Iran Fertilizers Market to Grow at a CAGR of Over 3.5% through 2020
Increasing focus on attaining self-sufficiency in food crop production coupled with shrinking arable land to drive fertilizers market in Iran through 2020
According to a TechSci Research report “Iran Fertilizers Market Forecast and Opportunities, 2020”, the fertilizer market in Iran is projected to grow at a CAGR of over 3.5% during 2015 – 2020. Use of fertilizers in Iran is a necessity, as the soil in the country is not suitable for cultivation. In addition, with low precipitation levels, use of fertilizers is a prerequisite for boosting the country’s agricultural output. Increasing need to provide food security to the growing population of the country is anticipated to steer demand for fertilizers in Iran. In addition, expanding exports of horticulture products produced in the country is forecast to generate higher demand for fertilizers in the country over the next five years.
Pardis Petrochemical Company, Kermanshah Petrochemical Company, Khorasan Petrochemical Company, Razi Petrochemical Company and Shiraz Petrochemical Company are few of the leading players in Iran fertilizers market.
Shrinking agricultural land in Iran is also augmenting the use of fertilizers in order to improve yield from available arable land. In addition, the Government of Iran has set a target to attain self-sufficiency for production of staple food crops including wheat, barley, rice, corn and other cereals, by 2025. In order to attain self-sufficiency in terms of food grain production, agricultural sector of Iran is forecast to expand production output at a robust pace over the coming years, thereby driving demand for fertilizers in the country through 2020. Additionally, abundant availability of natural gas resources in the country have transformed Iran into a major production base for urea and other nitrogen fertilizers. In 2014, a lion’s share in the total demand for fertilizers in Iran was accounted for by nitrogen fertilizers such as ammonium nitrate and urea, among others.
“Sanctions imposed on Iran by the US and European Union proved detrimental to the growth of fertilizers market in Iran. However, negotiations with the United Nations are expected to put an end to these sanctions on Iran in the coming years. Easing of sanctions is expected to expand exports of agricultural products from the country in the coming years, thereby buoying demand for fertilizers in Iran over the next five years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Iran Fertilizers Market Forecast and Opportunities, 2020” has analyzed the potential of the fertilizers market in Iran and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the fertilizers industry in Iran.