Complex fertilizers (compound fertilizers) are prepared by mixing two or more type of macro-nutrient fertilizers. These fertilizers can be further blended with elements that provide plant nutrients, which are known as trace or secondary nutrients such as calcium, magnesium, and sulfur. Complex fertilizers can be distributed and packaged in granular or liquid form.
Global complex fertilizers market was valued at US$ 60678.0 Million in 2021 in terms of revenue, exhibiting a CAGR of 6.01% during the forecast period (2022 to 2030).
Drivers
The growth of the global complex fertilizer market is being driven by its high nutritional content. The complex fertilizers provide various benefits associated with convenience in the field and economic saving. Furthermore, the rapid growth of greenhouse production is bolstering the growth of the global complex fertilizer market. The limited availability of farmable land along with increasing demand for food due to the rise in population has triggered the growth of the global complex fertilizer market.
Increasing demand for nutrient specific fertilizers along with requirement of high crop yield for biofuel production is expected to drive growth of the complex fertilizers market over the forecast period. For instance, in 2020, the Indian biofuels industry invested US$ 2.25 billion in the upcoming projects over the next years to increase the industry’s value to US$ 7.5 billion by 2022.
Emergence of the new COVID strain in many developed and emerging countries has adversely affected the health care infrastructure. Hospital staff, medicines, oxygen beds, and ventilators are in short supply. Supply chains are facing disruptions, leading to disturbances in production activities in many countries. This has adversely affected the global complex fertilizers market.
Figure 1. Global Complex Fertilizers Market Value Share (%), By Region, 2021
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Market Restraints
Increasing inclination toward adoption of organic fertilizer is one of the major restraining factor for growth of the global complex fertilizers market. According to Research Institute of Organic Agriculture (FiBL) report, in 2020, over 50.9 million hectares of land was occupied by organic agricultural activities.
Complex Fertilizers Market Report Coverage
Report Coverage | Details | ||
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Base Year: | 2021 | Market Size in 2021: | US$ 60678.0 Mn |
Historical Data for: | 2017-2020 | Estimated Year: | 2022 |
Forecast Period 2022 to 2030 CAGR: | 6.01% | Forecast Period: | 2022-2030 |
Geographies covered: |
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Segments covered: |
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Companies covered: |
Yara International ASA, Potash Corporation of Saskatchewan Inc., CF Industries Holdings Inc., The Mosaic Company, Israel Chemicals Limited, Eurochem Group AG, Haifa Chemicals Ltd., PJSC PhosAgro, and Adventz Group. |
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Restraints & Challenges: |
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Market Trends
The growth of the global complex fertilizer market is being driven by its high nutritional content. The complex fertilizers provide various benefits associated with convenience in the field and economic saving. Furthermore, the rapid growth of greenhouse production is bolstering the growth of the global complex fertilizer market. The limited availability of farmable land along with increasing demand for food due to the rise in population has triggered the growth of the global complex fertilizer market.
Rise in global population and increase in need to attain sustainable agricultural produce are key factors driving the global complex fertilizers market. Significant rise in global population and urban settings and decline in arable land are resulting in a scenario where the demand for food products is straining the present agricultural yield trends. The scenario is much more demanding in developing countries across regions such as Asia Pacific, Latin America, and Africa, which, owing to the increased focus on industrial development as a way to progress economically, require millions of hectares of land if the food demand of the rising population are to be met.
Figure 2. Global Complex Fertilizers Market Value Share (%), By Crop Type, 2021
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Recent Developments
Competitive Section
Major players operating in the global complex fertilizers market include Yara International ASA, Potash Corporation of Saskatchewan Inc., CF Industries Holdings Inc., The Mosaic Company, Israel Chemicals Limited, Eurochem Group AG, Haifa Chemicals Ltd., PJSC PhosAgro, and Adventz Group.
Frequently Asked Questions
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