Covina, Oct. 16, 2023 (GLOBE NEWSWIRE) -- Fertilizer mixtures are dry granulated mineral fertilizers which contains an important element for nutrition of plants in form of potassium, phosphorus, and nitrogen. Mixed fertilizers contains two or three primary plant nutrients and are made by mixing ingredients mechanically or manually.
Rapidly growing population and rising health concern regarding food has become major driving factors to boost the market growth. Growing demand for food across globe coupled with increased demand for fertilizers to provide multiple valuable nutrients for growth and yield of crops has provided lucrative opportunities in target market growth. Further, expanding population and increased agricultural productivity is expected to fuel the demand for Fertilizer Mixtures market growth.
Key Highlights:
- In February 2023, Coromandel International Ltd., developed a new nanotechnology-based fertilizer, ‘Nano DAP’ from its research and development center at Indian Institute of Technology, Bombay (India).
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Key Drivers of the Fertilizer Mixtures Market
The following are the key drivers of the fertilizer mixtures market:
- Increasing demand for food: The global population is expected to reach 10 billion by 2050. This will lead to an increase in the demand for food. Fertilizer mixtures play a vital role in increasing crop yields and meeting the growing demand for food.
- Growing awareness of the benefits of balanced fertilization: Balanced fertilization is essential for improving crop yields and reducing the environmental impact of agriculture. Fertilizer mixtures provide a balanced combination of nutrients that are essential for plant growth.
- Increasing government support for the agriculture sector: Governments across the world are providing increasing support to the agriculture sector in order to boost food production and improve the livelihoods of farmers. This support includes subsidies on fertilizer purchases, loans to farmers, and other initiatives.
Fertilizer Mixtures Market Segmentation
The Fertilizer Mixtures Market is segmented by product type, application, and region.
- By Type: Open Formula Fertilizer Mixtures and Closed Formula Fertilizer Mixtures
- By Application: Soil Quality and Crop Production
- By Region: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Key Challenges of the Fertilizer Mixtures Market
The following are the key challenges of the fertilizer mixtures market:
- Rising prices of raw materials: The prices of raw materials used in the production of fertilizer mixtures, such as nitrogen, phosphorus, and potassium, have been rising in recent years. This is due to a number of factors, including the increasing demand for fertilizers, the rising cost of energy, and the geopolitical tensions.
- Environmental concerns: The use of fertilizers can have a negative impact on the environment, such as water pollution and soil degradation. This has led to increasing concerns from environmental groups and governments.
- Lack of awareness among farmers: Many farmers in developing countries are not aware of the benefits of balanced fertilization and the best practices for fertilizer use. This leads to the overuse of fertilizers, which can have a negative impact on the environment and the crop yields.
Opportunities in the Fertilizer Mixtures Market
The following are the key opportunities in the fertilizer mixtures market:
- Growing demand for specialty fertilizers: The demand for specialty fertilizers, such as NPK+S fertilizers and NPK+S+Zn fertilizers, is growing. This is due to the increasing awareness of the benefits of these fertilizers and the growing demand for high-value crops.
- Increasing demand for precision agriculture: Precision agriculture is a farming practice that uses technology to collect and analyze data about the soil and the crops. This data is then used to apply fertilizers more precisely, which can help to improve crop yields and reduce the environmental impact of agriculture.
- Growing demand for organic fertilizers: The demand for organic fertilizers is growing, as consumers are becoming more aware of the health and environmental benefits of organic food. Fertilizer mixtures that contain organic ingredients are becoming increasingly popular among consumers.
Analyst View:
The rising demand for fertilizer mixtures across globe has provided lucrative opportunities in target market growth. Presence of major players and growing market consolidation activities across globe to strengthen position in fertilizer market is likely to propel Fertilizer Mixtures market growth.
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Key players in the fertilizer mixtures market include:
- Sumitomo Chemical, Inc.
- Mosaic Group, Inc.
- Gujarat State Fertilizers and Chemicals
- Bayer CropScience AG
- Compass Minerals
- Coromandel International Limited
- HJ Baker & Bro Inc
- Dayal Group
- Henan Xinlianxin Fertilizer
- Gujarat State Fertilizers and Chemicals
Conclusion
The fertilizer mixtures market is expected to grow significantly in the coming years. The growth of the market is attributed to the increasing demand for food, the growing awareness of the benefits of balanced fertilization, and the increasing government support for the agriculture
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