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Compound Fertilizer Global Market Report 2024 | Size, Share, Growth, Trends, Analysis, Forecast, Outlook, Mergers and Acquisitions, Top Major Key Players | 2033 Forecast
Compound Fertilizer Global Market
The compound fertilizer market size is expected to see strong growth in the next few years. It will grow to $11.77 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to population growth and food demand, technological advancements in production, sustainable agriculture practices, climate change adaptation, global market expansion.. Major trends in the forecast period include climate change challenges, regulatory changes and compliance, customized blends and formulations, precision agriculture practices, environmental sustainability..
Market Overview -
Compound fertilizers are fertilizers with two or more necessary plant nutrients in a single fertilizer that are applied to the soil or directly to the plant to maintain or boost fertility in order to produce high-quality crops.
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Increased Crop Production Propels Demand For Compound Fertilizers In The Market
Increased production of crops such as rice, wheat and corn is expected to boost the growth of the compound fertilizer market going forward. The production of crops refers to the process of cultivating crops for domestic and commercial reasons. Compound fertilizers are widely used for the production of wheat, corn, rice, sorghum, fruits, vegetables and fruits for providing uniform distribution of micronutrients throughout the root zone that increases soil fertility and protects the environment, as a result, increased crop production increases the demand for the compound fertilizers market. For instance, in December 2022, according to the report published by the United States Department of Agriculture, a US-based federal agency, corn for grain production increased to 15.1 billion bushels, up 7% from the 2020 estimate. Further, in January 2023, as per a report published by the Australian Bureau of Statistics, an Australian-based government agency, in 2021-22, the gross value of wheat climbed by 33% to $13 billion. Therefore, increased production of crops such as rice, wheat and corn is driving the growth of the compound fertilizer market.
Competitive Landscape -
Major companies operating in the compound fertilizer market report are Hanfeng Evergreen, Kingenta Ecological Engineering Co. Ltd., Luxi Chemical Group Co. Ltd., Stanley Fertilizer Co. Ltd., WengFu Group, Hubei Xinyangfeng Fertilizer Industry Co. Ltd., Yara International ASA, Sinochem Corporation, The Mosaic Company, EcoChem, K+S Aktiengesellschaft, ICL Group Ltd., Helena Agri-Enterprises LLC, Haifa Negev technologies ltd., Georgia-Pacific LLC, Lebanon Seaboard Corporation, EuroChem Group AG, Nutrien Ltd., Garsoni Fertilizer Inc., Wilbur-Ellis Company LLC, Sinofert Holdings Limited, OCP Group, PhosAgro, Agrium, Growth Products Ltd., Potash Corporation of Saskatchewan Inc., Kugler Company, Indian Farmers Fertiliser Co-operative Limited, Israel Chemicals Ltd., Sociedad Química y Minera, Uralkali .
Research Institutions And Companies Pour Funds Into Advancing Compound Fertilizer Market
Investments in compound fertilizers are a key trend gaining popularity in the compound fertilizer market. Major research institutions and companies are investing in compound fertilizers for the development of the market. For instance, in August 2022, the Georgia Institute of Technology, a US-based public university, in partnership with the National Science Foundation, a US-based government agency, invested $26 million in the development of new technology and programs to absorb, recycle and manufacture decarbonized nitrogen-based fertilizers (NBFs) from nitrogen cycle pollutants, transforming America into a nitrogen cycle economy. Furthermore, in June 2021, the Industrial Development Corporation, an African government corporation, invested $31 million in Nitrogen Chemicals of Zambia (NCZ), its subsidiary to support the production of fertilizers including compound fertilizers to cut the need for imports.
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Key Segments -
The compound fertilizer market covered in this report is segmented -
1) By Type: Two-Element Compound Fertilizer, Three-Element Compound Fertilizer
2) By Application: Rice, Wheat, Corn, Fruit Trees, Vegetables, Tobocco, Other Applications
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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