March 10, 2021
According to the recent research report titled ‘Complex Fertilizers Market Share, Size, Trends & Industry Analysis Report, By Product; By Form; By Crop ; By Regions Segment Forecast, 2019 – 2026’, available with Market Study Report, global complex fertilizers market size is expected to attain valuation of USD 54.8 billion by 2026.
Global complex fertilizers market growth is primarily driven by rising conversion of arable lands to commercial infrastructures, rapid industrialization and urbanization, and increasing energy consumption, all of which have increased the demand for improving fertility of tilled lands.
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For those unversed, complex or compound fertilizers made by combining two or more macronutrient fertilizers, and are used to provide crops with the proper degree of fertility.
The fertilizers combine with elements offering nutrients to plants and contain minerals like Sulphur, magnesium, calcium, among others. These nutrients are often referred to as secondary or trace nutrients. A well-balanced mix of complex and compound fertilizers has a number of advantages, including cost savings, field comfort, and ease of meeting crop nutrition requirements.
Farmers are being trained on the proper use of fertilizers for specific crop, as well as the types of pests that commonly affect it and soil fertility. Apparently, soil fertility is what gives crops life and keeps them growing, ensuring long-term agricultural productivity, which is likely to augment worldwide complex fertilizers industry share over the coming years.
One of the major drivers of worldwide complex fertilizers market is growing population and the resulting need to ensure a full-grown harvest. The agriculture sector is under pressure due to a massive increase in population and evolved urban lifestyles, along with a decrease in arable land.
Based on product type, the market is categorized into incomplete, and complete. Among these, incomplete fertilizers accounted for considerable share of the overall industry in the past year as they are appropriate for usage in crops and vegetables, cereals, and greenhouse applications.
Elaborating on crop type, global complex fertilizers industry is fragmented into cereals & grains, oilseeds, and fruits & vegetables. As per the report, cereals & grains segment held major portion of the industry share in the recent past.
Considering the geographical front, Asia Pacific dominated worldwide complex fertilizer market share in 2017 and will continue to do so over 2018 to 2026.
Leading organizations impacting global complex fertilizers industry trends are Haifa Chemicals Ltd., Adventz Group, PJSC PhosAgro, Eurochem Group AG, Israel Chemicals Limited (ICL Group Ltd), The Mosaic Company, CF Industries Holdings Inc., Potash Corporation of Saskatchewan Inc., and Yara International ASA among others.