Thailand Fertilizers Market Size Expands at Significant CAGR of 7.65% To Touch USD 7.33 Billion by 2030
Published | 10 May 2024
Thailand Fertilizers Market is expanding rapidly due to a spurring demand for organic and inorganic fertilizer from the agriculture sector, government policies supporting farming, technological advancements in fertilizer production, environmental concerns, and the adoption of sustainable agriculture practices.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Thailand Fertilizers Market size by value at USD 4.62 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Thailand Fertilizers Market size to expand at a CAGR of 7.65% reaching a value of USD 7.33 billion by 2030. Thailand Fertilizers Market is influenced by several key driving factors that shape its growth and dynamics. The agricultural sector's performance significantly impacts the demand for fertilizers. As one of the leading industries in Thailand, agriculture relies heavily on fertilizers to enhance crop yields and maintain soil fertility. Factors such as government policies, weather conditions, and global market trends can influence the agricultural sector's productivity and, consequently, the demand for fertilizers. Additionally, the increasing adoption of modern agricultural practices and technologies, including precision farming and controlled-release fertilizers, drives the demand for specialized fertilizers tailored to specific crops and soil types. The trend reflects a broader shift towards sustainable and efficient farming methods, further bolstering the growth of the fertilizers market in Thailand.
By volume, BlueWeave estimated the Thailand Fertilizers Market size at 3.21 million tons in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Thailand Fertilizers Market size to expand at a CAGR of 7.18% reaching a volume of 3.78 million tons by 2030. Demographic trends and population growth play a crucial role in driving fertilizer demand. With a growing population and increasing urbanization, there is a rising need to boost agricultural productivity to ensure food security. Therefore, farmers are increasingly turning to fertilizers to maximize crop yields and meet the growing demand for food. Moreover, changing dietary preferences and the shift towards higher-value crops, such as fruits and vegetables, further stimulate the demand for fertilizers. To cater to these evolving consumption patterns, fertilizer manufacturers in Thailand are innovating and diversifying their product offerings to provide solutions tailored to the needs of different crops and farming systems, thereby driving the growth of the fertilizer market.
Opportunity – Popularity of Organic Fertilizers
The growing popularity of organic fertilizers in Thailand is driving significant growth in the country's fertilizers market. As consumers become increasingly environmentally conscious and health-focused, there's a shift towards sustainable agriculture practices. Organic fertilizers, derived from natural sources, are perceived as safer and more environmentally friendly alternatives to chemical fertilizers. This trend is not only driven by consumer demand but also supported by government initiatives promoting sustainable agriculture. With rising awareness about the benefits of organic farming, the demand for organic fertilizers is expected to continue its upward trajectory, fueling the growth of Thailand's fertilizers market.
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Impact of Escalating Geopolitical Tensions on Thailand Fertilizers Market
Escalating geopolitical tensions can significantly impact the Thailand fertilizers market due to its reliance on imports for raw materials like phosphate and potash. Trade disruptions and increased tariffs amid geopolitical conflicts can elevate production costs, affecting domestic fertilizer prices. For instance, if major fertilizer-producing countries are involved in conflicts, supply chains may be disrupted, leading to shortages and price spikes. Moreover, diplomatic strains can hamper international cooperation and agreements essential for fertilizer trade, further straining the market. In recent years, tensions in regions like the Middle East and Eastern Europe have intermittently disrupted global fertilizer supply chains, affecting prices worldwide. Consequently, Thailand's fertilizers market could face volatility, supply uncertainties, and cost pressures, impacting farmers' input costs and agricultural productivity.
Thailand Fertilizers Market
Segmental Coverage
Thailand Fertilizers Market – By Form
Based on form, Thailand Fertilizers Market is divided into Dry and Liquid segments. The dry segment is larger in the Thailand Fertilizers Market. Dry fertilizers encompass a range of granular, powdered, or pelleted products, offering ease of storage, transportation, and application. They are widely used in various agricultural practices due to their convenience and versatility. The popularity of dry fertilizers often stems from their stability and longer shelf life compared to liquid alternatives. The segment dominates the market due to its widespread application across diverse agricultural sectors, contributing significantly to Thailand's agricultural productivity and sustainability efforts.
Thailand Fertilizers Market – By Product
Based on product, Thailand Fertilizers Market is divided into Organic and Inorganic segments. The organic segment is further classified into (Plant-based, Animal-based, and Mineral-based). The inorganic segment is further sub-segmented into (Nitrogen (Urea, Anhydrous ammonia, CAN (Calcium Ammonium Nitrate), W UAN Solution (Water Urea Ammonium Nitrate Solution), Ammonium sulfate), Phosphorus (Diammonium phosphate, Monoammonium phosphate, Triple superphosphate, Ordinary superphosphate, Ammonium polyphosphate), Potassium (Potassium chloride, Potassium sulfate, Potassium nitrate) segments.
The inorganic segment is the largest in the Thailand Fertilizers Market, which is further subdivided into several categories. The Nitrogen subsegment stands out as the largest, comprising products such as Urea, Anhydrous ammonia, CAN (Calcium Ammonium Nitrate), W UAN Solution (Water Urea Ammonium Nitrate Solution), and Ammonium sulfate. The segment reflects the significant demand for nitrogen-based fertilizers in Thailand's agricultural sector, supporting crop growth and productivity.
Competitive Landscape
Thailand Fertilizers Market is fiercely competitive. Major companies in the market include Haifa Group, Yara International, EuroChem, Saksiam Group, Thai Central Chemical Public Company Limited, COMPO EXPERT, Coromandel International Ltd, Mosaic, and Nutrien. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the Thailand Fertilizers Market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Thailand Fertilizers Market. It also highlights the factors driving forecasts of total Market size. The report promises to provide recent technology trends in Thailand Fertilizers Market and industry insights to help decision-makers make sound strategic decisions. Further, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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