Compound Fertilizer Global Market Report 2024

The compound fertilizer market size has grown strongly in recent years. It will grow from $8.68 billion in 2023 to $9.27 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The historical growth can be attributed to increased agricultural productivity, advancements in farming techniques, industrial integration within agriculture, government backing and subsidies, and the deliberate expansion and specialization of crop cultivation.

The compound fertilizer market size is expected to see strong growth in the next few years. It will grow to $11.77 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The projected growth can be linked to rising global population and subsequent food demand, ongoing technological innovations in production methods, the adoption of sustainable agricultural practices, adaptation to climate change, and an expanding global market. Key trends in this period are expected to revolve around addressing challenges posed by climate change, adapting to regulatory shifts, creating tailored blends and formulations, embracing precision agriculture, and prioritizing environmental sustainability.

The compound fertilizer market is anticipated to experience growth driven by increased production of key crops such as rice, wheat, and corn. Crop production, involving the cultivation of crops for various purposes, has witnessed a surge, contributing to the rising demand for compound fertilizers. These fertilizers play a crucial role in enhancing soil fertility and ensuring the uniform distribution of micronutrients, benefiting crops such as wheat, corn, rice, sorghum, fruits, and vegetables. For instance, in December 2022, recent reports indicate a significant increase in corn production, with estimates reaching 15.1 billion bushels, a 7% rise from the 2020 figures, according to the United States Department of Agriculture. Additionally, the Australian Bureau of Statistics reported a substantial 33% growth in the gross value of wheat, reaching $13 billion in 2021-22. This increased production of key crops contributes to the expanding demand for compound fertilizers.

The compound fertilizer market is set to be fueled further by the growing prevalence of commercial agriculture. Commercial agriculture, characterized by large-scale crop and livestock production for profit, has gained popularity as an income-generating activity. Compound fertilizers play a vital role in commercial agriculture, offering essential nutrients to boost crop yields, enhance soil health, and optimize overall agricultural productivity. For instance, in May 2022, reports from GOV.UK highlight the positive economic impact of commercial agriculture, with substantial increases in total crop output income and total livestock output income observed in 2021. This trend underscores the significance of compound fertilizers in supporting commercial agriculture and driving the growth of the market.

A notable trend in the compound fertilizer market is the increasing investments in research and development by major institutions and companies. For instance, in August 2022, the Georgia Institute of Technology's collaboration with the National Science Foundation, which invested $26 million in technology and programs aimed at absorbing, recycling, and manufacturing decarbonized nitrogen-based fertilizers. This initiative seeks to transform the United States into a nitrogen cycle economy. Similarly, the Industrial Development Corporation's $31 million investment in Nitrogen Chemicals of Zambia (NCZ) aims to support the production of fertilizers, including compound fertilizers, reducing the need for imports and fostering domestic production. This focus on innovation and sustainable practices reflects the commitment to advancing the compound fertilizer market and addressing environmental challenges associated with traditional fertilizers.

Major players in the compound fertilizer market are strategically introducing new products to maintain a competitive edge, exemplified by Coromandel International's launch of GroShakti Plus in September 2021. GroShakti Plus is an innovative NPK (nitrogen, phosphorus, and potassium) fertilizer designed to elevate crop yield and quality. Leveraging EnPhos Technology and fortified zinc, this compound fertilizer offers superior nutrient content and adaptability for various crops. The inclusion of fortified zinc not only enhances nitrogen utilization and enzymatic activation, promoting plant greenness but also provides resistance to pests and diseases. This product launch demonstrates the commitment of companies such as Coromandel International to advancing the market with cutting-edge solutions.

In February 2022, The Mosaic Company, a prominent fertilizer producer based in the United States, augmented its market presence through a strategic acquisition. The undisclosed acquisition of Plant Response positioned Mosaic to engage in collaborative efforts focused on the development of new soil health solutions. The primary objective of this collaboration is to offer advanced crop nutrition solutions on a global scale, thereby contributing to the sustainable growth of the agricultural sector. Plant Response, a biotechnology company and the acquired entity, brings innovative approaches to enhance soil health and plays a crucial role in advancing global food production. This strategic move by The Mosaic Company exemplifies the industry's commitment to continuous product development and the formation of strategic partnerships to address evolving agricultural challenges and ensure sustained market growth.

Major companies operating in the compound fertilizer market report are 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 ASA, Sinochem Corporation, The Mosaic Company, EcoChem, K+S Aktiengesellschaft, ICL Group Ltd., Helena Agri-Enterprises LLC, Haifa Negev technologies ltd., Georgia-Pacific LLC, Lebanon Seaboard Corporation, EuroChem Group AG, Nutrien Ltd., Garsoni Fertilizer Inc., Wilbur-Ellis Company LLC, Sinofert Holdings Limited, OCP Group, PhosAgro, Agrium, Growth Products Ltd., Potash Corporation of Saskatchewan Inc., Kugler Company, Indian Farmers Fertiliser Co-operative Limited, Israel Chemicals Ltd., Sociedad Química y Minera, Uralkali.

Asia-Pacific was the largest region in the compound fertilizer market in 2023. The regions covered in the compound fertilizer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the compound fertilizer market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main categories of compound fertilizers include two-element compound fertilizers and three-element compound fertilizers. Two-element compound fertilizers primarily contain nitrogen and phosphorus as the main chemical elements. These fertilizers find applications in a wide range of crops, including rice, wheat, corn, fruit trees, vegetables, and tobacco, among others.

The compound fertilizers market research report is one of a series of new reports that provides compound fertilizers market statistics, including compound fertilizers industry global market size, regional shares, competitors with a compound fertilizers market share, detailed compound fertilizers market segments, market trends and opportunities and any further data you may need to thrive in the compound fertilizers industry. This compound fertilizers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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