Market Definition and Key Factors:
The global complex fertilizers market is expected to offer lucrative growth opportunities to market players due to the continuous growth of the agriculture industry in new and emerging markets. South America, Africa, and Brazil have seen rapid growth in agricultural trade and production, owing to which there is increasing consumption of complex fertilizers in these markets. Moreover, the surging demand for fruits and vegetables for direct consumption and in the food processing industry is a crucial market determinant offering profitable opportunities to the vendor’s active in the global complex fertilizers market. Fertilizers containing two or three of the primary nutrients, chemically bonded to each other, are known as complex fertilizers. The multi-nutrient composition of these fertilizers helps in obtaining high yields of the utmost quality.
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Some of the key players 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), and Helena Chemical Company (US).
The global complex fertilizers market has been segmented on the basis of type, crop type, form, mode of application, and region.
Based on type, the global complex fertilizers market has been segmented into complete complex fertilizers and incomplete complex fertilizers. The complete complex fertilizers segment has been further segregated 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. The complete complex fertilizers segment is projected to account for the larger revenue share during the assessment period as these fertilizers are used for every crop type. However, rising awareness about the importance of multi-nutrient fertilizer complexes in enhancing soil fertility is favoring the growth of the incomplete complex fertilizers segment. Thus, the incomplete complex fertilizers segment is expected to register the highest CAGR during the forecast period.
The global complex fertilizers market has been divided, by crop type, into cereals, oilseeds and pulses, fruits and vegetables, and others. The cereals segment is expected to garner the largest revenue share of the global complex fertilizers market owing to the large-scale production of cereals across the globe. However, the fruits and vegetables segment is projected to register the highest CAGR during the forecast period owing to the surging demand for horticultural products such as fruits and vegetables. The demand for raw fruits and vegetables is also increasing in the food processing industry as well as for direct consumption. Additionally, the need for regular application of complex fertilizers during the cultivation of fruits and vegetables is expected to fuel the growth of the segment in the coming years.
Based on form, the global Complex Fertilizers Market has been segmented into granular and liquid. The granular segment is expected to gain the largest revenue share of the global complex fertilizers market and shall maintain its dominance during the forecast period as it is economical to apply granular fertilizers in low-cost cereal crops. However, the liquid segment is projected to register the higher CAGR during the forecast period owing to the easy packaging, transportation, mixing, and application offered by liquid fertilizers.
By mode of application, the global complex fertilizers market has been segmented into foliar and fertigation. The fertigation segment is expected to gain the larger revenue share of the global complex fertilizers market due to ease of application. The same segment is expected to exhibit the higher growth rate during the forecast period due to the widespread availability of complex fertilizers in granular form, which are usually applied through fertigation.
The global complex fertilizers market has been segmented, by region, into North America, Europe, Asia-Pacific, and the rest of the world.
Asia-Pacific is expected to account for the largest revenue share of the global complex fertilizers market owing to the large-scale agricultural operations carried out in the region. Market growth in Asia-Pacific can also be attributed to the presence of several marginal farmers in developing economies such as China, India, Bangladesh, Vietnam, and Indonesia.
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