The global complex fertilizers market size was valued at USD 31.5 billion in 2017 and is expected to grow at a CAGR of around 6.8% from 2018 to 2026. Over 61 million hectares of land was used and occupied by the organic agricultural cultivation in 2017, which was an increase of around 4.6% from 2016. Land allocation for organic crop cultivation is further expected to increase in the next few years. Regions having the largest organic agricultural land area in the world includes Oceania having 22.8 million hectares. This accounts for approximately 45% of overall organic agricultural land globally and Europe holding 12.7 million hectares forming approximately 25 percent of the total agricultural land.
Complex fertilizers are referred to or known as the combination of various fertilizers. These complex or compound fertilizers are prepared by combining two or more varieties of macro-nutrient fertilizers. These complex fertilizers can also get blended with different elements that provide nutrients to plants, and are otherwise known as trace or secondary nutrients comprising of calcium, magnesium, and sulfur. The complex fertilizers in general can be distributed as well as packaged in either granular or liquid form.
Combination of complex or compound fertilizers offer multiple advantages as well like economic savings, convenience in the field, along with ease in meeting with the crop nutritional levels. The benefits related to the usage of these fertilizers as compared to others have primarily driven market growth.
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Moreover, rising nutrient specific fertilizers demand along with high need of enhanced yield of crops for bio-fuel production is also expected to act as drivers for market over the current forecast period of 2018-2026. For instance, in 2017, Indian bio-fuels sector invested approximately USD 2.26 billion, that is anticipated to enhance industry worth to USD 7.5 billion by 2022.
But the growing popularity and adoption of organic fertilizers is the major restraining factor for growth of complex fertilizers. However, high level of nutritional content of these products over organic ones and increasing demand for bio-fuels to be the major competitive forces driving its demand.
The global complex fertilizers market has been segmented on the basis of product form, product type, crop type and region. Based on product form the market is bifurcated into solid and liquid. On the basis of product type, the market includes complete complex fertilizers, and incomplete complex fertilizers. It is the incomplete complex fertilizers that held the largest market share of more than 70% globally.
Incomplete ones are more suitable for its use in crops, vegetables and cereals. These are used for applications in greenhouse, that makes it among the widely used fertilizers globally. Moreover, several incomplete ones including diammonium phosphate aids in enhancing resistance of plants to stress situations such as drought and diseases.
Considering the crop type segment of the complex fertilizers, the market is classified into cereals and grains, fruits and vegetables, and oilseeds among others. In this segment, it is the cereals & grains crop type that dominated the market and held the largest market share. Rise in demand for cereals and grains having improved yields as well as sustainability are some of the key factors driving the growth of cereals & grains to curb the food shortage problem especially in the emerging economies.
By Product Type
By Product Form
By Crop Type
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Asia Pacific formed the leading region in the market during 2017, and will continue to retain its dominance all throughout the forecast period of 2018-2026. Increasing demand from the regional agriculture industry for several types of food products cultivation driven by the increase in population of Asia Pacific to drive its market.
In 2013, Asia Development Bank research study, the region is anticipated to account for approximately one-third of expected 2.6 billion increase in worldwide population during 2010 and 2050. For this additional measure have been taken to feed the increasing population of the region and growing complexity of the regional fertilizer market Europe is yet another potential regional market that has opportunities for significant future growth.
The European Innovation Partnership was launched in 2012 for agricultural productivity and sustainability to put in to affect the European Union's strategy of Europe 2020 for smart as well as sustainable growth. The strategy is aimed towards ensuring a continuous supply of food, feed, and biomaterials, having the essential natural resources on which the farming depends.
The leading players operating in the complex fertilizers industry focus on innovation and make heavy investments in the R&D as well as the new product launches. These companies hold special patents within the core market and help in launching products to gain competitive advantage.
Major players current operating in the global complex fertilizers industry include Potash Corporation of Saskatchewan Inc., Israel Chemicals Limited, CF Industries Holdings Inc., The Mosaic Company, PJSC PhosAgro, Adventz Group, Haifa Chemicals Ltd., Yara International ASA, and Eurochem Group AG among others.