Preliminary research of Fairfield Market Research indicates a promising growth outlook for global fertilizer spreader market during the course of next few years.
Deepening Technology Penetration in Agriculture Facilitates Fertilizer Spreader Market Growth
Global fertilizer spreader market is expected to rise due to several factors, including soaring demand for innovative, mechanized farming techniques, particularly in emerging nations, and rising integration of cutting-edge technology with agricultural equipment. The government's loan waiver programs for farmers of all income levels, and favourable climatic conditions for food production are also thought to boost the expansion of fertilizer spreader market. Technologically sophisticated agricultural robotics is expected to have stronger chances for market expansion throughout the projected period. Examples include autonomous tractors and flying drones that assist farmers in producing food at affordable costs to meet the expanding food demand.
The rising rate of technology penetration in agriculture across the globe is another factor boosting the expansion of fertilizer spreader market. The rate of technology adoption is notably high in industrialized regions like Europe, and North America. This is mostly a result of the high per capita income; as a result, most farmers or manufacturers who obtain their raw materials from farming activities employ cutting-edge technologies to increase profits. In December 2020, KRM introduced the ISOBus fertilizer spreader for farm and public garden use. It devised a belt-feeding mechanism. It is a tractor-mounted spreading device with an ISOBus control system that spreads up to 40 meters. It has powder-coated and stainless steel hoppers ranging from 1,500 to 4,000 liters. Given how much less effort this equipment requires, the demand for fertilizer spreaders is expected to increase significantly in the near future.
Growing Role of Governments Bolsters Fertilizer Spreader Market
During the projection period, favourable government initiatives will likely fuel the progress of fertilizer spreader market. For instance, the Russian government has proposed several subsidies for many strategically important sub-sectors, such as meat and milk production, to spur investment in capital acquisitions. The Ministry has approved 464 projects totaling US$4 Bn for Agriculture to improve food security and lower livestock imports. In addition, it is anticipated that, throughout the forecast period, factors such as a lack of human resources and the accessibility of cheap credit and finances will increase demand for tractors and other farm equipment in other rising nations.
Fertilizer Spreader Market: COVID-19 Impact
World Health Organization (WHO) declared COVID-19 to be spreading at full speed in March 2020, forcing many nations, including India, China, and the United States, to halt agricultural activities and manufacturing facilities due to lockdown restrictions. This had a detrimental effect on market expansion. The revenue generated in 2020 was significantly lower than it was in 2019. The COVID-19 pandemic is anticipated to benefit the world market over the long term. The demand for these technologically advanced products has reportedly continued to increase since the second quarter of 2020 and is expected to continue to increase significantly. Additionally, it is anticipated that technologically advanced products and R&D activities will support long-term expansion of fertilizer spreader market.
Increased Demand for Fertilizers Accelerates Fertilizer Spreader Market Growth
Fertilizer demand has increased across all types of farms worldwide. Additionally, it is projected that there will be an increase in demand for fertilizer-spreading equipment due to consumers' desire to consume vegetables and fruits that require little to no fertilizer. Moreover, it is projected that increased demand for phosphorus and potassium fertilizers for agricultural purposes will promote the usage of fertilizer-spreading equipment and accelerate market expansion. The labor shortage in developing nations like South Africa, Brazil, and India is projected to boost revenue growth of fertilizer spreader market.
Aging Farm Workforce, and Serious Farm Labour Shortage to Drive Fertilizer Spreader Market Ahead
Farmers put pressure on their governments to make it easier for farmworkers from less developed nations to immigrate to fill the gap. Even though there is a surplus of farm labor, local labor shortages frequently occur if employees are not present at the appropriate time and location. Recent years have seen an acute shortage of farm workers around the world. According to a poll conducted by the California Farm Bureau, more than 40% of farmers have experienced a persistent labor shortage across various farm operations for the past five years, which has further boosted the use of spreaders. Farmers have thus begun depending on machineries, such as spreaders and harvesters, for rapid cultivation, which has decreased their reliance on manpower and improved efficiency. This is likely to fuel the need for spreaders during the projection period, in turn fostering the growth prospects of fertilizer spreader market.
Raw Material Price Fluctuations to Hamper Demand in Fertilizer Spreader Market
Crucial raw materials utilized by manufacturing include metal alloys, stainless steel, and other metals. Raw material costs, including those for metal and stainless steel, are erratic. The fluctuation in raw material costs can impact the price of these products and the makers' profitability. For instance, if the cost of steel, metal, and alloys increases, the price of the equipment used to apply fertilizer may also rise, which may impact sales. Therefore, it is projected that fluctuations in raw material prices will limit rapid expansion of fertilizer spreader market.
Drop Spreader to Dominate Fertilizer Spreader Market Based on its Even Distribution Property
Given that it requires extra attention to ensure that different portions of the lawn have an even covering, the drop spreader market is predicted to expand rapidly. Fertilizers are applied to the seed using drop spreaders. It is a mechanical device that operates by traversing the field in a straight line while periodically releasing its load. This equipment's operation is based on gravity and centrifugal force principles. Depending on the application requirements, such as small or wide area coverage, several drop spreaders are available on the market, such as single, double, triple, etc. Compared to a broadcast spreader, it is simpler and more accurate. It can be effective on lawns or areas that are smaller than 5,000 square feet.
With Attractive Aesthetics, Fertilizer Spreader Market to Benefit from Wide Adoption Across Farms
Demand especially for farm application is anticipated to grow significantly as a result of the rising demand for both residential and commercial gardens, particularly in the Asia Pacific region and the Middle East and Africa, where people prefer to spend money on aesthetics rather than the nutritional value of plants or efforts to improve soil quality. These items are primarily used on land to disperse fertilizer. It results in fertilizer application that is evenly distributed, supporting yearly sustainable output. Both small and large farms use these items. This is likely to complement the performance of fertilizer spreader market.
With China, India, and Japan all seeing strong economic growth, the Asia Pacific region is predicted to dominate the worldwide fertilizer spreader market. The major fertilizer spreader players now have more options for different investment strategies. Additionally, during the projection period, the demand for these items increased due to the labor shortage in the Asia Pacific. Rapid urbanization in the area has increased building activity in the residential and commercial sectors. Asia has reached a level of urbanization that is roughly 52%. Product demand is anticipated to increase as a result. One of the largest markets for fertilizer spreaders worldwide is thought to be China. From 2018 to 2021, China's total land area rose by about 0.9%. With its abundant agricultural resources, China is renowned for its famed agriculture, producing 18% of the world's cereal grains and 29% of the world's meat. The need for such equipment in farm and agricultural applications across China is anticipated to rise.
North America is anticipated to experience the highest growth over the next 20 years due to the automation of farming equipment. Large tracts of undeveloped farmland are a major factor in the rise, which has increased the need for farm spreaders. There were 2.01 million American farms, according to the most current survey in 2021. Growing demand for high-capacity machinery due to large farms, rising labor costs, the integration of robotic systems and global positioning systems (GPS), and the increasing popularity of self-propelled machines are all predicted to propel the growth of fertilizer spreader market across the region over the forecast period. In North America, there are significant players, including Deere & Company, Adams Fertilizer Equipment, and Teagle Machinery Ltd. These businesses employ tactics to increase the scope of their product offerings.
Global Fertilizer Spreader Market: Competitive Landscape
In March 2021, Giltrap Engineers introduced a new WideTrec fertilizer spreader with cost-effective, automatic electronic technologies and simple operation. It comes in capacities of 4, 6, or 8 tonnes. It is a strong spreader with a spreading rate ranging from 40 to 5000 kg/hector. A major characteristic is a low-density plastic (LDPE) body that is lightweight but robust, offering flexibility and impact resistance. The bin has 8 mm thick inner and outer walls, with an air gap in between to enable a fully galvanized steel frame that has no direct contact with any fertilizer. In January 2021, Rauch Landmaschinenfabrik GmbH introduced a three-point attachment pneumatic fertilizer spreader. It spreads seeds or nutrients by employing centrifugal discs and rods. It offers capabilities like ISOBus control and is simple to use. It has a hopper capacity ranging from 1,900 to 3,200 liters. The series will be launched in the autumn of 2022. Working widths of 27, 28, and 30 m will be adopted in the first phase, followed by 18 m, 21 m, and 24 m.
A few of the players in the fertilizer spreader market include AGCO Corporation, CNH Industrial N.V., Deere and Company, IRIS Spreaders Co., Ltd., Kasco Manufacturing Inc., Kubota, Kuhn Group, Kverneland Group, Mahindra and Mahindra Ltd, and Techint Group.
Global Fertilizer Spreader Market is Segmented as Below:
By Sales Channe
Key Elements Included In The Study: Global Fertilizer Spreader Market
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