Fertilizer Spreader Market Size to Reach USD 1,040.2 Million by 2029, Globally, at CAGR 5.3%
Fortune Business Insights
Updated 6 min read
Fortune Business Insights
Fertilizer Spreader Market to Grow Gradually; Technological Advancements in Farming Equipment to Propel Market Growth
Pune, India, April 04, 2023 (GLOBE NEWSWIRE) -- The global fertilizer spreader market size was valued at USD 691.3 million in 2021 and USD 724.8 million in 2022. The market is expected to reach USD 1,040.2 million by 2029 with a CAGR of 5.3% during the forecast period.Increasing population and rising need for crops are anticipated to drive market growth. Rapid growth in urbanization, mechanization, and technological innovation is expected to pose an opportunity for market trajectory. Emergence of numerous technologies is expected to facilitate market development. Fortune Business Insights™ shares this information in its report titled “Fertilizer SpreaderMarket, 2022-2029.”
July 2022- Titan Machinery acquired Heartland AG Systems at a valuation of USD 110 million. The acquisition is aimed to improve the product portfolio of the company by offering a variety of agricultural equipment.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
COVID-19 Impact:
Halt in Agricultural Activities Affected Market Growth Negatively
The COVID-19 pandemic led to decline of the market. Lockdown in various countries imposed a halt on agricultural activities which affected the demand for farming equipment. R&D activities are expected to help in the recovery of the market.
Rise in Demand for Fertilizers in Farming to Boost Market Growth
Technological Advancements in the Product to Drive Positive Market Trajectory
Segments Analysis:
Increasing Use of the Product in Lawns is Expected to Dominate the Segment
On the basis of type, the market is segmented into drop spreader and broadcast spreader. The drop spreader segment is expected to hold a major part due to extra care required for maintaining lawns. It is more accurate and can work well on lawns and spaces. The broadcast spreader segment is also expected to exhibit a CAGR during the forecast period.
Farming Segment to Lead Due to Rising Use of the Product
Based on application, the market is segmented into farm, public gardens, and others (commercial turf application and home lawns). The farm segment is expected to have the highest share due to rising use of fertilizer spreaders in farms.
Drivers and Restraints
Technological Advancements in the Productto Drive Positive Market Trajectory
Mounting demand for advanced agricultural equipment for farming is anticipated to drive the fertilizer spreader market growth. Majority of market players have been introducing innovative spreaders for fertilizers, which is expected to drive the market. Introduction of autonomous systems, precision systems, and semi-automatic systems is expected to intensify the competition in the market. Continuous technological advancements are anticipated to facilitate market development.
However, high costs of implementation and integration for management of media assets are anticipated to hinder market development.
Asia Pacific to Dominate Market Owing to Increasing Demand for Vegetables and Fruits
Asia Pacific is expected to dominate the fertilizer spreader market share due to increasing demand for vegetables and fruits. The region reached a valuation of USD 271.9 million in 2021 due to rise in usage of potassium fertilizers and phosphorus fertilizer in farming activities. Increasing automation and technological advancement in agriculture machinery is expected to propel market growth. Shortage of labor in various countries, such as India, China, Japan, and others, is anticipated to give rise to the adoption of agriculture, which, in turn, is estimated to support market progress. China is estimated to experience fastest growth due to adoption of technologically advanced farming equipment.
North America is also expected to have a considerable growth due to rise in automation of farming machinery and equipment, which is expected to increase the market share.
Europe is anticipated to have a prominent share due to new product launches to improve the supply chains.
Competitive Landscape
Key Players to Support Market Owing to Partnership Strategies
Primary players of the market have used strategic acquisition strategies to gain market traction. In March 2019, Nicola LEMKEN adopted a partnership strategy. Nicola LEMKEN signed a partnership deal with SULKY Fertilizer Spreader to provide fertilizer spreader and agriculture equipment. This partnership is done to provide the equipment to Germany, Austria, Poland, U.K., the Netherlands, and others. Market players are focusing on the development of market share by increasing their customer reach.
Table Of Content:
Introduction
Definition, By Segment
Research Methodology/Approach
Data Sources
Executive Summary
Market Dynamics
Macro and Micro Economic Indicators
Drivers, Restraints, Opportunities and Trends
Impact of COVID-19
Short-term Impact
Long-term Impact
Competition Landscape
Business Strategies Adopted by Key Players
Consolidated SWOT Analysis of Key Players
Global Fertilizer Spreader Market Key Players Market Share Insights and Analysis, 2021
Global Fertilizer Spreader Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
Key Findings
By Type(USD)
Drop Spreader
Broadcast Spreader
By Application (USD)
Farm
Public Gardens
Others (Commercial Turf Application, and Home Lawns)
By Region (USD)
North America
Europe
Asia-Pacific
Latin America
Middle East and Africa
North America Fertilizer Spreader Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
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