Global Compound Fertilizers Market 2023: Driven by Increased Crop Production and Investments in Product Development

DUBLIN, July 19, 2023 /PRNewswire/ -- The "Compound Fertilizer Global Market Report 2023" report has been added to  ResearchAndMarkets.com's offering.

According to the latest market research report, the market is projected to grow from $8.22 billion in 2022 to $8.76 billion in 2023, with a compound annual growth rate (CAGR) of 6.6%. Furthermore, the market is expected to reach $11.06 billion in 2027, with a CAGR of 6.0%.

Key players in the compound fertilizer market include Hanfeng Evergreen, Kingenta Ecological Engineering Co Ltd., Luxi Chemical Group Co Ltd., Stanley Fertilizer Co. Ltd., WengFu Group, Hubei Xinyangfeng Fertilizer Industry Co Ltd., Yara International, Sinochem Corporation, The Mosaic Company, EcoChem, K+S Aktiengesellschaft, ICL Group Ltd., Helena Agri-Enterprises LLC, Haifa Negev technologies ltd., Georgia-Pacific LLC, and Lebanon Seaboard Corporation.

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Compound fertilizers are essential for maintaining and enhancing soil fertility to produce high-quality crops. They contain two or more necessary plant nutrients in a single fertilizer, which can be applied to the soil or directly to the plants.

The main types of compound fertilizers are two-element compound fertilizers and three-element compound fertilizers. Two-element compound fertilizers contain nitrogen and phosphorous and are used in various applications such as rice, wheat, corn, fruit trees, vegetables, tobacco, and more.

Investments in compound fertilizers are a notable trend driving growth in the market. Research institutions and companies are investing in the development of compound fertilizers to propel market expansion.

For instance, the Georgia Institute of Technology and the National Science Foundation recently invested $26 million in developing new technology and programs to produce decarbonized nitrogen-based fertilizers (NBFs) from nitrogen cycle pollutants. This initiative aims to transform the nitrogen economy and reduce dependency on imports. Additionally, the Industrial Development Corporation invested $31 million in Nitrogen Chemicals of Zambia (NCZ) to support the production of compound fertilizers and reduce the need for imports.

Product development and partnerships are also shaping the market. In February 2022, The Mosaic Company acquired Plant Response, a biotechnology company, to create new soil health solutions and enhance crop nutrition globally.

Asia-Pacific emerged as the largest region in the compound fertilizer market in 2022. The report covers key regions, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries analyzed in the report include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and the USA.

Increased crop production, particularly in crops such as rice, wheat, and corn, is expected to drive the growth of the compound fertilizer market. Compound fertilizers are widely used in these crops to ensure uniform distribution of micronutrients, enhance soil fertility, and protect the environment. The rising demand for food security and the need for increased crop yields are fueling the demand for compound fertilizers.

For example, corn production in the US increased by 7% in 2022, according to the United States Department of Agriculture. Similarly, the gross value of wheat in Australia climbed by 33% in 2021-22. These trends highlight the importance of compound fertilizers in boosting crop production.

The compound fertilizer market includes sales of ammonium nitrate, ammonium phosphate, granulation process, and liquid fertilizer. Market values represent the 'factory gate' values of goods sold by manufacturers, including related services.

Key Topics Covered:

1. Executive Summary

2. Compound Fertilizer Market Characteristics

3. Compound Fertilizer Market Trends And Strategies

4. Compound Fertilizer Market - Macro Economic Scenario
4.1. COVID-19 Impact On Compound Fertilizer Market
4.2. Ukraine-Russia War Impact On Compound Fertilizer Market
4.3. Impact Of High Inflation On Compound Fertilizer Market

5. Compound Fertilizer Market Size And Growth
5.1. Global Compound Fertilizer Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Compound Fertilizer Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Compound Fertilizer Market Segmentation
6.1. Global Compound Fertilizer Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Two-Element Compound Fertilizer
• Three-Element Compound Fertilizer

6.2. Global Compound Fertilizer Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Rice
• Wheat
• Corn
• Fruit Trees
• Vegetables
• Tobocco
• Other Applications

7. Compound Fertilizer Market Regional And Country Analysis
7.1. Global Compound Fertilizer Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Compound Fertilizer Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

For more information about this report visit https://www.researchandmarkets.com/r/rpkefh

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