Complex Fertilizers market Overview
The mixing of two or more of macro-nutrient type fertilizers produces compound fertilizers also known as complex fertilizers. Often, they are blended further with elements containing secondary or trace nutrients such as sulphur, calcium and magnesium.
Growing need for food security for the growing population, rising demand for oil seeds, advanced farming technologies which deliver safe and reliable application of complex fertilizers and the ease of application of complex fertilizers are the primary drivers of this market. This market represents a potential opportunity in the forecast period. Thus, several key players have heavily invested to augment their production capacities and to produce various complex fertilizers that are crop-specific. Secondary factors contributing to the growth of complex fertilizers market include the need to increase productivity, fertilizer intensity gaps across regions, level yield, and growing awareness about soil profile and nutritional balance which is supported by the state.
Paradigm shift towards organic food and non-food consumption is the major restraint of this market.
Complex Fertilizers market Forecast Report (2018-2023)
Complex Fertilizers market size was around USD 50.72 billion in 2018. It is expected to grow at a CAGR of 7% to reach USD 71.14 billion by 2023.
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Complex Fertilizers market Segmentation
The global Complex Fertilizers market can be categorized into three categories: by Type, by Crop Type, and by form. If we go by Type, Complex Fertilizers market is segmented into Incomplete (Diammonium phosphate, Monoammonium phosphate, Mono potassium phosphate, Potassium nitrate and Others (Nitro phosphate and urea phosphate)) and Complete (NPK (10-26-26), NPK (12-32-16), NPK (15-15-15) and Other NPK compounds). The incomplete complex fertilizers market is estimated to have a high CAGR during the aforementioned forecast period. The Diammonium phosphate fertilizers category was the largest in 2016. The Monoammonium phosphate fertilizers category is estimated to be the fastest-growing during the aforementioned forecast period. On the basis of Crop Type the market is categorized into Cereals, Oilseeds, Fruits & vegetables and others (turf & ornamentals, plantation crops, fibre crops, and silage & forage crops). In terms of volume Oilseeds are the fastest growing segment because of the growing demand for agricultural production. Furthermore, by form the market is segregated into solid and liquid. The solid segment commanded more than half of the market as per the data of 2016. It is economical to use it on low-cost cereals such as wheat and corn since it is a low-cost technique compared to the other techniques (such as fertigation).
By geography, the global Complex Fertilizers market has been categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Presently, Asia-Pacific accounts for the largest market share while Latin America has the highest CAGR.
The major companies dominating this market for its products and services are
- CF Industries Holdings Inc. (U.S.),
- Yara International ASA (Norway),
- The Mosaic Company (U.S.),
- EuroChem Group AG (Switzerland),
- Potash Corporation of Saskatchewan (Canada),
- PhosAgro (Russia),
- Agrium Inc. (Canada),
- Israel Chemicals Limited (Israel),
- Sociedad Química Y Minera De Chile (Chile),
- Haifa Chemicals Ltd., (Israel),
- Helena Chemical Company (U.S.), and Zuari Agro Chemicals Ltd (India).
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