Global Compound Fertilizer Market is Segmented By Type (Two-element compound fertilizer, Three-element compound fertilizer), By Distribution Channel (Company Stores, Hypermarkets/Supermarkets, Specialty Stores, Others), By Crop Type (Rice, Wheat, Corn, Fruit Trees, Vegetables, Tobacco, Others), By Application (Agriculture, Horticulture), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030.
Compound Fertilizer Market Size
Global Compound Fertilizer market reached US$ 8.5 billion in 2022 and is expected to reach US$ 13.1 billion by 2030, growing with a CAGR of 5.6% during the forecast period 2023-2030.
The global compound fertilizer market has witnessed significant growth, Farmers are highly adopting these fertilizers as they provide a balanced supply of essential nutrients, such as nitrogen, phosphorus, potassium, and others in each granule or blend. This helps increase the crop productivity. Hence, such factors help in driving the global compound fertilizers market.
Furthermore, the Department of Fertilizers, Government of India has provided a nutrient subsidy policy for decontrolled phosphatic & and potassium fertilizers, this scheme also provides fertilizers to farmers at subsidized prices. Which helps in increasing the demand for the usage of compound fertilizers.
The agricultural segment accounts for over half of the market share. Similarly, the Asia-Pacific dominates the compound fertilizer market, capturing the largest market share of over 1/3rd. As the presence of vast agricultural land in austrailan, it reamins the largest consumer of compound fertilizers.
Compound Fertilizer Market Scope
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Metrics |
Details |
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CAGR |
5.6% |
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Size Available for Years |
2021-2030 |
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Forecast Period |
2023-2030 |
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Data Availability |
Value (US$) |
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Segments Covered |
Type, Distribution Channel, Crop Type, Application, and Region |
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Regions Covered |
North America, Europe, Asia-Pacific, South America and Middle East & Africa |
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Largest Region |
Asia-Pacific |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Compound Fertilizer Market Dynamics
Raising Demand for Alternatives of Traditional Fertilizers
Farmers are highly seeking alternatives to traditional fertilizers which increases the demand for compound fertilizers, as they provide a balanced mix of essential nutrients, which helps in promoting effective nutrient uptake by plants. Which helps in increasing crop productivity. Hence such factors help in increasing the market growth.
Furthermore, many manufacturing companies are producing high-quality innovative products in order to attract larger consumer bases. For instance, Hebei Sanyuanjiuqi Fertilizer Co., Ltd company produces NPK Compound fertilizer, which is a combination of nitrogen, phosphorus, and potassium it is designed to maximize crop yield and quality. Hence, such products help in increasing the adoption rate.
Increasing the demand for high-quality crops
The demand for high-quality crops is increasing, for instance, according to the Ministry of Agriculture & Farmers Welfare report of 2022, the Total production of Rice during 2021-22 is estimated at a record 127.93 million tonnes. It is higher by 11.49 million tonnes than the last five years’ average production of 116.44 million tonnes. Hence, such increased production rates can help in increasing the adoption rates.
Furthermore, as the demand is increasing, farmers are highly adopting these compound fertilizers as they provide a balanced combination of essential nutrients that plants need for optimal growth. This helps in increasing the crop yield productivity and improving crop quality. Hence, it can help in increasing the market growth.
Increase in Organic Framing Practices
An increase in organic farming practices significantly affects the growth of the global compound fertilizers market. As knowledge about synthetic residues and the adverse health effects caused by them is increasing among consumers, it can decrease the adoption of compound fertilizers, which can hamper market growth.
Furthermore, according to the Ministry of Commerce and Industry, the government of India report of the National Programme for Organic Production (NPOP) 2022-23, the total organic cultivated area is 1.76 million hectares with the total farm organic production being 266 million tonnes. Hence, such high organic production can affect the growth of the compound fertilizers market.
Compound Fertilizer Market Segment Analysis
The global compound fertilizer market is segmented based on type, distribution channel, crop type, application and region.
Increase in Demand for Effective Nutritive Fertilizers
The agriculture segment holds the maximum share of the global compound fertilizers market. The farmers are highly adopting these fertilizers in crop production as they provide all the essential nutrients in a balanced ratio and also help in increasing the nutrient absorption in plants and helping in increasing crop productivity and quality. Hence, such factors help in increasing market growth.
Furthermore, many manufacturing companies are focusing on producing innovative high-quality products in order to attract larger consumer bases. For instance, Xinyangfeng Agricultural Technology Co., Ltd, produces NPK compound fertilizers 16-16-15 ratio, This product is water soluble, synthesized by chemical reaction, and easy to be absorbed by crops. This helps in increasing the crop productivity. Hence, such products can help in increasing the market size.
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Global Compound Fertilizer Market Geographical Share
Vast Agricultural Lands and Higher Production of Wheat
Asia-Pacific has been a dominant force in the global compound fertilizer market and its significance has only grown in the post-2020 era. Farmers in this region are highly adopting these fertilizers as they contain a balanced amount of all the essential nutrients and help in increasing nutrient absorption in plants. This can help in increasing crop productivity, hence it can lead to increasing the usage of these fertilizers in this region.
Furthermore, the presence of vast agricultural lands increases the usage of compound fertilizers. For instance, according to the Department of Agriculture, Fisheries and Forestry report of 2023, in 2020, Australia had 55% of agricultural land in use which is around 427 million hectares. Hence, it can help in increasing the adoption rates.
Additionally, the demand for wheat production is increasing in this region, for instance, according to the Ministry of Agriculture & Farmers Welfare report of 2023, the wheat production in 2022-23 is 112.18 million tones which has increased 4.09% from 108.54 million tones 2021- 22, Hence, as the production is increasing it can help in increasing the adoption of compound fertilizers for wheat crops.
Compound Fertilizer Market Companies
The major global players in the market include FarmHannong, Yara, Neufarm, Xinyangfeng Agricultural Technology Co., Ltd., Hebei Sanyuanjiuqi Fertilizer Co.,Ltd, Hanfeng Evergreen, Nutrien Ag Solutions, ICL, K+S Aktiengesellschaft and Sumitomo Chemical Co., Ltd.
COVID-19 Impact Analysis
During a pandemic, many people started adopting agriculture practices which have raised the demand for compound fertilizers. Also, during the pandemic, many countries' governments have imposed lockdown restrictions, which have brought a disruption in the supply chain of materials.
Key Developments
- In September 2022, Nouryon acquired ADOM Fertilizers, a leading supplier of chelated micronutrients, foliars, and other specialty fertilizers. The acquisition will enable Nouryon to expand its product portfolio and broaden its offerings for customers in the crop nutrition market.
- In March 2023, Ares SSG-backed Acre Arc bought out Nagarjuna fertilizers and chemicals debt of ₹1,500 crore.
Why Purchase the Report?
- To visualize the global compound fertilizer market segmentation based on type, distribution channel, crop type, application and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of compound fertilizer market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The global compound fertilizer market report would provide approximately 69 tables, 71 figures and 193 Pages.
Target Audience 2023
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
