Fertilizer Spreader Market is projected to grow at a CAGR of 3.9% during the forecast period (2020-2025)
- The ever-increasing credit facility available for the farmers and the growing concern over food security is driving the market for fertilizer spreaders in the country. Starting with the demand for basic machineries like tractors, ploughs, and threshers, the current demand and invention are focused on pre-harvest and post-harvest machinery like seeders, sprayers, threshers, harvesters, drilling machines etc.
- In developed regions such as Europe and North America, the rate of adoption of technology is considerably high. This is majorly due to high per capita income, thus most farmers or manufacturers rely on machinery, such as spreaders because this equipment reduces work and saves time that can be allocated for some other work.
Key Market Trends
Acute Farm Labor Shortage and Aging Hired Farm Workforce
Farmers pressure their governments to facilitate the immigration of farmworkers from poorer countries to fill the void. Even if there is an abundance of farm labor overall, local labor shortages often materialize if workers are not available in the right place at the right time. Acute farm labor crunch has surfaced in the world in recent years. A survey by the California Farm Bureau has revealed that more than 40% of the farmers have faced a consistent labor shortage for various farm operations for the past five years, which has further led to an increased usage of spreaders. According to a report by USDA, 2018, the agricultural worker participants decreased from 15,500 in 2015 to 12,000 in 2017 as bringing large numbers of workers from Asia would be more expensive and challenging logistically to work in Mexico. Thus, with a reduced dependency on labor and resulting in increased efficiency, farmers have started relying on machineries, such as, spreaders and harvesters for rapid cultivation, which is expected to drive the demand for spreaders during the forecast period.
Asia-Pacific Dominates the Fertilizer Spreader Market
Asia-Pacific dominates the global fertilizer spreader market owing to increasing dependence on fertilizers for improver crop productivity. North America and Europe regions are expected to grow with significant CAGR due to the high rate of technology adoption and high per capita income in this region. The progress of South-North water transfer plant project in China, anticipated to complete by 2050, would deploy various construction machinery either by leasing or owning the machinery, thus growing the demand for construction machinery over next three decades. The increasing number of dam construction, real-estate business, commercial and residential complexes, and expansion of rail and road infrastructure in the APAC region are few drivers for the construction machinery market.
The global fertilizer spreader market is characterized by the presence of numerous international and regional players, resulting in a moderately competitive market environment. Some of the major companies that dominated the market studied are AGCO Corporation, CNH Industrial N.V, Deere & Company, Kubota Corporation, and Buhler Industries, capturing a certain portion of market share in 2019.
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