The Global Fertilizer Mixture Market is expected to display higher growth rate over the next seven years. The market is subject to witness a substantial growth due to the increasing adoption of fertilizer mixture for inorganic fertilizers and high-end demand of these fertilizers from developing economies. Furthermore, rising emphasis on the fertilizer mixture as a soil enhancer and its numerous advantages, are propelling the growth of the market in the recent years.
The regular use of fertilizer mixture is expected to influence overall agriculture productivity and crop yield. These factors are essential for expansion of the market in the coming years. Adoption of the fertilizer mixture in agriculture improves soil fertility and plays a vital role for plant growth. Globally, the market is predicted to generate massive revenue over next seven years, providing numerous opportunities for market players to invest for research and development in the fertilizer mixture market.
The fertilizer mixture majorly involves mixture of two or three major elements such as nitrogen, P2O5 and K2O. Adoption of the fertilizer mixture provides significant protection to the crops during adverse scenarios such as draughts and floods. Currently, artificial and bio-based fertilizers use in the agriculture is significantly growing.
Rise in number of initiatives taken by the regional government and private institutions to create awareness among the farmers about the benefits of fertilizer mixture is leading the expansion of market in the forecast period. Yet, lack of availability and the awareness in the undeveloped and some of the emerging economies is restricting the market growth at present. Considering the potential in market, numerous organizations are significantly investing to improve quality of product by a large number of ventures and partnerships in the couple of years, fueling growth of the fertilizer mixture market over the forecast period.
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The market is broadly categorized into two major segments based on the application type such as open formula fertilizer mixtures and closed formula fertilizer mixtures. The open formula fertilizer mixtures is considered as one of the fastest growing segment in the market with substantial revenue generation in the last few years. Growing popularity of open formula fertilizer mixtures segment is attributed to their customization in accordance with the type of soil. The closed formula fertilizer mixtures segment has also witnessed substantial growth owing to increased awareness among farmers.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in the agriculture sector, favorable government initiative & policies, and existence of well-established infrastructure.
Asia-Pacific region is predicted to hold major market share in the fertilizer mixture market with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with increasing awareness among farmers, growing number of government initiatives such as tax exemption, increasing disposable income, easy availability, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the fertilizer mixture market are Sumitomo Chemical Co., Mosaic Group AG, Gujarat State Fertilizers and Chemicals Ltd., Bayer CropScience AG, Compass Minerals, Inc., Coromandel International Ltd., H.J. Baker & Bro Inc., Dayal Group Co., and Henan Xinlianxin Fertilizer Co., Ltd.
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