The global Ammonium Sulfate Market size is expected to reach USD 5.04 billion by 2030, as per the new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.7% from 2022 to 2030. The advancement in agriculture technology would drive the demand for fertilizers, which would indirectly result in the growing demand for ammonium sulfate.
Ammonium sulfate is an inorganic water salt comprising
sulfur and nitrogen. The composition is used in the agricultural sector as
fertilizer. It has the ability to provide stability and functionality to the
fertilizer. Benefits associated with these fertilizers include
water-solubility, easy blending abilities with nitrogenous fertilizers,
and elevation of soil. These benefits ensure high plant growth, thereby leading
to the high demand from farming communities.
Rice is a staple food crop in most Asian countries and
is grown by almost two billion people according to the Food and Agriculture
Organization (FAO). North America accounted for the third-largest market share
after Asia Pacific and Europe in 2021. The Ministry of Health, Labor, and
Welfare declared the product as safe for health with no health problems
associated, therefore it is accepted and utilized across the globe.
The global market is very competitive; thus several
manufacturers are investing in the development of technologies for the
production method of the product. Manufacturers are focusing on mergers and
acquisitions to increase their global presence and broaden their product
portfolio. For instance, in 2019, Sumitomo Chemical announced the merger of
Sumitomo Chemical India Limited and Excel Crop Care Limited to expand the
business in India.
Related Press Release@ Ammonium Sulfate Market Report
Ammonium Sulfate Market Report
Highlights
- By product, solid ammonium sulfate held the largest revenue share
of over 90.0% in 2021 due to an increase in demand for agricultural
fertilizers
- The fertilizers application segment accounted for the largest
revenue share of over 70.0% in 2021 as there is a boost in the demand for
food products on account of the population explosion. This is anticipated
to drive the demand for the product in fertilizer production globally
- Asia Pacific held the largest volume share of over 45.0% in 2021.
The fertilizers demand is high in the APAC economies as agriculture is the
primary sector. This, in turn, will increase the demand for ammonium
sulfate
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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