Market Overview
Fertilizers are chemical materials provided to the crops by farmers to enhance their potency and improve crop yield. These fertilizers comprise vital nutrients for the plants, like potassium, nitrogen, phosphorus, etc.
According to the MarkNtel Advisors research report, “GCC Fertilizer Market Analysis, 2021,” the market is likely to grow at a CAGR of around 8.9% in the forecast period of 2021-26. The growth substantially owes to the rapidly surging demand for food & related products with the flooding population. The increasing production of fertilizer plants is accelerating the need for high-performance fertilizer enzymes, which are likely to witness consistent growth in the coming years. Furthermore, the changing consumer diet & lifestyle, economic development, and reducing fertile lands are other crucial factors likely to propel the growth of the GCC Fertilizer Market in the forecast period.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2016-19 |
| Base Year: 2020 | |
| Forecast Period: 2021-26 | |
| CAGR | 8.9% |
| Countreis Covered | U.A.E, Saudi Arabia, Bahrain, Kuwait, Oman Qatar |
| Key Companies Profiled | Qatar Fertilizer Company, Saudi Arabian Fertilizer Company, Gulf Petrochemical Industries Company, Fertil and Emirates BioFertilizer Factory, Emirates Bio Fertilizer Factory, Abu Dhabi Fertilizer Industries Co. W.L.L, RNZ International FZCO, SABIC, RNZ International FZCO, Ma’aden Wa’ad Al-Shamal Phosphate |
| Unit Denominations | USD Million/Billion |
Impact of COVID-19
The outbreak of the Covid-19 pandemic impacted the GCC Fertilizers Market minimally, principally due to shipping restrictions. Most businesses are running their services smoothly in many countries after the gradual relaxation by the government. However, the market is likely to witness ups and downs in the early forecast years. The import of fertilizers across countries is still well-delayed in some areas due to extended lockdown phases. Moreover, numerous businesses have inventories sufficient only for a few months, which might bring further delay in the supply of fertilizers and turn out to be a loss in the sowing season.
