PUBLISHER: DataM Intelligence | PRODUCT CODE: 1078214
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1078214
The global complex fertilizers market is valued at USD XX million in 2021 and is forecasted to reach USD XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).
Complex or compound fertilizers, which are created by combining two or more types of macronutrient fertilizers, are used to provide crops with the appropriate fertility and nutrients. They are primarily composed of two or three micronutrients in varying ratios, including nitrogen, potassium, and phosphorous, all of which are required by plants. These complex fertilizers can also be combined with various elements that provide nutrients to plants and are referred to as trace or secondary nutrients. Calcium, magnesium, and sulfur are among the nutrients found in this group. Complex fertilizers have several advantages, including cost savings, convenience in the field, and ease of interaction with crop nutrition levels. Surging nutrient-specific fertilizer demand and rising biofuel demand would necessitate increased crop yields over the current forecast period, leading to market growth. The development of sophisticated farming technologies that ensure the safe and reliable operation of complex fertilizers is also driving the growth of the complex fertilizers market.
Individual fertilizers are uneconomical. These are not homogenous, containing less quantity of N, P, K 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.
During the forecast period, the market for complex fertilizers in oilseeds is expected to grow fastest. Crops such as soybean, cottonseed, sunflower, peanuts, and canola provide essential food resources worldwide. Soybean, for example, is an oilseed that has found widespread use in feed, biofuel, and human food applications. As a result, complex fertilizers are becoming more popular for ensuring healthy crop stand and high yields.
Complex fertilizers come in two major forms: Solid and Liquid. Solid fertilizers of straight, or mixed NPK fertilizers are applied directly to the soil using various methods based on crop type, season, crop age, fertilizer type, and concentrations. Because it is a low-cost technique compared to others (such as fertigation), it is economical to use it on low-cost cereals such as wheat and corn, which are the major crop types dominating the complex fertilizers market.
The Asia-Pacific region is one of the largest consumers of complex fertilizers and is expected to register significant growth in recent years. The Asia Pacific region consumes the most complex fertilizers. The region is dominated primarily by large-scale operations with a well-organized distribution chain. Asia Pacific is largely made up of marginal farmers who use traditional farming methods. The Asian country consumed more than 45 million metric tonnes of nutrients in 2019. It was followed by India and the United States, each with 29.4 and 20.4 million tonnes.
The global complex fertilizers market is highly fragmented, with many companies introducing new product lineups. Key players include Yara International ASA, The Mosaic Company, Corporation of Saskatchewan Inc., PJSC PhosAgro, CF Industries Holdings Inc., Haifa Chemicals Ltd., Israel Chemicals Limited, Adventz Group, and Eurochem Group AG. The industry manufacturers are aiming at improving the supply chain beginning from a raw material supplier to third-party distributors. Key companies are undergoing strategic collaboration and acquisition strategies for small companies. In August 2021, Balcom Co Ltd, a Japanese company, bought a minor stake in one of Uzbekistan"s largest producers of complex fertilizer company Ifoda Agro KimyoHimyo. The company purchased the stakes by investing the US $ 10 million in the company. The growth of the agricultural sector and increasing demand for food security open new opportunities for the companies to develop new products and launch them in the market. New product formulations that suit the agricultural requirement will help to boost the farm supply and support the companies increase their presence in the market. For instance, Acron Group developed NPIC complex fertilizers specifically manufactured for cereal crops grown in Africa. These new brands include 23-10-5 +S+Mg+Zn,22-20+S+Ca+Zn and others that are suited for use in different cereals such as maize, wheat and others.
The COVID-19 pandemic is a global health emergency that is wreaking havoc on the global economy, both directly and indirectly, through public-health efforts to stop the disease's spread. These effects have a knock-on effect throughout the food system, influencing consumer demand, disrupting agro-food trade and downstream food processing, and limiting seasonal labor and intermediate input availability. The agricultural sector will gradually adapt to declining consumer demand by decreasing farm output and decreasing the need for complex fertilizer. Agricultural prices will fall, at least in the short term, as the supply side responds to weaker demand lags, putting additional pressure on farm revenues and reducing demand for complex fertilizers.
The global complex fertilizers market report would provide an access to approximately 45 market data tables, 45 figures and 180 pages