According to the new edition of Lawn & Garden Consumables, demand for fertilizers is forecast to grow 2.6% annually to $3.3 billion in 2023. Lawn and turf care will continue to dominate lawn and garden fertilizer applications – representing 71% of the market in 2023 – as most residences and many commercial and institutional establishments have lawn space that requires care.
More information regarding the study is here: https://www.freedoniagroup.com/industry-study/lawn-garden-consumables-3755.htm
Volume growth in this application will be limited by:
- a reduction in the size of maintained grassy areas in US homes
- the continued decline of golf course acreage and further reduction in the application of fertilizer in this market
Value growth for lawn and turf fertilizer will be boosted by:
- the continuing popularity of improved formulations, with suppliers continually tweaking these formulations to offer new and higher value products
- the use of more informative packaging and marketing programs, which will encourage consumers to regularly fertilize their lawns and use higher value products that are either more specialized or more effective
Demand for fertilizer in all other applications will benefit from:
- growing availability of specialty products targeted at specific plants such as roses, tomatoes, and fruit trees
- increased interest in gardening, particularly food gardening, among millennials
- the aging population, as a greater portion of consumers will be in retirement and able to engage in recreational gardening
Contact Corinne Gangloff for an interview with the analyst Dan Debelius or Project Director Jennifer Mapes-Christ.