Global complex fertilizer market is projected to reach US $57.2 billion by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
The worldwide market of complex fertilizers is dissected based on different parameters such as form of the product, crop type, type of product, and region. The market is divided in two segments based on the form, solid and liquid. In terms of crop type, the complex fertilizer market is divided as fruits and vegetables, cereals and grains, and oilseeds. The report cites that a significant market share is held by cereals and grains crop type as it dominates the market.
Based on the product type, incomplete and complete complex fertilizers constitute the complex fertilizer market. As cited in the report, incomplete complex fertilizers cover 70% of the global market share making it the biggest contributor. This share is driven by the massive use of incomplete complex fertilizers in crops, vegetables and cereals, and greenhouse applications.
According to the research, the booming population and the surging demand for food from various nations of Asia Pacific region will drive the regional market. The Asia Pacific region dominated the complex fertilizers market in 2017 and is presumed to lead the market over the forecast period as well.
The complex fertilizers are often blended with various components aiding plant nutrition encompassing minerals like sulfur, calcium, magnesium and others. The added nutrients are often called secondary or trace nutrients. Diverse benefits of the blend of compound and complex fertilizers include usability in fields, financial saving, and ability to meet the nutritional needs of crops.
Though, the complex fertilizers market has witnessed high demand, it is facing major restraint from the organic fertilizer industry as the adoption of organic fertilizer is increasing rapidly. Yet, the growth of complex fertilizers market stays significant due to complex fertilizer’s high nutritional value and profitable prospects of being a raw material for biofuel.
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The report thoroughly analyzes the share and size of the regions in the geographical landscape of the complex fertilizer market, which is divided as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
It is also cited in the report that the major contenders of complex fertilizers market are concentrating on innovating newer products and are investing massively in research & development work. They also focus on spending on the launch of new products. Companies achieve edge over the competitors by holding patents for technology or core composition of complex fertilizers.
The prominent players profiled in the complex fertilizers market include Sanaria, GlaxoSmithKline, Nobelpharma, and GenVec, Inc., while the other vendors include CellFree Sciences Co. Ltd., Genome ReS Ltd., Cadila Healthcare Ltd., and VLP Therapeutics LLC among others.