Asia Complex Fertilizer Market by Region (China, India, Vietnam, Indonesia, Thailand and Others), by product form (Granulated/Fused or Blended), by type (two or three nutrients), by crops (cereals, oilseeds, fruits & vegetables and others), by grade (NPK 16-16-8, NPK 20-20-15, NPK 15-15-15, NPK 20-20-0 and Others)
- The population of Asia is anticipated to rise to 4,698.7 million by 2022, growing at a CAGR of 0.8% during the period 2017-2022. This is going to increasingly drive the food demand of the continent and need to increase agricultural productivity.
- Asia’s food grain production is expected to grow at a CAGR of 2.1% during 2017-2022 from 1,274.5 million MT in 2017 to 1,413.9 million MT by 2022. Net irrigated area is also set to grow at a CAGR of 1.9% to 219.4 million hectares in 2022 from 199.3 million hectares in 2017. Both the factors are expected to augment the demand for complex fertilizers in the near future.
Asia complex fertilizer market is driven by increasing focus to improve agricultural productivity, superior efficacy of complex fertilizers, increasing food demand and need to ascertain food security for countries. The market is also expected to grow due to technological innovations such as slow or controlled release complex fertilizers, water soluble complex fertilizers and bio-complex fertilizers. A number of companies intend to expand their existing production capacity and several others are venturing into the sector in the near future.
In the next five years, consumption of complex fertilizers is expected to grow at a CAGR of 1.9% during the period 2017-2022. Consequently, production of complex fertilizers is expected to grow at a CAGR of 3.1% during the same period.
Growing emphasis on curbing water and soil pollution and urgent need to improve agricultural productivity is expected to augment the demand for complex fertilizers in Asian countries, according to Analyst at Ken Research.
Ken Research in its latest study, Asia Complex (NPK) Fertilizer Market Outlook to 2022 – by Grade (NPK 16-16-8, NPK 20-20-15, NPK 15-15-15, NPK 20-20-0 and Others), by Region (China, India, Vietnam, Indonesia, Thailand and Others) suggests that Kingenta, Coromandel International, Binh Dien Fertilizer, Petrokimia Gresik and Thai Central Chemicals will remain the major players in this space in China, India, Vietnam, Indonesia and Thailand respectively. However, these major players will witness rising competition from existing and new entrants launching reasonably priced products in the market.
Asia complex fertilizer market is expected to register steady growth in the near future owing to anticipated rise in international market prices of Urea, DAP and MAP.
Companies mentioned: Kingenta Ecological Engineering Group, Hubei Xinyangfeng, China XLX Fertiliser, Sino-Arab Chemical Fertilizers, Coromandel International, Indian Farmer Fertilizer Cooperative Limited (IFFCO), Paradeep Phosphates Limited (PPL), Rashtriya Chemicals and Fertilizers Limited, Fertilizers and Chemicals Travancore Limited, Gujarat State Fertilizers & Chemicals Limited, Gujarat Narmada Valley Fertilizers & Chemicals, Madras Fertilizers Limited (MFL), Mangalore Chemicals & Fertilizers Limited (MCF), Zuari Fertilsers and Chemicals Limited, Tata Chemicals Limited, Deepak Fertilisers and Petrochemicals Corporation, Greenstar Fertilizers Limited (GFL), Binh Dien Fertilizer, Lam Thao Fertilizers and Chemicals, The Southern Fertilizer Company, Japan Vietnam Fertilizer Company, Baconco Group, Petrokimia Gresik, Pupuk Kalimantan Timur, Pupuk Kujang, Pupak Sriwidjaja Palembang
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