Dublin, Feb. 07, 2024 (GLOBE NEWSWIRE) -- The "Compound Fertilizer Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global market for compound fertilizers exhibits strong growth as it progresses into 2024, with critical increases forecasted for the Asia-Pacific region. This market, which significantly impacts agricultural productivity around the world, is set to reach new heights according to the latest industry research.
Recent growth can be largely accredited to technological advancements in farming, governmental support, and the burgeoning demand for high crop yields driven by the increasing global population. Market experts anticipate a substantial 6.8% CAGR, upward from $8.68 billion in 2023 to an estimated $9.27 billion in 2024, paving the way for an $11.77 billion market by 2028.
Key Market Drivers and Innovations
The expansion is spurred by a combination of factors including escalated key crop production, namely rice, wheat, and corn, as well as the prevalence of commercial agriculture. Investment in research and development remains a priority, with major industry players pushing for innovative and environmentally sustainable agricultural practices. Major market contributors are introducing state-of-the-art products to maintain a competitive advantage and are engaging in strategic acquisitions to fortify their market position.
Highlighting the trend toward sustainable practices, companies and institutions alike are funneling resources into creating more eco-friendly compound fertilizer blends and improving production methods. Technologies that enhance plant nutrient uptake, such as the newly launched GroShakti Plus enriched with fortified zinc, indicate a direct response to market demands for greater efficiency and effectiveness.
Regional Market Insight
In the wake of such technological advancements and growth-driven strategies, the Asia-Pacific region stands as the leader in the compound fertilizer market as of 2023, with noteworthy progress stemming from countries like China, India, and Indonesia.
Compound Fertilizer Types and Applications
The market includes a wide array of compound fertilizers, primarily segmented into two-element and three-element compound fertilizers. These are utilized across diverse agricultural fields, catering to a variety of crops that necessitate specific nutrient combinations for optimal growth.
The latest comprehensive market research report offers an insightful overview of the compound fertilizer landscape, detailing industry projections, market size, and innovative trends shaping the future of agricultural practices. It serves as an essential tool for stakeholders to gauge the market pulse, providing strategic analysis of geographical expansion, market segments, and future scenarios.
With a focus on the long-term perspective, this meticulously compiled report ensures a robust understanding of the evolving dynamics within the global compound fertilizer market. Bringing to light the economic impact, technological advancements, and market strategies, it is an invaluable asset for anyone looking to harness the potential of this flourishing industry.
- Unveiling market dynamics, drivers, and emerging trends
- Providing detailed insights into growth-enabling innovations
- Analyzing regional market dominance and potential growth pockets
- Exhibiting forward-looking perspectives on key crop production impacts
- Exploring strategic moves by major players shaping the industry
A selection of companies mentioned in this report includes
- 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
For more information about this report visit https://www.researchandmarkets.com/r/gdvxw1
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