Fertilizers containing two or three of the primary nutrients, chemically bonded to each other, are known as complex fertilizers. The multi-nutrient composition of these fertilizers helps in obtaining high yields of the utmost quality. The global complex fertilizers market is expected to offer lucrative growth opportunities to market players due to the continuous growth of the agriculture industry in new and emerging markets. South America, Africa, and Brazil have seen rapid growth in agricultural trade and production, owing to which there is increasing consumption of complex fertilizers in these markets.
The global Complex Fertilizers Market Size has been segmented on the basis of type, crop type, form, mode of application, and region.
Based on type, the global complex fertilizers market has been segmented into complete complex fertilizers and incomplete complex fertilizers. The complete complex fertilizers segment has been further segregated into N-P-K (10-26-26), N-P-K (12-32-16), N-P-K (15-15-15), and others. The incomplete complex fertilizers segment has been further classified as monoammonium phosphate (11-52-0), monopotassium phosphate (0-52-34), potassium nitrate (13-0-45), diammonium phosphate (18-46-0), and others. The complete complex fertilizers segment is projected to account for the larger revenue share during the assessment period as these fertilizers are used for every crop type. However, rising awareness about the importance of multi-nutrient fertilizer complexes in enhancing soil fertility is favoring the growth of the incomplete complex fertilizers segment. Thus, the incomplete complex fertilizers segment is expected to register the highest CAGR during the forecast period.
Based on form, the global complex fertilizers market has been segmented into granular and liquid. The granular segment is expected to gain the largest revenue share of the global complex fertilizers market and shall maintain its dominance during the forecast period as it is economical to apply granular fertilizers in low-cost cereal crops.
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By mode of application, the global complex fertilizers market has been segmented into foliar and fertigation. The fertigation segment is expected to gain the larger revenue share of the global complex fertilizers market due to ease of application. The same segment is expected to exhibit the higher growth rate during the forecast period due to the widespread availability of complex fertilizers in granular form, which are usually applied through fertigation.
Some of the key players in the global complex fertilizers market are EuroChem Group AG (Switzerland), Sociedad Química y Minera de Chile (Chile), Potash Corporation of Saskatchewan (Canada), CF Industries Holdings Inc. (US), Zuari Agro Chemicals Ltd (India), PhosAgro (Russia), Agrium Inc. (Canada), Israel Chemicals Limited (Israel), Yara International ASA (Norway), The Mosaic Company (US), Haifa Chemicals Ltd. (Israel), and Helena Chemical Company (US).
The global complex fertilizers market has been segmented, by region, into North America, Europe, Asia-Pacific, and the rest of the world.
Asia-Pacific is expected to account for the largest revenue share of the global complex fertilizers market owing to the large-scale agricultural operations carried out in the region. Market growth in Asia-Pacific can also be attributed to the presence of several marginal farmers in developing economies such as China, India, Bangladesh, Vietnam, and Indonesia.
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