What Does the Historical and Current Compound Fertilizer Market Size Trend Indicate?
The compound fertilizer market has seen considerable growth due to a variety of factors.
• In recent times, the compound fertilizer market has seen substantial expansion. Its size is projected to increase from $9.2 billion in 2024 to $9.8 billion in 2025, experiencing a compound annual growth rate (CAGR) of 6.4%. The surge experienced in the earlier period can be linked to factors such as enhanced agricultural practices, the green revolution, agricultural industrialization, as well as government subsidies, support, and an increase in crop differentiation and specialization.
What Is the Forecasted Market Size and Growth Rate for The Compound Fertilizer Market?
The Compound Fertilizer market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of compound fertilizer is anticipated to witness robust growth in the coming years. It is projected to escalate to $12.65 billion in 2029, with a compound annual growth rate (CAGR) of 6.6%.
The growth during the forecast period can be credited to various factors such as population surge and rising food demand, technological enhancements in manufacturing, adoption of sustainable farming methods, adaptation to climate change, and expansion in global markets. Key trends expected during the forecast period include dealing with climate change issues, regulatory alterations and adherence, tailor-made mixes and concoctions, precision farming methods, and focus on environmental sustainability.
What Factors Are Driving Growth In The Compound Fertilizer Market?
The growth of the compound fertilizer market is anticipated to be fueled by a rise in the production of crops like rice, wheat, and corn. This production pertains to the cultivation of such crops for both domestic and commercial usage. Compound fertilizers are extensively utilized in the cultivation of crops like wheat, corn, rice, sorghum, and various fruits and vegetables. This is because they provide a balanced distribution of micronutrients throughout the root zone, which enhances soil fertility and protective environmental measures. Consequently, the increase in crop production retains the growing demand for the compound fertilizers market. Illustratively, in 2021-22, the gross value of wheat surged by 33% up to $13 billion, according to data published by the Australian Bureau of Statistics, a government agency based in Australia, in January 2023. Therefore, the escalating production of crops such as rice, wheat, and corn is bolstering the compound fertilizer market's growth.
What Are The Main Segments Of The Global Compound Fertilizer Market?
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, Tobacco, Other Applications
Subsegments:
1) By Two-Element Compound Fertilizer: Nitrogen-Phosphorus (NP), Nitrogen-Potassium (NK), Phosphorus-Potassium (PK)
2) By Three-Element Compound Fertilizer: Nitrogen-Phosphorus-Potassium (NPK), Nitrogen-Phosphorus-Sulfur (NPS), Nitrogen-Potassium-Sulfur (NKS), Phosphorus-Potassium-Sulfur (PKS)
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What Emerging Trends Are Influencing The Growth Of The Compound Fertilizer Market?
The burgeoning trend of investing in compound fertilizers is getting significant traction within the compound fertilizer market. Both major research entities and businesses are directing their investments towards compound fertilizers to advance market development. To illustrate, in August 2022, the Georgia Institute of Technology, a public university based in the US, in alliance with the National Science Foundation, a US government agency, committed $26 million towards the creation of fresh technology and initiatives to absorb, recycle, and produce decarbonized nitrogen-based fertilizers (NBFs) from nitrogen cycle pollutants. This initiative is aimed at transitioning America into a nitrogen cycle economy.
Who Are the Key Players In The Compound Fertilizer Market?
Major companies operating in the compound fertilizer market include:
• 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.
• 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
What Is The Most Dominant Region In The Compound Fertilizer Market?
Asia-Pacific was the largest region in the compound fertilizer market in 2024. The regions covered in the compound fertilizer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
