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May 07, 2021 (Market Insight Reports) --
Complex fertilizers(compound fertilizers) is a combination of two or more type of macro-nutrient fertilizers and these fertilizers can be further mixed with elements that offer plant nutrients, which are known as a secondary nutrients such as calcium, magnesium, and sulfur. They can be distributed and packaged in granular or liquid form.
On the other hand, shifting inclination of consumers toward the adoption of organic fertilizer is expected to hamper the market growth. According to the Research Institute of Organic Agriculture (FiBL) report, in 2015, over 50.9 million hectares of land was occupied by organic agricultural activities. The regions with the largest areas of organic agricultural land are Oceania (22.8 million hectares, which is almost 45 percent of the world’s organic agricultural land) and Europe (12.7 million hectares, 25 percent).
Incomplete complex fertilizers acquired the largest market share of 72.38% in 2017 and are expected to lead the market throughout the forecast period. Incomplete complex fertilizers include only one or two of the three primary nutrients (nitrogen, potassium or phosphorous). These fertilizers are widely used in cereals, crops and vegetables, and for greenhouse applications. Whereas, incomplete complex fertilizers such as diammonium phosphate, enhance plant resistance to stress conditions such as diseases and drought. Moreover, monoammonium phosphate is an ideal source of phosphorous and nitrogen, which can be used as a foliar spray for proper plant growth.
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Cereals & grains crop type dominated the complex fertilizer market in 2017 and is expected to retain market dominance throughout the forecast period. Rising demand for cereals and grains with improved yields along with the environmental sustainability are the major factors driving the growth of the complex fertilizer market, thus aiding to curb the problem of food shortage in emerging economies. According to the Food and Agriculture Association of United Nations, 2013, cereals occupy more than half of the world’s harvested area, where 2.3 billion tons of cereals are produced annually nearly contributing to 1 billion tons for human consumption, 750 million tons as animal feed, and 500 million tons for industry processing.
Asia Pacific led the overall market in 2017, with a revenue of US$ 15,769 million and is projected to retain its dominance throughout the forecast period. This can be attributed to the rising demand for food from the countries in this region subjected to a rising population. For instance, according to the study conducted by Asia Development Bank, 2013, Asia Pacific is expected to account for one-third of the projected 2.6 billion increase in the global population between 2010 and 2050, thus requiring additional measures to increase the productivity to serve the increasing population.
Europe expected to witness significant growth in the global complex fertilizer market in 2017, with a market share of 21.18% in the same year. In 2012, the European Innovation Partnership for Agricultural Productivity and Sustainability (EIP-AGRI) was launched to contribute to the European Union’s strategy in Europe in 2020 for smart and sustainable growth. The strategy aims to ensure a steady supply of food, feed, and biomaterials, with the essential natural resources on which farming depends.
Major players operating in the global complex fertilizer 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.
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