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The global fertilizer spreader market size is projected to display robust growth by reaching USD 1,040.2 million by 2029. Fortune Business Insights™ in its report titled “Fertilizer Spreader Market Size, Share & COVID-19 Impact Analysis, By Type (Drop Spreader and Broadcast Spreader), By Application (Public Gardens, Farm, and Others), and Regional Forecast, 2022-2029”. observes that the market size in 2021 stood at USD 691.3 million in 2021 and reached 724.8 million in 2022. The market is expected to witness a strong CAGR of 5.3% during 2022-2029. Swift growth rate of urbanization, automation, and technological modernizations is projected to drive market growth. Increasing demand for farming due to increase in the population will expand market development.
New Product Launch by Amazone to Set Framework for Market Progress
In December 2021, Amazone launched a new fertilizer spreader for farms and public gardens. The new product offers various features such as wind controlling, robustness, and increased loading capacity. The company opted for new product launch strategy by adding new products in its product portfolio, which is expected to drive the fertilizer spreader market growth.
Demand for Fertilizers from Farming to Drive Market Development
Rapid growth in population has given rise to farming due to need for agricultural products, which is expected to facilitate market growth. Owing to this, there is a need for usage of advanced farming equipment to spread fertilizers to enhance crop yield. Labor shortages in developing countries, such as India, Brazil, South Africa, and others, is projected to surge the product demand. Rise in demand for various fertilizers, such as potassium fertilizers and phosphorus fertilizers, for agricultural practices is anticipated to propel market growth.
Technological Advancements in Product to Inflate Market Growth
Demand for the product is attributed to various technological innovations. The growth is accredited to the introduction of various technologically innovative systems such as precision systems, semi-automatic systems, and autonomous systems. Growing number of R&D activities has facilitated new machinery with new features such as precision control, less maintenance, and easy to use.
Market Players Adopted New Product Development to Strengthen their Product Portfolio
Key players of the market have opted new product development and new product launch strategies. For example, in March 2021, Giltrap Engineers launched a new WideTrec fertilizer spreader with characteristics such as easy to use, automatic electronic systems, and cost-effectiveness. The new product is available with capacities of 4, 6, or 8 tons and has a spreading rate of 40 to 5,000 kg/hectors. Additionally, companies have taken up strategies to augment the product demand, bolstering the market growth.
Notable Industry Development
List of Key Companies Profiled in the Report:
Further Report Findings
Table of Segmentation
2018 – 2029
2022 – 2029
2018 – 2020
Value (USD million)
By Type, Application, and Region