faster than the rate plants can use it, soil bacteria convert it to nitrate. Water-soluble nitrate gets flushed out of the soil in the runoff, thus polluting groundwater, estuaries, streams, and coastal oceans. Thus, all these factors are acting as restraining factors for the market.

Access Research Report of Australia Fertilizers Market @ https://www.grandviewresearch.com/industry-analysis/australia-fertilizers-market-report

Australia Fertilizers Market Report Highlights

• The global market is estimated to advance with a compounded annual growth rate (CAGR) of 1.6% from 2023 to 2030. This is attributed to the advancing demand for food crops across the country
• Nitrogenous in the type segment dominated the market with a revenue share of 57.8% in 2022. This growth is attributed to the fact that it helps to improve the quality of soil, supporting better plant growth
• According to the Observatory of Economic Complexity, nitrogenous fertilizers are the world’s 120th most traded product with a total trade of USD 36.5 billion in 2021. Australia is the 5th largest importer of the same, accounting for 3.58% of the total imports, which amounted to USD 1.31 billion in 2021
• Potassic is another segment witnessing growth over the forecast period. This is attributed to the fact that potash is the third-most important nutrient required by plants for proper growth and development
• According to the Observatory of Economic Complexity, potassic fertilizer was the 222nd-most traded product in the world with a total trade value of USD 19.1 billion in 2021. According to the International Trade Centre, in 2022, Australia exported 2,771 tons of potassic fertilizers compared to 1,067 tons in 2021, whereas, the imports witnessed a downfall from 645,289 tons in 2021 to 380,368 tons in 2022

Australia Fertilizers Market Report Scope

List of Key Players in Australia Fertilizers Market

• Koch Fertiliser Australia Pty Ltd
• Incitec Pivot Limited
• Wesfarmers Limited
• Spraygro Liquid Fertilizers
• J.B. Ag-Nutri
• Yara
• Tradecorp APAC Pty. Ltd.
• Neutrog Australia
• Pacific Fertiliser Pty Ltd
• Perdaman

Access Press Release of Australia Fertilizers Market @ https://www.grandviewresearch.com/press-release/australia-fertilizers-market-analysis