Multi-nutrient Fertilizers Market to Witness Comprehensive Growth by 2019-2027
Fertilizers help plants to grow by supplying them with essential nutrients. Multi-nutrient fertilizers contain two or more nutrients. These fertilizers contains nitrogen, phosphorus, and potassium. Some multi-nutrient fertilizers contains magnesium, sulfur, and other elements such as boron in small amounts. Multi-nutrient fertilizers are selected based on crop type and soil type. In multi-nutrient fertilizers, nutrients are available in digestible form and enhances the growth of the microorganism that are helpful in increasing fertility of the soil. Hence they are preferred over single nutrient fertilizers.
Rise in demand for multi-nutrient fertilizers as compared to conventional fertilizers such as single-nutrient fertilizers due to their ease in application and cost-effectiveness is anticipated to drive the global multi-nutrient fertilizers market.
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Global Multi-nutrient Fertilizers Market: Segmentation
The global multi-nutrient fertilizers market can be segmented based on form, source, crop type, product type, and region. In terms of form, the market can be divided into powder, granule, and liquid. Individual nutrient salts such as ammonium phosphate, potassium chloride, and ammonium nitrate are mixed in a large vessel (granulator) to produce granule form of multi-nutrient fertilizers.
Based on source, the market can be bifurcated into organic and conventional. Implementation of stringent environmental regulations against soil and water pollution is anticipated to drive the organic segment, as these have less environmental impact.
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In terms of crop type, the global multi nutrient fertilizers market can be categorized into oil seeds, cereals & grains, fruits & vegetables, pulses, and others, which includes sugar crops. Growth in population is propelling the demand for food across the globe. Innovations in agrochemicals and rise in acceptance of fertilizers in developing countries such as China and India are augmenting the demand for food crop fertilizers, especially for fruits & vegetables and cereals & grains. This, in turn, is projected to drive the global multi-nutrient fertilizers market, as these fertilizers are improve efficiency. Based on product type, the market can be divided into nitrogen-potassium, nitrogen-phosphorous, nitrogen-potassium-phosphorous, and potassium-humate.
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Global Multi-nutrient Fertilizers Market: Regional Outlook
In terms of region, the global multi-nutrient fertilizers market can be classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific accounts for a large share of the global market. Countries such as China and India have vast agricultural and farming land, as farming is a major occupations in these countries. Increase in awareness about the nutrition of crops and soil fuels the consumption of agrochemicals in the region. Surge in population in countries such as China, India, and Indonesia and government support in the form of subsidiaries are propelling the demand of fertilizers in these countries to enhance crop yield and soil fertility. This, in turn, is projected to fuel the market due to superior performance properties over single nutrient fertilizers.
North America and Europe regions are anticipated to exhibit steady growth during the forecast period. Stringent environmental regulations in these regions have resulted into restrictive use of fertilizers to avoid soil pollution. Use of multi-nutrient fertilizers leads to substantial reduction in the required amount of fertilizers. This is attributed to growth of multi-nutrient fertilizers market in North America and Europe regions.
Global Multi-nutrient Fertilizers Market: Competitive Landscape
Key players operating in the global multi-nutrient fertilizers market invest in programs to raise awareness about multi-nutrient fertilizers and its benefits over conventional fertilizers. Key players operating in the global market include Aries Agro Limited., Agrium, Inc., CF Industries, Uralkali, The Mosaic Company, Mahadhan, Syngenta AG., Agro Liquid, SQM, Haifa Group, Israel Chemicals Ltd., Potash Corporation of Saskatchewan, Inc., and Israel AGRI.