Complex Fertilizers Market: Competitive Landscape, Regional Outlook and Driving Factors
The complex fertilizers market is projected to reach a value of USD 54.32 billion by 2022, at a CAGR of 6.5% from 2017 to 2022. The market is driven by factors such as the need to increase productivity and level yield and fertilizer strength gaps across regions, rise in awareness regarding soil profile, and nutritional balance, backed by state support. Advanced farming technologies ensure safe and reliable application of complex fertilizers, which improves plant health and minimizes nutrient deficiency in crops.
Increasing investments by key players in partnerships and agreements for expansion of new markets in complex fertilizers, along with the increased expenditure on innovating new and cost-effective production processes of complex fertilizers is expected to change the business landscape in the next five years.
Based on type, the incomplete complex fertilizers segment accounted for the largest market in the year 2016. Diammonium phosphate and mono ammonium phosphate are the most effective means of increasing crop yield and has a major impact on the productivity of the crop.
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Based on crop type, the oilseeds segment is projected to grow at the highest growth rate in the global complex fertilizers market from 2017 to 2022. This high growth of the oilseeds segment is attributed to increase in the production of nutritive food as awareness about the advantages of nutritional food is increasing around the globe, which in turn is projected to drive the demand for oilseed products.
Based on form, solid complex fertilizers were the most widely used, these fertilizers provide greater stability and are easy to use. Key industrial players are expanding their operations in emerging markets to increase their geographical presence and customer base. Global complex fertilizer manufacturers are actively involved in the implementation of various R&D activities to discover novel solid complex fertilizer products.
South America is the fastest-growing region in the complex fertilizers market due to the increase in demand for food products and the availability of arable land and the expansion of farmlands, especially in Brazil, Argentina, and Chile, ensuring the growth of this market in the region. South American countries are shifting toward technological advancements in agriculture, which in turn drives the market for complex fertilizers. The Asia-Pacific region accounted for the largest market for complex fertilizers in 2016 since a major section of the population in this region is engaged in agricultural practices. The Chinese market for complex fertilizers accounted for the largest share of the Asian-Pacific market in 2016.
The key players in this market have been developing a range of innovative products to target specific needs of the end users of complex fertilizers. They continue to expand and invest to increase their market share across different countries. These players also adopted acquisitions, expansions, new product launches, and agreements with leading and other local companies, to enhance and strengthen their geographical reach.
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The key players in the market include Yara International ASA (Norway), Agrium Inc. (Canada), Coromandel International Limited (India), CF Industries Holdings, Inc. (U.S.), PhosAgro (Russia), and Potash Corp. of Saskatchewan Inc. (Canada).