The complex fertilizers market is expected to reach USD 57.2 billion by 2026 according to a new study published by Polaris Market Research.
The market for complex fertilizers globally has been divided based on product form, product type, crop type and region. Based on product form the market is bifurcated into solid and liquid. 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. On the basis of product type, the complex fertilizers market includes complete and incomplete complex fertilizers.
It is the incomplete complex fertilizers that held the largest market share of more than 70% globally. Incomplete complex fertilizers are suitable for application in cereals, crops and vegetables, and for greenhouse applications making it one of the most used fertilizers all over the world. Asia Pacific is expected to form the leading region in the complex fertilizers market in 2017 and along the forecast period of 2018-2026 as well. It is the growing demand for food from different countries present in this region coupled with the increase in population are some of the key factors to boost growth of the complex fertilizers market in the Asia Pacific.
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The complex fertilizers usually get blended with various elements that provide nutrients to plants, and comprise minerals like of calcium, magnesium, and sulfur among others. These nutrients are also known as trace or secondary nutrients. Combination of complex as well as compound fertilizers offer multiple advantages like economic savings, convenience in the field, along with ease in meeting with the crop nutritional levels.
These are some of the major factors that have boosted the growth of complex fertilizers market globally. However, it is the increasing inclination towards adoption of organic fertilizer that acts as a major restraint for growth of the complex fertilizers market. It is also observed that the increasing demand for these complex fertilizers remains also because of the high nutritional contents with its usage in crops as well as for making bio-fuels, which will also provide various opportunities to the market in future.
A few of the key players that are present in the complex fertilizers market mainly focus on innovation and undergo heavy investments in the research & development as well as the new product launches. The companies present in this market hold patents related to the core composition or technology which further helps in launching new products to gain competitive advantage over the competitors.
The leading players operating in the complex fertilizers market globally are GlaxoSmithKline, GenVec, Inc., Nobelpharma, and Sanaria. Some other promising vendors are Cadila Healthcare Ltd., CellFree Sciences Co. Ltd., VLP Therapeutics LLC, and Genome ReS Ltd. among others.