The global aquaculture fertilizer market size was USD 12.70 million in 2020. The market is expected to grow from USD 10.72 million in 2021 to USD 27.44 million by 2028, exhibiting a CAGR of 14.36% during the forecast period. The rising adoption of fertilizers in seawater aquaculture and the rising demand for plankton turbidity is expected to boost the market growth. Fortune Business Insights™ mentions this information in its report titled “Aquaculture Fertilizer Market, 2021-2028.”
Aquaculture fertilizer is used in ponds to increase fish yields. It increases phytoplankton productivity and acts as a food base for crustaceans and fish. The rising adoption of fertilizers in seawater aquaculture in Asia Pacific is expected to boost adoption. Furthermore. The rising product adoption for plankton turbidity is expected to boost market progress. The adoption of the fertilizer reduces light penetration aquaculture pond bottoms, thereby increasing aquatic weed production. These factors are likely to propel market development.
Supply Chain Disruptions to Impede Market Growth
This market is expected to be negatively affected during the COVID-19 pandemic because of the disruptions in the supply chain. The rising cases of COPVID-19 patients led to the adoption of lockdown norms, thereby halting manufacturing activities. The restrictions imposed on travel led to the lack of raw materials. However, lockdown relaxations enabled manufacturers to resume production and recover losses. It helped them satisfy consumer demand and balance costs. These factors may propel the market growth during the pandemic.
List of Key Players Profiled in the Aquaculture Fertilizer Market Report
URALCHEM JSC (Moscow, Russia)
Sinofert Holdings Limited (Beijing, China)
Luxi Chemical Group Co. Ltd. (Liaocheng, China)
Yara International ASA (Oslo, Norway)
Nutrien Limited (Saskatoon, Canada)
The Mosaic Company (Florida, U.S.)
OCP S.A. (Casablanca, Morocco)
ICL Group Ltd. (Tel Aviv-Yafo, Israel)
Saudi Basic Industries Corporation (Riyadh, Saudi Arabia)
Koch Industries, Inc. (Kansas, U.S.)
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
By source, the market is classified into specialty fertilizers, single super phosphate, potassium chloride, di-ammonium phosphate (DAP), triple superphosphate (TSP), urea, and others. By specialty fertilizers type, it is segmented into monoammonium phosphate (MAP), potassium nitrate, potassium sulfate, and other specialty fertilizers. Based on application, it is bifurcated into onshore aquaculture and seawater aquaculture. As per onshore type, it is divided into groundwater and ponds filled with seawater. Geographically, it is grouped into North America, Europe, Asia Pacific, and the Rest of the World.
Drivers and Restraints
Rising World Aquaculture Production to Bolster Industry Progress
Rising per-capita fish consumption is expected to boost world aquaculture production. The entry of several fertilizer companies is expected to boost the production of aquaculture fertilizers. For example, as per the FAO report in 2020, China emerged as a huge producer of aquaculture fertilizer, producing nearly 47,559 thousand tonnes of fish. India produced 7,066 thousand tonnes of fish, and Indonesia produced 5,427 thousand tonnes of fish. Furthermore, supportive government regulations for the production of fertilizers are expected to boost industry growth. For example, the Chinese government informed local governments to maintain steady fertilizer prices, ensuring a stable supply during the spring season. These factors may drive the aquaculture fertilizer market growth.
However, fluctuating fertilizer prices and a lack of knowledge regarding the fertilizer’s benefits are expected to hinder the market progress.
Exploitation of Storage Reservoirs to Foster Industry Growth in Asia Pacific
Asia Pacific is expected to dominate the aquaculture fertilizer market share because of the exploitation of storage reservoirs in China. The market in Asia Pacific stood at USD 2,803 million in 2020 and is expected to gain significant market share in the upcoming years. Further, freshwater aquaculture fish farming exploration is expected to propel industry development. Moreover, the rising popularity of freshwater prawn farming in India may boost market progress.
In North America, the increasing demand for domestic seafood production is expected to decrease dependence on imports, thereby impacting the market positively. Furthermore, technological advancements and the adoption of management techniques are expected to boost aquaculture fertilizer adoption. These factors are anticipated to facilitate industry growth.
Major Companies Engage in Mergers to Expand Market Presence
The prominent companies operating in the market engage in merger activities to expand their market presence. For example, Sinochem, a subsidiary of Sinofert, engaged in a merger with ChemChina in January 2020. This merger may allow the company to expand its worldwide presence. Furthermore, technologically advanced automated production adoption allows companies to satisfy demand, recover costs, avoid virus spread, and boost their annual revenues. In addition, companies adopt research and development, novel product launches, acquisitions, and partnerships to boost their market position globally.
May 2021: Sinochem Fertilizer signed an agreement with Agrimin Limited to supply 150 000 tpy sulfate of potash (SOP) created from the Mackay potash project for distribution and sale in China.
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