World over, farmers are embedding state-of-the-art technologies with agricultural equipment to enhance crop yields. Ingenious and mechanised techniques are being leveraged in farming processes, specifically in emerging economies. Favourable climatic conditions are leaving a great impact on food production, promoting the fertilizer spreader market growth. Various government loan waiver programs supporting farmers across all income levels are further stimulating the growth across the market.
In the coming years, next-generation agricultural robotics are likely to gain a significant boost to enhance farming procedures and fertiliser spreading. This shall further bring down the costs of food production, substantiating the expansive demand for food. The use of autonomous tractors and flying drones is a fine example of technologically advanced solutions facilitating farming processes. The deepening penetration of cutting-edge technology in the agriculture sector has fueled a wave of expansion across the global fertilizer spreader industry.
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Rise in Demand for Fertilizers to Generate Lucrative Growth Prospects
Notably, fertilizers are instrumental in enhancing crop productivity and driving better yields, influencing the global demand for fertilizers. Consumers’ changing perceptions and a shift towards the uptake of vegetables and fruits have coerced farmers to increase overall production. As a result, farmers are rapidly advancing toward sophisticated tools and techniques to enhance productivity, increasing the demand for fertilizer-spreading equipment.
Coupled with this, the demand for phosphorus and potassium fertilizers has witnessed sharp spikes in demand. Such a favourable environment is creating a promising outlook for the global fertilizer spreader market. In addition to this, the limited availability of labour, especially in emerging nations, is unlocking fresh revenue streams for the market.
Acute Shortage of Farm Labour to Promote Fertilizer Spreader Market Growth
Over the recent past, there has been a serious shortage of farmers on the global front. With the rising food burden on farmers and the limited availability of labour, governments are propelled to undertake drastic steps. There prevails a gap between labour availability and the presence of labour in an apt location at a given time.
In this regard, farmers are actively leveraging distinctive types of machinery for rampant cultivation, including harvesters and spreaders. Evidently, it has curtailed the costs at a notable pace and reliance on manpower. Significant gains in terms of productivity and efficiency have been observed through the adoption of these mechanised techniques. The employment of cutting-edge technologies has substantially increased the profits for farmers, creating tailwinds for the global fertilizer spreader market expansion.
Asia Pacific to Establish Itself as Regional Leader with Serious Labour Shortage
Asia Pacific sustains an edge over the global fertilizer spreader market owing to the robust economic growth of China, Japan, and India. This boom remains strong amidst an intense labour shortage and a surge in building activity, in residential and commercial sectors alike, due to rapid urbanisation. Key players are implementing robust initiatives and investment strategies to gain a strong feat in the market. On the flip side, North America holds promising growth prospects and shall mature at the highest momentum.
Key Market Players
Some of the most prominent players in the global fertilizer spreader market include CNH Industrial N.V., Mahindra and Mahindra Ltd, AGCO Corporation, IRIS Spreaders Co., Ltd., Kasco Manufacturing Inc., Kubota, Kuhn Group, Kverneland Group, Deere and Company, and Techint Group.
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