(I-BusinessNews.Com, July 22, 2020 ) The report “Complex Fertilizers Market by Type (Incomplete, Complete), Crop Type (Cereals, Oilseeds, Fruits & Vegetables), Form (Solid, Liquid), and Region (North America, Europe, Asia-Pacific, South America, and Rest of the World) – Forecast to 2022″, The complex fertilizers market was valued at USD 44.03 Billion in 2016. It 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. Hence, complex fertilizers will be viewed as a business opportunity in the next five years. As a result, many multinational players have made investments to increase their production capacity and to produce various complex fertilizers that are crop-specific.
The Asia Pacific region is the largest consumer of complex fertilizers. The region is mainly dominated by large-scale operations, with an organized distribution chain. Asia Pacific is largely consists of marginal farmers practicing conventional farming methods. The 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; the growth is mainly witnessed in Brazil and Argentina, owing to the rise in awareness and adoption of modern agricultural practices.
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The African continent has the lowest fertilizer consumption in the world. However, the situation is changing rapidly in some leading countries that are experiencing an economic and population growth, which fuel food demand and production.
The key players identified in the global complex fertilizers market include Agrium Inc. (Canada), CF Industries Holdings Inc. (U.S.), Haifa Chemicals Ltd (Israel), Yara International ASA (Norway), The Mosaic Company (U.S.), EuroChem Group AG (Switzerland), Potash Corp. of Saskatchewan Inc. (Canada), PhosAgro (Russia), Helena Chemical Company (U.S.), Sociedad QuÃÂmica Y Minera De Chile SA (Chile) and Israel Chemicals Limited (ICL) (Israel).
The key market players adopted strategies such as investments and expansions to increase their market presence and revenue generation. Leading players focused on strengthening their R&D proficiencies by capitalizing on advanced technologies and entering into R&D agreements with other companies, to develop diversified product portfolios of complex fertilizers.
Global players have established large distribution networks across the world and follow extensive cross-selling marketing strategies. Market leaders such as Agrium Inc. (Canada), Yara International ASA (Norway), The Mosaic Company (U.S.), EuroChem Group AG (Switzerland), Potash Corp. of Saskatchewan Inc. (Canada), and PhosAgro (Russia), have successfully tapped potential markets through the development of partnership agreements and expansions. These key companies focus on new product developments in the complex fertilizers industry on a regional as well as global level, to strengthen and expand their position in the agriculture complex fertilizers market. The trend of developing new grade products to meet the growing demand of horticultural crops is increasing the competition among key players, thereby increasing competitive rivalry among them.
The complex fertilizers market also includes some emerging players such as WengFu Group (China), J.R. Simplot Company (U.S.), Rashtriya Chemicals and Fertilizers Limited (India), and Zuari Industries Limited (India) who either have a limited product portfolio catering to the subject market, or are comparatively smaller in operations. In terms of geographical reach as well, they have a limited footprint. Apart from that, at present, their operating and financial strength is comparatively limited.
Yara International ASA (Norway)
Yara International ASA is one of the largest fertilizer companies in the world and is primarily engaged in the production and distribution of mineral fertilizers and environmental solutions. The company operates through three business segments, namely, downstream, industrial, and upstream. It offers complex fertilizers through its fertilizers segment. Complex fertilizer production is the core business of the company. The company operates globally through its subsidiaries and has its sales offices, terminals, and warehouses in over 50 countries. Yara sells its products in 120 countries with its geographic presence in the Americas, Europe, Africa, and Asia.
In April 2016, Yara International ASA (Norway) invested USD 275 million in expanding and modernizing its Rio Grande plant, which was strategically located in southern Brazil, a key region in the country’s growing agricultural industry. This strategy is expected to help the company in meeting the growing demand for complex fertilizers.
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Agrium Inc. (Canada)
Agrium is primarily engaged in the manufacture and marketing of agricultural nutrients and industrial products. It manages its business through two major business segments-wholesale and retail. It offers complex fertilizer products under the fertilizers and crop nutrients segments. The company operates globally through its subsidiaries and strategic business units, including Agrium Advanced Technologies, Agrium Europe, and Agrium Wholesale. It has a presence in North America, South America, Europe, and Australia. Agrium’s retail distribution has a network of over 1,300 facilities and over 3,000 crop consultants.
In April 2017, Agrium Inc. (Canada) announced the completion of its fertilizer plant with its first run of production at the Borger in the U.S. With this investment, Agrium increased its product portfolio in the complex fertilizers segment. This investment helped Agrium to strengthen its retail and wholesale operations in the U.S.
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