The complex fertilizers market is projected to grow at a CAGR of 6.5% from 2017, to reach a projected value of USD 54.32 Billion by 2022. The growth in the complex fertilizers market is driven by advanced farming technologies that ensure safe and reliable application of complex fertilizers, a rise in the need for food security for the growing population, growth in demand for oilseeds, and the ease of application of complex fertilizers.
Oilseeds were the most fast-growing crop type; in terms of volume, this segment is projected to grow at the highest rate due to the rise in demand for agricultural production. Increasing demand from downstream markets in the food & beverage and oilseeds industries has boosted the overall demand for complex fertilizers across the globe. Awareness regarding the importance of nutrients for these crops and demand for increased production drives the demand for complex fertilizers.
On the basis of form, the complex fertilizers market is segmented into solid and liquid fertilizers. The solid segment accounted for more than half of the total form market in 2016. Since it a low-cost technique compared to the other techniques (such as fertigation), it is economical to use it on low-cost cereals such as wheat and corn, which are the major crop types dominating the complex fertilizers market.
On the basis of type, the complex fertilizers market is segmented into incomplete and complete fertilizers. The incomplete complex fertilizers market is expected to witness a higher CAGR during the forecast period. The diammonium phosphate fertilizers segment was the largest in 2016. The monoammonium phosphate fertilizers segment is projected to be the fastest-growing during the forecast period.
In terms of value, the Asia-Pacific region is projected to lead the complex fertilizers market in terms of market share by 2022, followed by South America and North America. China held the largest share of the Asia-Pacific complex fertilizers market, followed by India and Japan.
In terms of value, South American market is projected to grow at the highest CAGR during the forecast period, owing to the increase in awareness about the modern agricultural practices. The growth in demand for food is also driving the market. Growth is majorly witnessed in Brazil and Argentina, owing to the rise in awareness and adoption of modern agricultural practices.
The major restraints of the complex fertilizers market are the trend toward organic food consumption, which in turn, is driving the demand for biofertilizers. The complex fertilizers market has a number of large- and small-scale firms. Acquisitions and expansions were the key strategies adopted by market players to ensure their growth. Major players in the market include Yara International ASA (Norway), Agrium Inc. (Canada), PhosAgro (Russia), and Potash Corporation of Saskatchewan (Canada).