|
Forecast Period
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2024-2028
|
|
Market Size (2022)
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USD 52.37 Billion
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CAGR (2023-2028)
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6.28%
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Fastest Growing Segment
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Oilseeds
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Largest Market
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Asia-Pacific
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Market Overview
Global Complex Fertilizers Market
has valued at USD 52.37 Billion in 2022 and is
anticipated to project impressive growth in the forecast period with a CAGR of 6.28% through 2028. Complex fertilizers are a
versatile type of fertilizer that contain two or more essential plant
nutrients, carefully formulated to cater to the specific needs of plants. These
fertilizers offer a convenient solution by providing multiple nutrients in a
single product, eliminating the hassle of using separate products for each
nutrient. By offering a balanced combination of nutrients, complex fertilizers
promote not only healthy and vigorous plant growth but also overall plant
development. They ensure that plants receive a comprehensive range of essential
nutrients in one application, leading to improved nutrient uptake, enhanced
root development, and optimized plant metabolism. In addition to the primary
macronutrient’s nitrogen, phosphorous, and potassium (commonly known as NPK),
complex fertilizers can also incorporate micronutrients such as magnesium,
sulfur, and iron. These micronutrients play crucial roles in various plant
physiological processes, contributing to optimal plant health and vitality.
Key Market Drivers
Rising Demand for Bio-Based & Micro-Nutrient
Fertilizers
The global demand for complex fertilizers is
expected to surge in the coming years, driven largely by the rising demand for
bio-based and micro-nutrient fertilizers. These fertilizers, which are rich in
multiple essential nutrients, play a crucial role in sustainable agriculture.
With increasing awareness about the environmental impact of synthetic
fertilizers, farmers worldwide are turning towards bio-based and micro-nutrient
fertilizers, which align perfectly with complex fertilizers. Furthermore, the
push for increased crop yield to feed the burgeoning global population has
accentuated the need for fertilizers that provide balanced nutrient supply.
Micro-nutrient fertilizers, being a significant part of the complex
fertilizers, contribute to the growth and development of crops, reinforcing the
demand for complex fertilizers. Additionally, the shift towards precision
farming and customized fertilizer solutions is also influencing the global
complex fertilizer market. Custom-made complex fertilizers can contain exact
nutrient ratios needed for specific crops or soils, enhancing crop yield and
soil fertility. Overall, the rising demand for bio-based and micro-nutrient
fertilizers is a significant factor propelling the global complex fertilizers
market forward.
Expanding Global Population & Food Requirements
The burgeoning global population and escalating
food requirements are anticipated to drive an increased demand for complex
fertilizers worldwide. As the world's population continues to grow, expected to
reach nearly 10 billion by 2050, the pressure on agriculture intensifies,
necessitating greater crop yields from the same or even less arable land. This
demand is further augmented by changing dietary preferences towards more
protein-rich diets, which require more intensive grain crops. Complex
fertilizers, with their ability to provide multiple essential nutrients in a
single product, play a pivotal role in enhancing soil fertility, promoting
plant health, and improving crop yields. They offer agronomists a balanced,
efficient, and economical means of delivering the necessary nutrients for crop
growth. As such, their significance in global food production is expected to
increase. Additionally, advancements in fertilizer technology are facilitating
the development of more effective and environmentally friendly complex fertilizers,
amplifying their appeal. Hence, in light of the escalating global population
and rising food requirements, the demand for complex fertilizers is set to
surge globally.
Rising Requirement
of High Crop Yield for Biofuel Production
The increasing need for high crop yield,
particularly for biofuel production, is expected to drive the global demand for
complex fertilizers. Biofuels, derived from biomass such as corn, soybeans, and
sugarcane, play a crucial role as a renewable energy source in the global energy
mix. As nations strive to reduce their carbon footprint, the demand for
biofuels continues to grow, necessitating a proportional increase in
agricultural yield from these crops. Consequently, this surge in demand fuels
the need for complex fertilizers, which contain a balanced mix of essential
nutrients for optimal plant growth. These fertilizers not only enhance soil
fertility but also contribute to higher crop yields. Additionally, the growing
awareness among farmers about the benefits of using complex fertilizers, along
with supportive government policies promoting biofuel production, further
drives the demand. Therefore, as the requirement for high-yielding crops for
biofuels intensifies, the global demand for complex fertilizers continues to grow,
fostering a mutually beneficial relationship between these two industries.
Drastic Growth in Greenhouse Developments
The global surge in greenhouse developments has
significantly increased the demand for complex fertilizers. These fertilizers,
composed of two or more essential plant nutrients, are indispensable for
promoting plant growth and ensuring a healthy yield. As the world leans more
towards sustainable agriculture, greenhouses are proving to be an efficient
solution. They allow for year-round cultivation, control over environmental
factors, and utilization of less water and land compared to traditional farming
systems. Consequently, the need for complex fertilizers rises as they provide
balanced nutrition to crops grown in such controlled environments. They enrich
the soil with the necessary macro and micronutrients, improving the soil
fertility and stimulating plant growth. Furthermore, this growth in demand is
receiving a boost from the increasing understanding and awareness of
sustainable farming practices among growers worldwide. Therefore, the drastic
expansion in greenhouse developments, coupled with the drive towards more
sustainable agricultural practices, is expected to perpetuate the global demand
for complex fertilizers.
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Key Market Challenges
Unstable Raw Material Prices & Adoption of
Organic Fertilizers
Unstable raw material prices and the rising
preference for organic fertilizers are anticipated to dampen the global demand
for complex fertilizers. The complex fertilizer industry heavily depends on raw
materials like potash, phosphate, and nitrogen, whose prices fluctuate
frequently due to factors such as trade restrictions, geopolitical tensions,
and changes in currency value. Such instability in raw material costs directly
affects the production cost of complex fertilizers, making them less affordable
for farmers. Furthermore, the gradual shift towards organic farming is further
expected to negatively impact the demand for these fertilizers. The adoption of
organic fertilizers is being driven by increasing consumer awareness about the
harmful effects of chemical fertilizers on human health and the environment. As
a result, farmers globally are transitioning to organic fertilizers that
improve soil fertility and crop yield, without posing risks to the environment.
This shift towards organic farming practices is not only driven by consumer
demand but also by government regulations and incentives promoting sustainable
agriculture.
Moreover, the mounting environmental concerns and
price instability in the complex fertilizer market pose significant challenges.
Farmers are increasingly recognizing the importance of sustainable practices to
mitigate the negative impacts of agriculture on the environment and human
health. The need for environmentally-friendly solutions, coupled with the
volatile prices of raw materials, is leading to a downward trend in the global
demand for complex fertilizers. As the agriculture industry continues to evolve,
there is a growing emphasis on finding alternative and sustainable
fertilization methods that balance productivity and environmental impact.
Stringent Regulatory Policies
Strict regulatory policies globally are anticipated
to decrease the demand for complex fertilizers. This reduction in demand is due
to several factors. Regulatory bodies worldwide are imposing stricter
guidelines on the manufacturing, usage, and disposal of complex fertilizers to
limit their impact on the environment. These policies aim to control the levels
of hazardous chemicals and heavy metals within the products, ensuring they do
not exceed permissible limits. Consequently, this has increased the
manufacturing costs, making complex fertilizers less appealing to farmers
seeking cost-effective solutions for crop production. There is a growing
emphasis on sustainable and organic farming practices, discouraging the use of
chemical-based complex fertilizers. These practices align with global efforts
towards environmental preservation and food safety, further diminishing the
demand for complex fertilizers. Stringent regulations on the transport and
storage of such fertilizers can also hamper their global market. Thus, stricter
regulatory policies are expected to gradually reduce the global demand for
complex fertilizers.
Key Market Trends
Increasing
Developments & New Launches of Complex Fertilizers Market
The global complex fertilizers market is poised for
robust growth and expansion due to increasing developments and new product
launches. These advancements are primarily driven by the rising global demand
for high-efficiency fertilizers, spurred by the escalating need to enhance crop
yield and productivity. The gradual shift towards sustainable farming
techniques has further fueled the need for complex fertilizers, which offer
balanced nutrition to crops, thereby ensuring better quality and yield. With new
players entering the market and existing ones focusing on innovation, a wide
array of sophisticated complex fertilizers are being introduced. These newly
launched products, often more efficient, environmentally friendly, and tailored
to specific crop needs, are expected to significantly increase the demand for
complex fertilizers globally. Moreover, the involvement of R&D in
developing such fertilizers that cater to diverse soil conditions and crop
types across different regions is also a contributing factor to the expected
demand surge. As we move forward, the complex fertilizers market is predicted
to witness substantial growth, riding on the back of these innovative
developments and new product introductions.
Rapid Developments in Fruit & Vegetable Trades
The global fruit and vegetable trade sector is
currently experiencing a rapid expansion, driven by the ever-increasing
consumer demand for fresh and high-quality produce. This growth is not only a
result of the rising population but also the shift towards healthier eating
habits and the growing awareness of the benefits of consuming fruits and
vegetables. As people become more health-conscious, there is a greater emphasis
on incorporating nutrient-rich foods into their diets.
By providing crops with the right combination of
nutrients, complex fertilizers not only enhance the overall productivity and
yield but also contribute to the production of superior quality produce. This
is particularly important in the international fruit and vegetable trades, where
consumers have high expectations for fresh, flavorful, and visually appealing
products. Moreover, the increasing adoption of precision farming techniques,
such as soil testing and data-driven decision-making, further emphasizes the
need for efficient nutrient management strategies. Complex fertilizers, with
their tailored nutrient profiles, offer precise control over the nutrient
supply to plants, ensuring optimal growth and minimizing waste. This not only
benefits the farmers by maximizing their yields but also contributes to the
overall sustainability of agricultural practices.
The global trend towards agricultural
sustainability and food security also plays a significant role in driving the
demand for complex fertilizers. As farmers strive to achieve higher crop yields
without degrading soil health, the importance of using environmentally friendly
and resource-efficient fertilizers becomes evident. Complex fertilizers, with
their ability to deliver nutrients in a controlled and targeted manner, provide
a sustainable solution that supports long-term soil fertility and minimizes the
environmental impact. The
combination of increasing consumer demand for fresh and high-quality produce,
the growing pressure for sustainable farming practices, the rising adoption of
precision farming techniques, and the global focus on agricultural
sustainability and food security are all contributing to the surge in the
global demand for complex fertilizers. As the fruit and vegetable trade sector
continues to expand, it is crucial for farmers and producers to embrace these
innovative fertilizers to meet the demands of consumers while ensuring
long-term productivity and environmental stewardship.
Segmental Insights
Type Insights
Based on the type, in the
year 2022, according to projections, the comprehensive Complex Fertilizers
category is expected to dominate and exert its influence over the majority of
the market. This dominance is primarily attributed to their extensive
utilization in greenhouse applications, where their effectiveness is highly
valued. These fertilizers have gained significant popularity and are
sought-after by farmers and gardeners worldwide.
One remarkable example of a
complex fertilizer is diammonium phosphate (DAP). DAP not only serves as a
vital nutrient source for plants but also plays a significant role in enhancing
their resilience against diseases and droughts. This dual functionality ensures
the optimal growth and well-being of plants, making DAP a preferred choice for
many agricultural and horticultural practices. With its ability to provide
essential nutrients and bolster plants' ability to withstand challenging
environmental conditions, complex fertilizers like DAP are playing a vital role
in modern agriculture. By supporting plant health and growth, these fertilizers
contribute to increased crop yields and overall agricultural productivity.
Crop Type Insights
Based on the Crop Type, Cereals,
such as wheat, rice, and corn, are predicted to have the greatest market share
and the fastest-growing compound annual growth rate (CAGR) over the projection
period. The dominance of cereal crops in the market is attributed to their
ability to yield high quantities of food and effectively address the issue of
food shortages in emerging countries. This has led to a significant increase in
demand for cereals, driven not only by their use in vegetable oil for biodiesel
but also by their consumption as a staple food by millions of people worldwide.
The consumption of cereals, particularly in emerging countries, is remarkably
high, and as a result, cereal crops have gained popularity as lucrative cash
crops for farmers in these regions. This growing trend highlights the
importance and potential of cereals in sustaining food security and economic
growth on a global scale.
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Regional Insights
The Asia Pacific region is currently dominating the
Global Complex Fertilizers Market, and this can be attributed to a multitude of
factors. One of the significant factors is the high population density in the
region, which leads to an increased demand for food production. As a result,
there is a pressing need for efficient agricultural practices that can ensure
optimal yield and crop quality. This is where complex fertilizers play a
crucial role, as they provide the necessary nutrients and enhance soil fertility
to support sustainable and productive farming.
Furthermore, the growth of the Complex Fertilizers
Market in the Asia Pacific region is also influenced by favorable government
policies implemented in countries like India and China. These policies actively
promote the utilization of complex fertilizers in agricultural practices to
maximize crop output and ensure food security. Additionally, there has been a
significant increase in the awareness and adoption of modern farming practices
among farmers in the region. This shift towards more advanced and sustainable
farming techniques has further contributed to the rising demand for complex
fertilizers.
Recent Developments
- June 2022: ICL has entered
into a long-term agreement with India Potash Limited (IPL) for the supply of
Polysulphate until 2026. The agreement entails a total quantity of 1 million
metric tons over the span of five years. The availability of Polysulphate is
expected to significantly contribute to the Government of India's organic
agriculture program.
- May 2022: ICL has signed
Framework agreements with customers in India and China for the supply of
600,000 and 700,000 metric tons of potash, respectively, in 2022 at a price of
590 USD per ton.
- February 2022: ICL has introduced lawn care fertilizers
that incorporate urea coated with sulfur and a biodegradable polymer membrane
(Poly-S) or resin-coated nitrogen combined with phosphorus and potash (PACE).
These innovative fertilizers effectively prevent uncontrolled growth, resulting
in reduced mowing efforts. They are known for their user-friendly and safe
characteristics, making them suitable for robotic lawnmowers.
Key Market Players
- Agrium Inc.
- CF Industries Holdings, Inc
- Chambal Fertilisers & Chemicals Ltd
- Coromandel International Ltd.
- Deepak Fertilisers & Petrochemicals Corporation Ltd.
- Eurochem Group AG
- Haifa Chemicals Ltd.
- Helena Chemical Company
- ICL Group Ltd.
- Israel Chemicals Limited
|
By Type
|
By Crop Type
|
By Form
|
By Region
|
|
- Incomplete
Complex Fertilizers
- Complete
Complex Fertilizers
|
- Cereals
- Oilseeds
- Fruits &
Vegetables
- Others
|
|
- North
America
- Europe
- Asia Pacific
- South
America
- Middle East
& Africa
|
Report Scope:In this report, the Global Complex Fertilizers Market
has been segmented into the following categories, in addition to the industry
trends which have also been detailed below:
- Complex Fertilizers Market, By Type:
o Incomplete Complex
Fertilizers
o Complete Complex
Fertilizers
- Complex Fertilizers Market, By Crop Type:
o Cereals
o Oilseeds
o Fruits & Vegetables
o Others
- Complex Fertilizers Market, By Form:
o Solid
o Liquid
- Complex Fertilizers Market,
By Region:
o North America
§ United States
§ Canada
§ Mexico
o Europe
§ France
§ United Kingdom
§ Italy
§ Germany
§ Spain
o Asia-Pacific
§ China
§ India
§ Japan
§ Australia
§ South Korea
o South America
§ Brazil
§ Argentina
§ Colombia
o Middle East & Africa
§ South Africa
§ Saudi Arabia
§ UAE
§ Kuwait
§ Turkey
§ Egypt
Competitive Landscape
Company Profiles: Detailed analysis of the major companies
present in the Global Complex Fertilizers Market.
Available Customizations:
Global Complex Fertilizers market report with
the given market data, TechSci Research offers customizations according to a
company's specific needs. The following customization options are available for
the report:
Company Information
- Detailed analysis and
profiling of additional market players (up to five).
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