Complex Fertilizers Market Size, Share & Industry Analysis, By Type (Incomplete, Complete), By Form (Solid, Liquid) And Regional Forecast, 2024-2032

As per reports stated in Forbes, the global population is expected to reach 10 billion in 2050. There is a need to ensure that the growing population in the world has access to sufficient nutrition. With heightened interest in food security and the increasing demand for investments to improve food production globally, producers are looking for short-term and long-term sustainable food-generation methods. Complex fertilizers in agriculture are expected to enhance productivity by providing sufficient nutrients to the plants for growth. These factors are expected to propel the demand for complex fertilizers in the global market. 

Complex fertilizers mainly contain more than two primary nutrients, where two of the primary nutrients undergo chemical reactions. The most common types of complex fertilizers are NPK 20:20:0, NPK 27:13,5:0, DAP 18.46.0, MAP 12.52.0, and NPK 20.10.10.  

Individual fertilizers are uneconomical, and farmers endure huge labor costs for applying fertilizers on the soil. Furthermore, these individual fertilizers are not homogenous and are made of inferior quality materials. They also contain less quantity of essential nutrients such as nitrogen, phosphorous. Due to these disadvantages, complex fertilizers were introduced in the market. These nutrients are homogenous and are available in granular form in the market. Complex fertilizers can be classified into two major categories, namely incomplete complex fertilizers and complete complex fertilizers. When the fertilizers contain two primary nutrients, they are called incomplete complex fertilizers and if the fertilizers contain three primary nutrients, they are called complete complex fertilizers. Examples of incomplete complex fertilizers are ammonium nitrate, urea, diammonium phosphate, triple superphosphate, etc. Complete complex fertilizers include diammonium phosphate, nitro phosphate, and others.

Key Market Driver -

Complex Fertilizers are Economical & Easier to Apply

Key Market Restraint -

Fluctuation in Raw Material prices and Rising Preference for Organic Fertilizers

Complex fertilizers are easier to apply and are economical. The application of complex fertilizers helps to ensure that the nutrients are distributed evenly on the ground. The use of complex fertilizers with other conventional methods also helps increase the fertilizers' efficiency when they are used in combination with other elements such as nitrogen, phosphorous, and potassium. Additionally, complex fertilizers are cheaper compared to individual fertilizers. Compared to individual fertilizers, complex fertilizers have a uniform granular size and have a defined composition. They are nutrient specific and can be applied to crops that need a specific type of nutrient.

To encourage farmers to use complex fertilizers, governments of various governments are undertaking various policies to encourage farmers to adopt the use of complex fertilizers instead of simple fertilizers. This has also added to the increasing adoption of complex fertilizers and is a major factor responsible for positively affecting the growth of complex fertilizers globally. 

With rising demand for organic food products in the market, the demand for organic fertilizers is increasing, which acts as a major restraining factor negatively affecting the growth of the complex fertilizers market globally. Additionally, due to the COVID-19 pandemic, major economies went into lockdown, disrupting the global supply chain. This caused fluctuation in the supply of raw materials, which affected the production in major companies worldwide.

Key Players Covered:

CF Industries Holdings Inc., Yara International ASA, The Mosaic Company, EuroChem Group AG, Potash Corporation of Saskatchewan are key players operating in the global complex fertilizers market. Other major players are PhosAgro, Agrium Inc., Israel Chemicals Limited, Sociedad Química y Minera de Chile, Haifa Chemicals Ltd. Helena Chemical Company, and others.

Complex fertilizers are available in various forms, such as solid form and liquid form. Solid complex fertilizers are easier to store as well a transport. They are thus expected to register significant growth in upcoming years.  Compared to other fertilizers, the application of these fertilizers is easier, and they are also economical to use in different crops such as wheat, corn, and others.

The growth of the agriculture sector and increasing demand for food security opens new opportunities for the companies to develop new products and launch them in the market. New product formulations that suit the agricultural requirements will help boost the agricultural supply and help the companies increase their presence in the market. For instance, Acron Group developed new NPK complex fertilizers specifically manufactured for cereal crops grown in Africa. These new brands include 23-10-5+S+Mg+Zn, 22-20+S+Ca+Zn, and others that are suited for use in different cereals such as maize, wheat, and others.  

Regional Analysis:

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The Asia-pacific region is one of the largest consumers of complex fertilizers and is expected to register significant growth in recent years. Major economies such as India, China, and others are agriculture-intensive economies and export crops such as rice and other cereals to several countries. Governments are also encouraging farmers to adopt this fertilizer in their agricultural practices to ensure a higher yield. All these factors act as major drivers which are boosting the growth of the complex fertilizers market in this region.

Segmentation

Key Industry Developments

• In 2021, Balcom Co. Ltd a Japanese company bought a minor stake in one of the Uzbekistan’s largest producer of complex fertilizer company Ifoda Agro Kimyo Himyo. The company bought the stakes by investing US$ 10 million in the company.