Fertilizers are either organic or non-organic material that is in granular form or in liquid form and are used to stimulate growth of plants/crops. Three main ingredients in the fertilizers support growth of crops are nitrogen (N), potassium (K), and phosphorous (P). In fertilizer mixtures, one or two fertilizers are mixed together, which contain major elements such as K2O, N, and P2O5. They are also called mixed fertilizers. Fertilizer mixtures are classified as closed formula fertilizer mixture and open formula fertilizer mixture. Some fertilizer mixture also includes nitrate, phosphate, and diammonium hydrogen orthophosphate in it. Such fertilizers find applications in various crops including cotton, sugarcane, vegetables, fruits, and oilseeds.
Global fertilizer mixtures market size is expected to witness significant growth over the forecast period (2019-2027), owing to increasing demand for food across the globe. Changing eating habits, increasing population, and growing health concern is expected to boost the demand for food, subsequently driving the market growth. Furthermore, farmers are looking to provide valuable nutrients to crops, essential for their growth and yield. In fact, fertilizers mixtures help to reduce the residual acidity of plants and enhance the crop yield, which is increasing the demand for fertilizer mixtures. Moreover, fertilizer mixtures are better for application as they have a better physical condition.
However, higher cost of fertilizer mixtures as compared to straight fertilizers is expected to hinder the global fertilizer mixtures market growth. Moreover, fertilizer mixtures are not useful if crop is required only one nutrient, which is negatively affecting the market growth.
Market Regional Analysis
Asia Pacific holds significant market share and is expected to witness significant growth in the global fertilizer mixtures market during the forecast period. This is owing to increasing demand for fertilizer mixtures from emerging economies such as India and China. Moreover, growing awareness among farmers about fertilizer mixtures, increasing government initiatives such as subsidies and tax exemption in countries such as Singapore, India, and China is expected to boost the Asia Pacific fertilizer mixtures market. Moreover, countries in the regions such as South America, Middle East, and Africa have shown significant industrial and economic growth in the recent past. Furthermore, the U.S. and European Countries have shown rapid growth, recovering from economic crisis in the recent past, eventually driving the market growth. Rising population in emerging economies such as Brazil, China, and India coupled with increasing disposable increasing purchasing parity and growing disposable income is expected to boost the market in near future.
Some of the key players operating in global fertilizer mixtures market include Agrocan Corporation, Bicco Agro Products, Shiva Global Agro Industries Ltd, China BlueChemical Limited, Fertivale fertilizantes vale do Tiete ltda, Yara International ASA, Agrium, Inc., Hubei Yihua Chemical Industry Co., Anhui Liuguo Chemical Co., Ltd., Chambal Fertilisers and Chemicals Limited, EuroChem Agro GmbH, and Ballance Agri-Nutrients Ltd.
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