Complex Fertilizers Market - Size, Share, trends, and Forecast to 2025

Complex fertilizers (compound fertilizers) are prepared by mixing two or more type of macro-nutrient fertilizers. These fertilizers can be further blended with elements that provide plant nutrients, which are known as trace or secondary nutrients such as calcium, magnesium, and sulfur. Complex fertilizers can be distributed and packaged in granular or liquid form.

Increasing demand for nutrient specific fertilizers along with requirement of high crop yield for biofuel production is expected to drive growth of the complex fertilizers market over the forecast period. For instance, in 2017, the Indian biofuels industry invested US$ 2.25 billion in the upcoming projects over the next years to increase the industry’s value to US$ 7.5 billion by 2022.

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However, increasing inclination toward adoption of organic fertilizer is one of the major restraining factor for growth of the global complex fertilizers market. According to Research Institute of Organic Agriculture (FiBL) report, in 2015, over 50.9 million hectares of land was occupied by organic agricultural activities. The regions with the largest areas of organic agricultural land are Oceania (22.8 million hectares, which is almost 45 percent of the world’s organic agricultural land) and Europe (12.7 million hectares, 25 percent).

Incomplete complex fertilizers acquired the largest market share of 72.38% in 2017, and is expected to lead the market throughout the forecast period. Incomplete complex fertilizers include only one or two of the three primary nutrients (nitrogen, potassium or phosphorous). These fertilizers are suitable for application in cereals, crops and vegetables, and for greenhouse applications. Incomplete complex fertilizers such as diammonium phosphate, improves plant resistance to stress conditions such as diseases and drought. Also, monoammonium phosphate is an ideal source of phosphorous and nitrogen, which can be used as foliar spray on crops during plant growth.

Cereals & grains crop type dominated the complex fertilizers market in 2017, and is expected to retain market dominance throughout the forecast period. Increasing demand for cereals and grains with improved yields and sustainability are the major factors driving growth of the complex fertilizers market, thus aiding to curb the problem of food shortage in emerging economies. According to the Food and Agriculture Association of United Nations, 2013, cereals occupy more than half of the world's harvested area, where 2.3 billion tons of cereals are produced annually nearly contributing to 1 billion tons for human consumption, 750 million tons as animal feed, and 500 million tons for industry processing.

Asia Pacific was the leading region in the global complex fertilizers market in 2017, with a revenue of US$ 15,769 million and it expected to retain its dominance throughout the forecast period. Increasing demand for food from the countries in this region backed by rising population is one of the major driving factors for growth of the complex fertilizers market in Asia Pacific. For instance, according to the study conducted by Asia Development Bank, 2013, Asia Pacific is expected to account for one-third of the projected 2.6 billion increase in global population between 2010 and 2050, thus requiring additional measures to increase the productivity to serve increasing population.

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Europe expected to witness significant growth in the global complex fertilizers market in 2017, with a market share of 21.18% in the same year. In 2012, the European Innovation Partnership for Agricultural Productivity and Sustainability (EIP-AGRI) was launched to contribute to the European Union's strategy Europe 2020 for smart and sustainable growth. The strategy aims to ensure a steady supply of food, feed, and biomaterials, with the essential natural resources on which the farming depends.
Major players operating in the global complex fertilizers market include Yara International ASA, Potash Corporation of Saskatchewan Inc., CF Industries Holdings Inc., The Mosaic Company, Israel Chemicals Limited, Eurochem Group AG, Haifa Chemicals Ltd., PJSC PhosAgro, and Adventz Group.

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