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Market Research Future (MRFR) report on the global complex fertilizers market (2023 - 2030) provides a comprehensive analysis of COVID-19 on current and potential market situations. The report examines key players, including a five-year global trend overview, which highlights market growth. The report also offers a forecast of market opportunities for each region during the next five years.
The Complex Fertilizers market outlook is projected to grow from USD 36.7 Billion in 2023 to USD 53.6 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.5% during the forecast period (2023 - 2030)
Fertilizers containing two or more primary nutrients nitrogen (N), phosphorus (P) and potash (K) in an appropriate composition are known as complex fertilizers or compound fertilizers. These are used as a means of providing a suitable level of fertility for crops. Integrated fertilizers containing two primary nutrients are known as incomplete fertilizers, while those containing all three primary nutrients are known as integrated fertilizers. The complex fertilizer market has grown at a promising pace in recent years and continues to grow steadily as factors such as rising industrialization, urbanization, increased energy consumption, and the conversion of arable land to commercial landscapes make it more urgent to provide arable land with proper fertility.
Market Dynamics
The global market for complex fertilizers is anticipated to grow at the fastest rate over the forecast period due to the chemical and physical properties of complex fertilizers that favor plant growth and help to achieve high yields. The increase in global demand for food and biofuels is boosting agricultural commodities production, which, in effect, is driving the market growth for complex fertilizers. In addition, increasing growth in greenhouses and polyhouses around the globe is catalyzing the selling of complex fertilizers on the global market.
Nevertheless, the major factors impeding the growth of the global complex fertilizer market are fluctuating agricultural product prices, reduced rural population, reduced farm incomes, and the growing organic fertilizer industry.
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Segmentation
The global market for complex fertilizers has been segmented based on type, crop type, form, mode of application, and region.
By type, the global market for complex fertilizers has been classified as complete complex fertilizers and incomplete complex fertilizers. The complete complex fertilizers segment has been further divided into N-P-K (10-26-26), N-P-K (12-32-16), N-P-K (15-15-15), and others. The incomplete complex fertilizers segment has been further classified as monoammonium phosphate (11-52-0), monopotassium phosphate (0-52-34), potassium nitrate (13-0-45), diammonium phosphate (18-46-0), and others.
Based on crop type, the global market for complex fertilizers has been classified as cereals, oilseeds and pulses, fruits and vegetables, and others.
Based on form, the global market for complex fertilizers has also been segregated into granular and liquid.
By mode of application, the global market for complex fertilizers market has been divided into foliar and fertigation.
The global market for complex fertilizers market insight has been segmented into four key regions—North America, Europe, the Asia Pacific, and the rest of the world.
The Asia Pacific is expected to capture the lion's share of the global demand for complex fertilizers and to exhibit a significant CAGR during the forecast era. India, China, Indonesia, and Vietnam are among the key markets that contribute to regional market development. In addition, growing awareness among farmers about the benefits of multi-nutrient fertilizer complexes is also promoting market growth in the Asia Pacific.
Key Players
Some of the significant participants in the global complex fertilizers market are EuroChem Group AG (Switzerland), Sociedad Química y Minera de Chile (Chile), Potash Corporation of Saskatchewan (Canada), CF Industries Holdings Inc. (US), Zuari Agro Chemicals Ltd (India),PhosAgro (Russia), Agrium Inc. (Canada),Israel Chemicals Limited (Israel), Yara International ASA (Norway), The Mosaic Company (US), Haifa Chemicals Ltd. (Israel), Helena Chemical Company (US)
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