The global compound fertilizer market has witnessed significant growth due need to increase productivity and to optimize yield & fertilizer intensity gap across regions. In addition, rise in awareness about soil profile and nutritional balance drives the growth of the compound fertilizer market. However, the market growth is hampered due to increase in trend of nitrogenous fertilizers. The compound fertilizer market is expected to witness numerous growth opportunities, owing to increase in investment in agricultural sector, especially in Africa.
The global compound fertilizer market is segmented based on type, application, and geography. On the basis of type, the market is bifurcated into two-element compound fertilizer and three-element compound fertilizer. Rice, wheat, corn, fruit trees, vegetables, tobacco, and others are the applications of compound fertilizers. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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A compound fertilizer comprises two or more vital plant nutrients, and contains secondary nutrients and trace elements. The compound can be organic or inorganic. Organic compounds include fish, bone meal, manure, and compost. Inorganic fertilizers combine various chemicals in the manufacturing process. The essential plant nutrients are phosphorus, nitrogen, and potassium, which are required for plants to complete their life cycle. Secondary nutrients are sulfur, calcium, and magnesium, which are present in the soil but need to be replenished periodically. Trace elements might be added, such as boron, copper, and cobalt.
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The major players operating in the global market focus on key market strategies such as mergers, acquisitions, collaborations, and partnerships.
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