Complex Fertilizers: Introduction
· Complex or compound fertilizers are formed by blending two or more kinds of macronutrient fertilizers. They are used to provide crops with the appropriate level of fertility. The complex fertilizers market has been expanding at a promising pace sine the last years due to rising industrialization, urbanization, energy consumption, and conversion of arable land into commercial landscape.
· Farmers are being educated regarding the use of proper fertilizers depending on the nutrient makeup of the soil, the crop being planted, and the kinds of pests most commonly affecting crops in their surroundings as proper fertility of the soil is an important aspect that ensures sustainable agricultural production.
Key Drivers and Restraints of Complex Fertilizers Market
· Rise in global population and increase in need to attain sustainable agricultural produce are key factors driving the global complex fertilizers market. Significant rise in global population and urban settings and decline in arable land are resulting in a scenario where the demand for food products is straining the present agricultural yield trends. The scenario is much more demanding in developing countries across regions such as Asia Pacific, Latin America, and Africa, which, owing to the increased focus on industrial development as a way to progress economically, require millions of hectares of land if the food demand of the rising population are to be met.
· Mass deforestation for setting up industrial, residential, and commercial locales are also leading to the destruction of vast areas of arable lands, thereby negatively affecting the overall production capacity of countries in these regions. Demand for complex fertilizers is likely to rise to ease the situation and bring about an improvement in the productivity of the arable land. However, increase in demand for organic fertilizers and stringent regulations that have banned several harmful fertilizers in various regions and countries are likely to hamper the market.
Complex Fertilizers Market: Segments
· The complex fertilizers market can be segmented based on type, form, crop type, mode of application, and region
· Based on type, the global complex fertilizers market can be bifurcated into complete complex fertilizers and incomplete complex fertilizers. The complete complex fertilizers segment can be further divided into N-P-K (12-32-16), N-P-K (10-26-26), N-P-K (15-15-15), and others. The incomplete complex fertilizers segment can be further categorized into potassium nitrate (13-0-45), monoammonium phosphate (11-52-0), diammonium phosphate (18-46-0), monopotassium phosphate (0-52-34), and others.
· In terms of crop type, the complex fertilizers market can be segregated into oilseeds and pulses, cereals, fruits and vegetables, and others
· Based on form, the complex fertilizers market can be divided into liquid and granular
· Based on mode of application, the complex fertilizers market can be classified into fertigation and foliar
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COVID-19 Impact on Complex Fertilizers Market
· Emergence of the new COVID strain in many developed and developing countries has adversely affected the health care infrastructure. Hospital staff, medicines, oxygen beds, and ventilators are in short supply. Supply chains are facing disruptions, leading to disturbances in production activities in many countries. This has adversely affected the global complex fertilizers market.
Asia Pacific to Dominate Complex Fertilizers Market
· In terms of geography, the global complex fertilizers market can be segmented into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa
· Asia Pacific is one of the highly lucrative regions of the complex fertilizers market. The regional market is predicted to register a promising CAGR over the forecast period. Vast population, constant erosion of arable land, increase in awareness among farmers regarding the available fertilizers and their proper usage, and rise in demand for advanced irrigation systems are expected to be the key drivers of the complex fertilizers market in Asia Pacific over the said period. China’s role as a leading producer as well as consumer of complex fertilizers is also likely to drive the market in the region during the forecast period.
· North America and Europe held key share of the global market in 2020 due to the rise in demand for complex fertilizers in agricultural activities in these regions
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Key Manufacturers Operating in Global Complex Fertilizers
· The global complex fertilizers market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Key manufacturers operating in the global complex fertilizers market include:
o Yara International ASA
o The Mosaic Company
o Potash Corporation of Saskatchewan Inc.
o PJSC PhosAgro, CF Industries Holdings Inc.
o Haifa Chemicals Ltd.
o Israel Chemicals Limited
o Adventz Group
o Eurochem Group AG.
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