Market Research Future (MRFR) expects the global complex fertilizers market to have a lucrative run at a robust CAGR during the forecast period (2019-2024).
The Complex Fertilizers market trend 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)
Market Drivers and Key Restraints
The complex fertilizers market is advancing at a promising pace and could continue to display a consistent growth rate during the forecast period. Surging industrialization, urbanization, a boost in energy consumption, and arable lands converting to commercial landscapes have raised the need for higher fertility of arable lands. To accommodate these issues, farmers are being educated about proper fertilizers that are used according to the soils nutrient makeup, the type of crop, and the kinds of pests that affect the crops. Farmers now understand that proper soil fertility is an essential aspect to ensure sustainable agricultural production. This factor leads to market growth.
The global complex fertilizers market also benefits from the expanding population, along with the subsequent need for sustainable agricultural produces. The massive surge in worldwide population, as well as urban settings coupled with consequent decline in arable land, have led to a scenario where the demand for food is overthrowing the actual agricultural yield. This scenario is much more pressing in emerging nations in regions like Latin America, Africa, and Asia Pacific.
Additionally, mass deforestation to set up residential, commercial, and industrial locales is resulting in destruction of substantial areas of arable lands. This negatively impacts the total production capacity of various countries around the world. To handle the situation and improve the productivity of available arable land, demand for complex fertilizers is expected to increase in the coming years. On a different note, the mounting demand for organic fertilizers could curb growth prospects of the market to some extent. On a bright side, robust demand for nitro phosphates and polyphosphate-based fertilizers could do wonders for the overall market in the subsequent years.
Market Segmentation
The worldwide complex fertilizers market has been segmented on the basis of type, crop type, form, and mode of application.
With context to the type, the global complex fertilizers market can be broken down into complete complex fertilizers and incomplete complex fertilizers. The complete complex fertilizers segment can be split 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 can be narrowed down into mono ammonium phosphate (11-52-0), monopotassium phosphate (0-52-34), potassium nitrate (13-0-45), diammonium phosphate (18-46-0), and others.
Depending on the crop type, the global complex fertilizers market has been segmented into cereals, oilseeds and pulses, fruits and vegetables, and others.
The global complex fertilizers market, considering the form, includes granular and liquid.
Application-wise, the global complex fertilizers market caters to foliar and fertigation.
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Regional Insight
The complex fertilizers market has been analyzed with respect to the key regions of Europe, Asia Pacific, North America, and the rest of the world (RoW).
Asia Pacific has been identified as the most lucrative market for complex fertilizers. The regional market could achieve a highly promising CAGR in the years to come, backed by factors like the vast population and constant erosion of arable lands. Mounting awareness among farmers about complex fertilizers and their proper use combined with the surging demand for advanced irrigation systems drives the Asia Pacific complex fertilizers market. Chinas role as a leading consumer and producer of complex fertilizers market report could have a lucrative effect on the market.
Quickly rising greenhouse production, restricted availability of arable land, and soaring demand for food on account of expanding population could ensure a smooth run for the North America market. Apart from this, high awareness about modern agricultural practices provides further stimulation to the regional market.
In Europe, rising demand for greenhouse production, increasing crop demand for animal feed, and high awareness about soil profile as well as nutritional balance are expected to favor the market. Expanding markets for fruits and vegetables are other critical factors triggering market growth.
Prominent Vendors
EuroChem Group AG(Switzerland), Sociedad Qumica 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)
Recent Developments
July 2019
The Ukrainian Chemists Union has introduced few quotas for complex and nitrogen fertilizers for every country in Europe with the aim of preserving the historical balance of imports. It is like a protective mechanism for those nations that could face damage from growing imports.
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