The global Complex Fertilizers market size is estimated at 51.31 billion USD with a CAGR of 3.85% during the forecasted period from 2021-2028.
The global Complex Fertilizers market size is estimated at 51.31 billion USD with a CAGR of 3.85% during the forecasted period from 2021-2028. Complex fertilizers comprise all three (K, P & N) primary plant nutrients of which two primary nutrients are in chemical combination. They are manufactured using chemical reaction process. The key factor driving the growth of Complex Fertilizers market is attributed to ever increasing population along with high crop demand. The outstanding advantages achieved by these fertilizers as compared to other fertilizers are positively influencing this market. Complex fertilizers retain superior physical as well as chemical properties. Besides, the high nutritional value of complex fertilizers is increasing its demand over the forecast period. Moreover, increasing demand for nutrient specific fertilizers along with growing biofuel need which would result in high crop yield is considerably boosting the market. In addition, a shift of traditional farming technologies towards high-tech innovations are expected to fuel the market growth. Furthermore, a rise in greenhouse practice coupled with infertile land is projected to accelerate growth opportunities that will augment this market. On the hand, major use of organic fertilizers and low farm revenues may pose a threat to the growth of Complex Fertilizers market. Also, variable prices of raw materials can limit the market growth.
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