Compound Fertilizer Market Research Report – Segmented By Region (North America, Europe, Asia-Pacific, Middle-East & Africa, Latin America) – Analysis on Size, Share, Trends, COVID-19 Impact, Competitive Analysis, Growth Opportunities and Key Insights from 2019 to 2030.
Published date -30th Jan 2024
Formats -PDF, CSV
What is the Market Size & CAGR of Compound Fertilizer market in 2021?
The global compound fertilizer market had a market size of USD 246.36 billion in 2021, and it is expected to grow at a CAGR of 3.8% from 2021 to 2028. This growth can be attributed to the increasing demand for agricultural products, the need for improved crop yields, and the adoption of advanced farming techniques.
COVID-19 Impact on the Compound Fertilizer Market
The compound fertilizer market was significantly impacted by the COVID-19 pandemic in 2020. The restrictions on movement and trade disruptions led to a decrease in the production and distribution of fertilizers. Farmers faced challenges in accessing fertilizers, which affected crop yields and agricultural productivity. However, with the easing of restrictions and government support, the market has started to recover as farmers resume their agricultural activities.
Compound Fertilizer Dynamics
The compound fertilizer market is driven by factors such as the increasing global population, the need for sustainable agriculture practices, and the rising demand for high-quality crops. Additionally, technological advancements in fertilizer production and distribution are contributing to market growth. However, factors such as fluctuating raw material prices and environmental concerns related to fertilizer use are hindering market growth.
Segments and Related Analysis
The compound fertilizer market can be segmented based on product type, application, and region. The major product types include NPK fertilizers, complex fertilizers, and other types. In terms of application, the market is segmented into cereals & grains, oilseeds & pulses, fruits & vegetables, and others. Regionally, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
By Region Analysis
In 2021, Asia Pacific dominated the compound fertilizer market with a significant market share. The region is characterized by a large agricultural sector, increasing population, and government support for agricultural development. North America and Europe also hold substantial market shares due to the adoption of advanced farming practices and the presence of key market players.
Key Market Players and Competitive Landscape
Some of the key players in the compound fertilizer market include Nutrien Ltd., Yara International, The Mosaic Company, CF Industries Holdings Inc., and K+S Aktiengesellschaft. These companies focus on product innovation, expansion into new markets, and strategic partnerships to maintain their competitive edge in the market.
Recent Happenings in the Compound Fertilizer Market
In recent years, the compound fertilizer market has witnessed several developments, including mergers and acquisitions, product launches, and collaborations among key players. For example, Nutrien Ltd. acquired Agrible Inc. to enhance its digital agriculture capabilities. Yara International introduced new sustainable fertilizers to meet the growing demand for environmentally friendly agricultural products.