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Complex Fertilizers Market To Hit 54.32 Billion Usd By 2022
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.
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The incomplete complex fertilizers segment is projected to be the fastest-growing type in the next five years as a result of an increase in awareness about multi nutrient complex fertilizers in the soil is driving the demand for this segment. Incomplete fertilizers are generally used to overcome specific nutrient deficiencies in the soil. They are usually less expensive than complete fertilizers and require more skill to use properly. Because of its moderately high supplement substance and its excellent physical properties, diammonium phosphate fertilizer segment dominated the global complex fertilizers market in 2016, and the trend is projected to continue till 2022.
In terms of volume, the oilseeds segment is expected to grow at the highest CAGR from 2017 to 2022. Over the last few years, there has been a surge in the global demand for oilseeds, due to the use of vegetable oil for biodiesel and human consumption. Oilseeds are widely consumed by people in developing countries and are gaining even more importance as cash crops.
The South American region is projected to be the fastest-growing market for complex fertilizers owing to the rise in agricultural exports from South American countries. New techniques and technology are being used to bring formerly unusable and barren lands into productivity. Brazil and Argentina constituted the largest country-level markets in the South American region in 2016.
Key players are 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 Corporation of Saskatchewan (Canada), Coromandel International Limited (India), PhosAgro (Russia), and Helena Chemical Company (U.S.).
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