Global Complex Fertilizers Market was valued at US$ 60678.0 million in 2021, According to Complex Fertilizers Market Report, by Product Type (Complete Complex Fertilizers and Incomplete Complex Fertilizers), by Product Form (Solid and Liquid), by Crop Type (Cereals & Grains, Fruits & Vegetables, Oilseeds, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights
Global complex fertilizers market was valued at US$ 60678.0 Million in 2021. Complex fertilizers market is expected to register a CAGR of 6.01% over the forecast period (2022–2030), to reach US$ 102339.2 Million by 2030.
The increasing demand for fertilizers is driving the complex fertilizers market. Fertilizers are a substance that contains chemical components that help plants grow and produce more. The demand for fertilizers is constantly increasing, as it has potential to restore chemical elements that previous crops removed from the soil or increase the land's inherent fertility. Nitrogen, Phosphorus and Potassium fertilizers are the most commonly used source of plant nitrogen nutrition. For instance, in 2022, according to the United Nations Environment Program's report on "Environmental and health impacts of pesticides and fertilizers and ways of minimizing them," over the past few decades, pesticide and fertilizer demand, production, and consumption have increased significantly globally. By 2025, combined global sales are anticipated to expand around 4.1%, totaling US$ 309 billion. Therefore, the rise in demand for fertilizers is expected to boost the demand for complex fertilizers during the forecast period.
Technological innovation is a key trend gaining popularity in the complex fertilizer market. For instance, in September 2021, an India-based fertilizer producer, Coromandel International Ltd launched GroShakti Plus to help the farming community to support enhancing yield and quality. With GroShakti Plus, farmers can benefit from high quality products that provide a perfectly balanced nutrition for their crops. GroShakti Plus has all the 3 major nutrients (NPK), has the highest nutrient content among complex fertilizers, highest Phosphorous content among NPK fertilizers.
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https://www.coherentmarketinsights.com/market-insight/complex-fertilizers-market-1995
Browse 50 market data tables* and 40 figures* on "Global Complex Fertilizers Market” - Forecast to 2030.
Key Trends and Analysis of the Global Complex Fertilizers Market:
- Among regions, Asia Pacific accounted for a significant market share of 33% in 2021. Increasing demand for food from the countries in this region backed by rising population is one of the major driving factors for growth of the complex fertilizers market in Asia Pacific.
- Individual fertilizers are uneconomical. These are not homogenous, containing less quantity of Nitrogen, Phosphorus and Potassium and many times inferior quality of material were used. For these difficulties, complex fertilizers have been prepared. These complex fertilizers contain the nutrients of grade mentioned, homogenous, granular and good physical conditions. Complex fertilizers are less expensive and easier to apply. The use of complex fertilizers aids in ensuring that nutrients are distributed evenly on the ground. When combined with other elements such as nitrogen, phosphorous, and potassium, the use of complex fertilizers with other conventional methods helps to increase the fertilizer's efficiency. Furthermore, complex fertilizers are less expensive than individual fertilizers. Complex fertilizers, as opposed to individual fertilizers, have a uniform granular size and a defined composition. They are nutrient specific and can be used on crops that require a specific nutrient. YaraMila complex fertilizer is a comprehensive range of the most essential plant nutrients - a combination of nitrogen (N), phosphorus (P) and potassium (K) designed to maximize crop yield and quality provides by Yara International.
Key Takeaways of the Global Complex Fertilizers Market:
- According to Coherent Market Insights in 2021, among crop type, cereals and grains segment held largest revenue share of 41.80% in the global complex fertilizers market in 2021. Increasing demand for cereals and grains with improved yields and sustainability are the major factors driving growth of the complex fertilizers market, thus aiding to curb the problem of food shortage in emerging economies.
- New product launches, merger & acquisitions, strategic partnership expansion, and research & development activities for the complex fertilizers are key strategies adopted by players in the global complex fertilizers market. For instance, in February 2020, ICL Group a U.S.-based company engaged in specialty minerals that creates impactful solutions for humanity’s sustainability challenges in the global food, agriculture, and industrial markets acquired Growers Holdings, a technology company which provides digital tools that leverage soil, planting and harvest data. With this acquisition, Growers expands and strengthens the offering of agro-digital services and the capability of ICL Group to develop innovative solutions to generate higher agricultural yields and more efficient and sustainable agricultural practices.
