Fertilizers Market in Thailand 2015-2019
|発行||TechNavio (Infiniti Research Ltd.)||商品コード||346650|
|出版日||ページ情報||英文 59 Pages
Fertilizers are used to prompt the growth of plant and also in increasing the crop yield. They help plants in holding the soil, thereby reduce soil erosion. Technavio's market research analyst has estimated that the consumption of fertilizers in Thailand was 2.74 million metric tons in 2014 and is expected to reach a volume of 3.34 million metric tons in 2019, growing at a CAGR of more than 4%. Agriculture is one of the major source of the economy in Thailand, wherein more than 60% of the population is involved in agriculture.
The increasing population in Thailand every year has increased the demand for food, thereby increasing the production and consumption of fertilizers in the country. The consumers are expanding their diets with these dietary changes manifested in the form of increased demand for grain-intensive animal protein and dairy products. However, with the decline in arable land, it is difficult for farmers to increase productivity enough to cater to the high demand for food. Therefore, farmers are increasingly depending on fertilizers to improve plant growth and yields.
In 2014, the nitrogen segment led the market with a share of over 63% and this segment is likely to retain their top position through 2019. Corn, sugarcane, and cassava crops use significant amount of nitrogen fertilizers in Thailand, which is one of the main reasons influencing the market growth. Moreover, the growth in the nitrogen fertilizer market is majorly driven by imports from the Middle East countries (Saudi Arabia, Oman, Qatar, and Kuwait), Malaysia, and the US.
The fertilizers market in Thailand is extremely competitive, with players competing to enhance market share. Factors such as intense competition, rapid advances in technology, and frequent changes in consumer preferences create significant risks for market vendors. Therefore, the market is expected to witness increased consolidation because of the growing competition among vendors.
Top vendors in this market are -
Other prominent vendors included in this report are Ajinomoto, Crop Argo, Global Bio, ICL Fertilizers, and Terragro Company.
Technavio's market research analysts consider upcoming trends such as the increase in adoption of biofertilizers, which is driven by the increase in awareness of the negative impact of chemical fertilizers on health and environment. The increasing adoption of biofertilizers can also be attributed to the growing demand for organic food and increase in government regulations for environmental safety.
This report provides a number of factors contributing to the adoption, limitations, and opportunities of the fertilizers market in Thailand. It also offers an analysis of each factor and an estimation of the extent to which the factors are likely to impact the overall market growth.