Complex Fertilizers Market

Market Definition

The market encompasses the industry involved in the formulation, production, and distribution of fertilizers containing two or more essential plant nutrients, typically nitrogen, phosphorus, and potassium, in a single compound. These fertilizers are widely used to enhance soil fertility and crop productivity across diverse agricultural practices. 

The report outlines the primary drivers of market growth, along with an in-depth analysis of emerging trends and evolving regulatory frameworks shaping the industry's trajectory.

Complex Fertilizers Market Overview

The global complex fertilizers market size was valued at USD 38.12 billion in 2023 and is projected to grow from USD 39.77 billion in 2024 to USD 55.43 billion by 2031, exhibiting a CAGR of 4.86% during the forecast period. 

This growth is attributed to the rising demand for high-efficiency fertilizers that support increased agricultural productivity and the growing global food requirements. The need for balanced nutrient application and improved soil fertility is further contributing to market expansion.

Major companies operating in the complex fertilizers industry are Yara International ASA, CF Industries Holdings, Inc., Haifa Negev technologies LTD, The Mosaic Company, EuroChem Group, Coromandel International Ltd., Nutrien Ag Solutions, PhosAgro Group, K+S Aktiengesellschaft, Koch IP Holdings, LLC, OCI, Wilbur-Ellis Company LLC, ICL, Zuari Agro Chemicals LTD, and Acron.

Furthermore, advancements in fertilizer production technologies, coupled with the development of crop-specific and region-specific formulations, are driving market growth. The increasing adoption of sustainable farming practices and favorable government initiatives promoting the use of complex fertilizers also contribute to the growth of the market over the forecast period.

• In July 2024, Japan Vietnam Fertilizer Company (JVF) launched the NPK Viet Nhat SOP fertilizer. This balanced nutrient blend, enriched with trace elements, is designed to improve plant health, boost yields, and enhance the quality of fruits and crops.

Key Highlights

1. The complex fertilizers market size was valued at USD 38.12 billion in 2023.
2. The market is projected to grow at a CAGR of 4.86% from 2024 to 2031.
3. Asia-Pacific held a market share of 34.09% in 2023, with a valuation of USD 13.00 billion.
4. The cereals & grains segment garnered USD 17.47 billion in revenue in 2023.
5. The granular segment is expected to reach USD 36.79 billion by 2031.
6. The complete (NPK) segment is anticipated to witness the fastest CAGR of 5.04% during the forecast period.
7. The foliar application segment garnered USD 15.63 billion in revenue in 2023.
8. The agri retailers & distributors segment is expected to reach USD 30.56 billion by 2031.
9. The market in Europe is anticipated to grow at a CAGR of 4.95% during the forecast period.

Market Driver

Reduction in Cultivable Land Availability

The market is expanding steadily, due to the ongoing reduction in cultivable land availability and the need to improve agricultural productivity on limited arable resources. Rapid urbanization, industrial expansion, and environmental degradation are contributing to the shrinking of agricultural land. 

In response, farmers are adopting high-efficiency nutrient solutions to maintain soil fertility and boost crop yields. This shift toward precision farming and sustainable agriculture is driving the demand for complex fertilizers, thereby driving market growth.

Market Challenge

Elevated Raw Material Costs

Rising raw material costs pose a significant challenge to the complex fertilizers market. Core inputs such as ammonia, phosphoric acid, and potash are subject to price volatility influenced by global energy trends, geopolitical uncertainties, and supply chain constraints. These fluctuations impact production economics, as manufacturers face difficulties in adjusting product pricing in highly competitive and price-sensitive markets.

To address this issue, manufacturers are increasingly adopting cost-mitigation strategies such as diversifying supplier bases, entering long-term procurement contracts, and leveraging futures markets for price hedging. Many firms are also investing in backward integration to secure in-house production of key raw materials, reducing dependence on external sources. 

Moreover, advancements in production technology, including energy-efficient manufacturing processes and optimized nutrient blending techniques, are being implemented to lower per-unit costs. By enhancing supply chain agility and exploring alternative, cost-effective formulations without compromising agronomic performance, manufacturers can sustain profitability and competitiveness in the face of rising input costs.

Market Trend

Technological Advancements in Fertilizer Formulations

Technological advancements in fertilizer formulations are significantly transforming the market by enhancing nutrient efficiency and minimizing environmental impact. Modern complex fertilizers incorporate controlled-release mechanisms that allow for gradual nutrient release, ensuring that crops receive a consistent supply of essential nutrients over time. 

These innovations improve nutrient uptake, reduce nutrient loss to the environment, and lower the frequency of application, thereby minimizing the environmental footprint of fertilizers. Additionally, advancements in nano fertilizers are enabling more precise nutrient delivery by using nanoscale technology to improve plant absorption and minimize waste.

Integration with precision agriculture tools further enhances the effectiveness of these fertilizers, as real-time data on soil health, crop needs, and weather conditions is used to tailor fertilizer application to specific field requirements. 

These smart technologies help reduce overall fertilizer consumption while boosting crop yields and promoting sustainable farming practices. As a result, the adoption of advanced fertilizer formulations is playing a crucial role in increasing agricultural productivity and contributing to global food security.

• In March 2025, researchers from Gujarat Technological University launched FertiCal-P, an Android-based decision support system that recommends optimal NPK fertilizer application by evaluating soil pH and macronutrient content. The app uses rule-based logic and regression models to offer stage-specific guidance and cost analysis, aiming to improve crop productivity, reduce excessive fertilizer use, and support sustainable agriculture.

Complex Fertilizers Market Report Snapshot

Segmentation	Details
By Crop	Cereals & Grains, Fruits & Vegetables, and Others
By Form	Granular, Liquid, Powder
By Type	Complete (NPK), Incomplete (NP, PK, NK)
By Mode Application	Foliar Application, Fertigation, and Others (side/top dressing)
By Distribution Channel	Agri Retailers & Distributors, Direct Sales, Online Platforms
By Region	North America: U.S., Canada, Mexico
	Europe: France, UK, Spain, Germany, Italy, Russia, Rest of Europe
	Asia-Pacific: China, Japan, India, Australia, ASEAN, South Korea, Rest of Asia-Pacific
	Middle East & Africa: Turkey, U.A.E., Saudi Arabia, South Africa, Rest of Middle East & Africa
	South America: Brazil, Argentina, Rest of South America

Market Segmentation

• By Crop (Cereals & Grains, Fruits & Vegetables, and Others): The cereals & grains segment earned USD 17.47 billion in 2023 due to the increased demand for high-yielding crops and the need for balanced nutrient management.
• By Form (Granular, Liquid, Powder): The granular segment held 68.00% of the market in 2023, due to its ease of handling, storage, and efficient nutrient release for large-scale agricultural applications.
• By Type (Complete (NPK), Incomplete (NP, PK, NK)): The complete (NPK) segment is projected to reach USD 36.95 billion by 2031, owing to its ability to provide balanced nutrition for a wide range of crops, enhancing overall yield and soil health.
• By Mode Application (Foliar Application, Fertigation, and Others (side/top dressing)): The fertigation segment is anticipated to witness the fastest CAGR of 5.27% during the forecast period, due to its ability to deliver precise nutrient doses directly to plant roots, improving efficiency and reducing nutrient loss.
• By Distribution Channel (Agri Retailers & Distributors, Direct Sales, Online Platforms): The agri retailers & distributors segment held 57.00% of the market in 2023, due to their extensive reach, established relationships with farmers, and ability to provide timely access to fertilizers in rural areas.

Complex Fertilizers Market Regional Analysis

Based on region, the global market has been classified into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

Asia Pacific complex fertilizers market share stood at around 34.09% in 2023, with a valuation of USD 13.00 billion. This dominance is attributed to the region’s vast agricultural landscape, a large base of small and large-scale farmers, and significant crop production in countries like China and India. 

Furthermore, the increasing adoption of modern farming practices, government initiatives to enhance agricultural productivity, and the need for improved soil fertility continue to drive market growth. The region’s expanding population, rising food demand, and focus on sustainable farming practices further drive the market growth. 

Additionally, technological advancements in fertilizer formulations and the growing awareness of efficient nutrient management strengthen the market in Asia Pacific.

The complex fertilizers industry in Europe is poised for significant growth at a robust CAGR of 4.95% over the forecast period. This growth is propelled by the rising demand for efficient fertilizers in Europe, particularly as farmers focus on enhancing crop yields while maintaining soil health. 

Additionally, the region’s commitment to sustainable agricultural practices and reducing environmental impact is fueling the demand for advanced complex fertilizers. Government regulations promoting eco-friendly farming, along with increasing adoption of precision farming techniques, are further accelerating market growth. 

Moreover, the ongoing investments in innovative fertilizer formulations and nutrient delivery technologies are supporting the widespread use of complex fertilizers across the region.

Regulatory Frameworks

• In the European Union, Regulation (EU) 2019/1009 regulates the commercialization of fertilizing products, including complex fertilizers. It sets out harmonized rules for CE-marked fertilizers, including complex fertilizers, to ensure safety, quality, and environmental compliance.
• In the United States, The Environmental Protection Agency (EPA) regulates fertilizer use primarily through the Clean Water Act to control excess nutrients entering water bodies and protect overall water quality. While individual states oversee fertilizer labeling, sale, and application, the EPA promotes voluntary nutrient management practices to reduce environmental impact.
• In India, complex fertilizers are regulated by the Fertilizer (Control) Order, 1985, under the Essential Commodities Act, 1955, which sets standards for nutrient content, labeling, packaging, and licensing to ensure product quality and safe agricultural use.

Competitive Landscape

The complex fertilizers market is characterized by a moderately fragmented competitive landscape, comprising both multinational agrochemical corporations and regional fertilizer producers. Leading market players are emphasizing product innovation, focusing on the development of balanced, crop-specific formulations and sustainable nutrient solutions to address evolving agricultural and environmental demands. 

Companies are also investing heavily in R&D to enhance nutrient use efficiency and develop advanced delivery systems, such as controlled-release and water-soluble fertilizers. Strategic initiatives, including mergers, acquisitions, and joint ventures, are commonly adopted to strengthen global distribution networks, access new markets, and expand production capabilities. 

Additionally, collaboration with government agencies and agricultural research institutions is helping key players align product offerings with regulatory standards and regional agronomic requirements.

List of Key Companies in Complex Fertilizers Market:

• Yara International ASA
• CF Industries Holdings, Inc.
• Haifa Negev technologies LTD
• The Mosaic Company
• EuroChem Group
• Coromandel International Ltd.
• Nutrien Ag Solutions
• PhosAgro Group
• K+S Aktiengesellschaft
• Koch IP Holdings, LLC
• OCI
• Wilbur-Ellis Company LLC
• ICL
• Zuari Agro Chemicals LTD
• Acron

Recent Developments (New Product Launch)

• In July 2024, Coromandel International Ltd. introduced ‘Paramfos Plus,’ a magnesium-enriched complex fertilizer, in Bengaluru. The product is designed to improve crop yield and quality by enhancing photosynthesis and vegetative growth through its balanced nutrient composition, including nitrogen, phosphorus, sulphur, and magnesium.