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 (2021-2026) | 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.
Market Segmentation
Phosphatic Fertilizers to Witness the Fastest Market Growth
The GCC Fertilizer Market classifies into multiple divisions contributing to the market growth. Based on the product type, the market segments prominently into Nitrogenous fertilizers, Phosphatic fertilizers, Potassic fertilizers, and various others. Out of all, Phosphatic Fertilizers are more likely to witness the fastest growth than other fertilizers due to the booming population, rising demand for cereals & grains, and burgeoning meat consumption. Additionally, with the confined availability of arable soil, phosphate fertilizers can help develop crop yield smoothly. Hence, these factors shall fuel the demand for Phosphatic Fertilizers in the forecast period.
Bahrain Becomes the Fastest Growing Market Consumer
In Bahrain, Gulf Petrochemical Industries Company (GPIC) produced 1.6m tonnes of urea, ammonia, and methanol of about 1.4% in the previous year and grew higher than its annual targets. Furthermore, Bahrain attains the highest record of the daily production of urea at the rate of 2,055 tonnes and adds up new records per month for methanol at the rate of 62,300 tonnes. The GPIC reveals that it exported 676,791 tonnes. Hence, it has become the fastest consumer in the market, states MarkNtel Advisors in their research report, “GCC Fertilizer Market Analysis, 2021.”
Country Landscape
Qatar Attains the Largest Market Share
While all GCC countries contribute to the market share at a firm pace, Qatar is more likely to attain the largest market share in the forecast years, owing to the massive investments by governments in research & development because of the rigorous management and product complexities. It is predominantly due to the sales of fertilizer products that vary depending on climatic conditions & crop variance. Furthermore, multiple market players are introducing modern technologies and making investments in the GCC Fertilizer market to increase the production capacity & reduce costs. Hence, based on these aspects, Qatar shall witness robust market growth in the forecast years.
Market Driver
The GCC region is one of the largest producers of fertilizers and exports a prominent part of the production to numerous other countries. The countries shipping fertilizers from the GCC include the United States, India, Thailand, and Brazil, accommodating about 70% of the total fertilizer exports. Furthermore, the expanding demand for fertilizers within GCC countries is another factor burgeoning the overall market growth in the forecast period.
Competitive Landscape
According to MarkNtel Advisors, the major leading players in the GCC Fertilizer Market are 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.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation, and Statistics
Frequently Asked Questions
A. GCC Fertilizer Market is likely to grow at a CAGR of around 8.9% in the forecast period of 2021-26.
A. 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 are a few of the leading players in the GCC Fertilizer Market.
A. Bahrain is likely to attain the highest CAGR during the forecast period and maintain its significant market share.
A. Qatar continues to grow at the highest CAGR in the forecast period of 2021-26, presenting immense opportunities for market players of the GCC Fertilizer Market.
A. Countries that ship fertilizers from the GCC include the United States, India, Thailand, and Brazil, holding about 70% of the total fertilizer exports and are likely to create lucrative growth opportunities in the forecast period.
A. The GCC Fertilizer Market is likely to witness ups and downs in the early forecast years. However, most businesses are likely to run their services smoothly in many countries after the gradual relaxation by the government.
