The global fertilizer mixtures market is expected to witness significant growth over the next seven years on account of rising demand for food. Growing population, rise in health concerns, increasing disposable incomes, and changing eating patterns are primary factors driving demand for food, which is anticipated to subsequently augment fertilizer mixtures demand. Rising demand for fertilizer mixtures can also be attributed to its ability to provide numerous valuable nutrients essential for the growth of crops and to increase the yield of the crop. Residual acidity of plants can also be reduced with the help of fertilizer mixture which is another factor contributing to the substantial growth of the market and this rise is expected to continue over the next seven years.
Fertilizer mixtures are also known as mixed fertilizers and are derived from straight fertilizers. Fertilizer mixtures can be categorized as open and closed formula fertilizer mixtures. There can be variety of fertilizer mixtures including phosphorus fertilizer mixture, potassium and phosphorus mixtures, and nitrogen fertilizer mixtures. Some other fertilizer mixtures include diammonium hydrogen orthophosphate, nitrate, and phosphate fertilizer mixtures. The applications of fertilizer mixture can be witnessed in various crops including fruits, vegetables, oilseeds, cotton, and sugar.
Countries including India, China, and Brazil, which are agricultural driven economies, have witnessed a tremendous growth in the fertilizer mixtures market over the past few years and the trends are anticipated to continue over the forecast period on account of growing focus on low-cost efficient farming and increasing crop productivity. Asia Pacific is expected to witness the fastest growth over the next seven years on account of rising demand for food and increase in agricultural productivity. In addition, expanding population coupled with increasing adoption of new agriculture practices are likely to fuel market growth over the forecast period. China was the largest producer and consumer of fertilizer mixtures in 2014 owing to the complete focus of the government on increasing crop productivity which also contributes significantly to the economy of the country. The U.S. was the second-largest producer of fertilizer mixture in 2014. In terms of consumption, North America has become the second-largest consumer of fertilizer mixture over the past few years and the consumption patterns are expected to continue over the next seven years resulting in significant fertilizer mixtures market growth.
Over the past few years, global agricultural production has been adversely affected as a result of shortage of land and depletion of soil quality. Soil quality can be recovered only by increasing the consumption of fertilizer mixtures. The most important factor contributing to the growth in the demand for fertilizer mixtures is the ability of the product to provide all the necessary nutrients at the same time. This factor is anticipated to play a vital role in increasing agricultural productivity and thus drive growth for fertilizer mixtures market over the next seven years.
Change in eating habits across emerging economies including India, China, and Brazil has contributed significantly to the rising consumption of fertilizer mixtures and this growth is anticipated to continue in the next seven years. The mixture of nitrates and phosphates is responsible for increasing crop yield and enhance overall agricultural productivity along with protecting crops from harmful pathogens. Issues raised in the European Union on regulations regarding the consumption of fertilizer mixtures have resulted in slight decline in market growth over the past few years. Other regions including North America and Europe are anticipated to witness a growing demand for fertilizer mixtures owing to increasing R&D, product innovation, and faster adoption rates of new farming practices.
The key fertilizer mixtures market participants include Sumitomo Chemical, Mosaic Group, Gujarat State Fertilizers and Chemicals Ltd, Bayer CropScience AG, Compass Minerals, Coromandel International Limited, H.J. Baker & Bro Inc, Dayal Group, Henan Xinlianxin Fertilizer Co. Ltd. Gujarat State Fertilizers and Chemicals Ltd. has been one of the major contributors to the agricultural growth of India over the past few years. Significant rise in the fertilizer mixture market in India has led to the company is expanding its production capacity. In addition, the company has planned for additional capacity in the next seven years on account of the rising demand for fertilizer mixture in India.
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The current pandemic situation has created disruption in the manufacturing of agrochemicals by virtue of raw material availability. Furthermore, this continual trend shall have a cascading effect on food productivity and crop yields on economies that are predominantly agrarian, during a time when demand for Agri produce shall register a spike over the medium term. Governments across the developing world are vying to incrementally ease restrictions on the manufacturing of fertilizers and maintain seasonal agricultural activities in order to reduce concerns regarding food security, which is a critical indicator for determining the course of a supply gap in the industry. The report will account for Covid19 as a key market contributor.