November 4, 2024
November 4, 2024
Rising protein demand drives fertilizer and animal feed markets
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The global fertilizer market, valued at $202 billion in 2023, is projected to grow at a CAGR of 2.7 percent between 2024 and 2032. Based on a recent report by Global Market Insights, this growth is driven by rising food demand and a shift towards sustainable practices like organic and precision agriculture whose techniques include the use of drones and data analytics. Simultaneously, the global animal feed market, valued at $570.72 billion in 2022 by Grand View Research, is expected to grow at a CAGR of 4.6 percent through 2030, fueled by increasing demand for animal-derived protein and livestock production. Asia-Pacific leads both markets due to significant agricultural activity, growing populations, rising income among the middle-class, and changing dietary preferences in the region.