Factors such as the increase in sulfur deficiencies in the soil and high consumption of traditional sulfate fertilizers are projected to drive the growth of the sulfur fertilizers market.
The global sulfur fertilizers market is estimated to be valued at USD 4.6 billion in 2020 and is projected to reach USD 5.1 billion by 2025, recording a CAGR of 2.2%. The growth of the sulfur fertilizers market is driven by various factors, such as the increase in sulfur deficiency in soils across the world due to strict regulations on sulfur emission and the cultivation of high-yielding crop varieties.
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Key Players in the Market:
The dry segment is projected to witness the fastest growth, in terms of value, in the sulfur fertilizers market from 2019 to 2025.
The advantage of using dry fertilizers is that they have an extended shelf life and can provide nutrition to plants over an extended period of time. Thus, the increase in the consumption of granular or powdered sulfur fertilizers is a key factor that is projected to drive the growth of the dry segment in the sulfur fertilizers market. Furthermore, the launch of elemental sulfur enriched NPK fertilizers has also led to a high demand for the dry form of sulfur fertilizers.
By crop type, the oilseeds & pulses segment is projected to be the fastest-growing in the sulfur fertilizers market during the forecast period.
A majority of the global oilseed production occurs in semi-arid tropical areas where the average yield is low. The oilseeds are drought-tolerant with low transpiration. Hence, crops in these regions suffer from sulfur deficiency due to insufficient supply. Soybean, canola, and groundnut are the major crops considered under this segment that utilize sulfur fertilizers. Sulfur is used as a plant nutrient for the synthesis of oil and the production of proteins. The sulfur requirement in oilseeds is comparatively higher than the other crops. Hence, it is projected to dominate the market during the forecast period.
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The high demand for various crops in the Asia Pacific regions is projected to drive the growth of the market.
The increase in agricultural practices and requirements for high-quality agricultural produce are factors that are projected to drive the growth of the market in the Asia Pacific region. According to the World Bank, nearly 56.2% and 60.4% of the entire land area accounted for agricultural production in China and India, respectively, in 2015. Major crops produced in Asia include rice, sugar beet, fruits & vegetables, cereals, and grains; the region consumes nearly 90% of the global rice produced. There is a high demand for sulfur fertilizers in Asia Pacific due to its direct use to treat sulfur deficiencies. They are often sprayed in combination or as additives to NPK products.
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