Complex Fertilizers Market Analysis

Global Complex Fertilizers Market Overview

Complex Fertilizers Market Size was valued at USD 36.70 billion in 2023. The Complex Fertilizers market industry is projected to grow from USD 38.74 Billion in 2024 to USD 59.07 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.42% during the forecast period (2024 - 2032). Producers are searching for short-term financing due to the increased focus on food security and the rising demand for investments to increase food production globally and approach long-term sustainable food production, which will act as market drivers.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Complex Fertilizers Market Trends

• Rising Demand for Food Security to boost market growth

In agriculture, complex fertilizers are believed to increase production by giving plants enough nutrients for growth. On the global market, these factors are anticipated to increase demand for complex fertilizers. Farmers must pay high labor costs to apply fertilizers to the land because buying individual fertilizers is unprofitable. These special fertilizers are also constructed with defective materials and are not homogeneous. Moreover, they have lower concentrations of essential nutrients like phosphorus and nitrogen. Complex fertilizers were launched into the market as a result of these drawbacks.

These nutrients are uniform and offered in the market in granular form. Incomplete complex fertilizers and complete complex fertilizers are the two main categories into which complex fertilizers fall. Fertilizers are called incomplete complex fertilizers when they contain only two primary nutrients, and complete complex fertilizers when they contain three primary nutrients. Urea, diammonium phosphate, triple superphosphate, ammonium nitrate, and other fertilizers are incomplete complex fertilizers. Nitro phosphate, among other things, and diammonium phosphate are examples of fully complex fertilizers. Complex fertilizers are more cost-effective and more uncomplicated to use. Using sophisticated fertilizers ensures the uniform distribution of nutrients across the soil. When complex fertilizers are combined with other components like nitrogen, phosphorous, and potassium, their effectiveness is increased in addition to other standard techniques. Also, compound fertilizers are less expensive than different fertilizers. Complex fertilizers contain a set composition and a homogeneous granular size compared to individual fertilizers. They can be used on crops that require a particular nutrient because they are nutrient-specific. These factors are expanding the Complex Fertilizers Market CAGR globally in recent years.

Governments from different countries are implementing various programs to encourage farmers to switch to complex fertilizers instead of simple fertilizers to encourage farmers to utilize complex fertilizers. This has contributed to the growing use of complex fertilizers and is a significant factor that has favorably impacted the expansion of the Complex Fertilizers market revenue.

Complex Fertilizers Market Segment Insights

Complex Fertilizers Type Insights

Based on Type, the Complex Fertilizers Market segmentation includes complete complex fertilizers and incomplete complex fertilizers. The complete complex fertilizers segment held the majority share in 2022, contributing to around ~65-67% of the Complex Fertilizers Market revenue. These are the most sought-after fertilizers on the planet because of their use in greenhouse applications. Diammonium phosphate, for example, aids plants in fighting off illnesses and droughts.

June 2022: ICL, a global manufacturing firm that creates, manufactures, and sells fertilizers, inked a long-term contract with India Potash Limited (IPL), an Indian fertilizer producer, to supply Polysulphate through 2026. The five-year term is for an overall volume of 1 million metric tonnes. The Government of India's organic agricultural initiative is anticipated to gain strength due to the availability of polysulfate.

Complex Fertilizers Form Insights

Based on type, the Complex Fertilizers Market segmentation includes liquid and granular. The liquid segment dominated the market in 2022 and is projected to be the fastest-growing segment during the forecast period, 2024-2032. Complex fertilizers in the form of liquid are anticipated to do well in the market over the forecast period due to their nutritional content. Despite changing climatic conditions, complex liquid fertilizers ensure that plants receive vital nutrients in a form beneficial for plant nutrition, propelling the market growth.

Complex Fertilizers Mode of Application Insights

The Complex Fertilizers Market data has been bifurcated by Mode of Application into foliar and fertigation. Foliar spray is expected to dominate the market in 2022 and is projected to be the fastest-growing segment during the forecast period. Although foliar spray is not a replacement for good soil, it can be helpful when a plant has specific nutrient deficits. Instead of fertilizing the soil, foliar plant spray entails spraying it directly on its leaves. This makes foliar spraying extremely valuable, leading to rising sales.

Complex Fertilizers Crop Type Insights

Based on Crop Type, the global Complex Fertilizers industry has been segmented into cereals, oilseeds & pulses, and fruits & vegetables. Cereals are expected to occupy the largest market share during the forecast period and witness the fastest-growing CAGR. Because of its increased yields and success in addressing the issue of food scarcity in developing nations, the cereal crop type dominated the market and maintained the most significant market share. Due to the usage of vegetable oil for biodiesel and human consumption, there has been a tremendous demand for cereal. In developing nations, cereal consumption is strong, and cereal crops are becoming increasingly popular as cash crops.

Figure 2: Complex Fertilizers Market, by Crop Type, 2022 & 2030 (USD Million)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Complex Fertilizers Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America Complex Fertilizers market accounted for USD 15.8 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. The increase in regional population and the demand for sustainable agricultural products are the two main drivers propelling the market for complex fertilizers in the region. The need for food places pressure on current agricultural yield patterns due to the significant expansion in the regional population, the urbanization of emerging economies such as China, India, and Japan, and the loss of arable land.

Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: COMPLEX FERTILIZERS MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Complex Fertilizers market accounts for the second-largest market share due to increased focus on government agencies using different strategies to encourage farmers to switch to using complex fertilizers rather than simple fertilizers. Further, the Germany Complex Fertilizers market held the largest market share, and the UK Complex Fertilizers market was the fastest-growing market in the European region

The Asia-Pacific Complex Fertilizers Market is expected to grow at the fastest CAGR from 2022 to 2030. Due to its high nutritional value, the demand for complex fertilizers is expanding. Complex fertilizers offer several advantages related to economic savings and field convenience. Moreover, China Complex Fertilizers market held the largest market share, and the India Complex Fertilizers market was the fastest-growing market in the Asia-Pacific region

For instance, India Complex Fertilizers market will grow with the fastest-growing CAGR during the forecast period. The market will be driven by a push from the local agriculture sector to plant more food grains as needed to meet the region's rising population needs. The secret to speedier growth in the Indian region is an increase in the export of agricultural products and modest modifications in farming methods. To restore production to arid environments, new methods are being introduced. Some states, including Maharashtra and Karnataka, use cutting-edge farming techniques to broaden the regional market.

Complex Fertilizers Key Market Players & Competitive Insights

The Major market players in the Complex Fertilizers Market are investing heavily within their R&D departments to increase yields from an acre of arable lands. Prominent market leaders are also focused on devising market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. The market leaders in the Complex Fertilizers industry are also focused on decreasing their operating costs to widen their profit margins further.

The global leaders in the Complex Fertilizers industry are also looking to smoothen their supply chains further to increase their presence. In recent years, the market leaders in the Complex Fertilizers industry have provided various products to consumers. The Complex Fertilizers market major player such as 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) and others are working on expanding the market demand by investing in research and development activities.

A chemical firm based in Norway is called Yara International ASA. It manufactures, distributes, and sells industrial goods and nitrogen-based mineral fertilizers. Together with complex and specialty mineral fertilizer products, its product portfolio also comprises phosphate and potash-based fertilizers. The business was founded in 1905 as Norsk Hydro, the first manufacturer of mineral nitrogen fertilizers in the world, and on March 25, 2004, it demerged to become Yara International ASA. The corporation has activities in more than 60 countries, more than 17,000 workers, production facilities on six continents, and sales to roughly 150 nations.

Agrium was a significant wholesale producer and marketer of all three major agricultural nutrients and a supplier of specialty fertilizers in North America. It was also a major retail supplier of agricultural goods and services in North America, South America, and Australia. Cominco Fertilizers, under which Agrium was first established in 1931, was renamed Agrium in 1995. Calgary, Alberta, Canada, served as the headquarters of Agrium. The headquarters of Agrium's Retail Business Unit was located in Loveland, Colorado, at a subsidiary firm called Crop Production Services, Inc. The business had a stake in Canpotex, which oversees all potash exports out of Saskatchewan. Agrium and PotashCorp amalgamated to establish Nutrien in 2018.

Key Companies in the Complex Fertilizers market include

• 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)


• Helena Chemical Company (US), among others

Complex Fertilizers Industry Developments

May 2022: ICL, a global manufacturing company that creates, manufactures, and sells fertilizers, inked framework agreements in China and India to provide 600,000 and 700,000 metric tonnes of potash, respectively, for 590 US dollars a tonne, in 2022.

September 2021: One of the leading producers of complex fertilizers in Uzbekistan, Ifoda Agro Kimyo Himyo, has acquired minor interests from Balcom Co. Ltd, a retailer. Balcom Co. Ltd purchased ten million dollars worth of interest.

Complex Fertilizers Market Segmentation

Complex Fertilizers Type Outlook (USD Billion, 2019-2030)

• Complete Complex Fertilizers


• Incomplete Complex Fertilizers

Complex Fertilizers Form Outlook (USD Billion, 2019-2030)

• Granular


• Liquid

Complex Fertilizers Mode of Application Outlook (USD Billion, 2019-2030)

• Foliar


• Fertigation

Complex Fertilizers Crop Type Outlook (USD Billion, 2019-2030)

• Cereals


• Oilseeds & Pulses


• Fruits & Vegetables

Complex Fertilizers Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America