By Grade: NPK 15-15-15 was the most widely used complex fertilizer in Thailand and accounted for ~% market share in overall complex fertilizer market in 2017. NPK 16-16-8, NPK 16-8-8 and NPK 10-10-16 were other popularly used fertilizer grade which comprised for ~%, ~% and ~% market share respectively in 2017. All other grades / formulas of complex fertilizers together comprised for about ~% of the market share in 2017.
By Crops: Complex fertilizers in Thailand were majorly utilized for cultivation of cereals and comprised for about ~% of the market share in 2017, in terms of consumption volume. Fruits and vegetables, Oilseeds and all others accounted for ~%, ~% and ~% market share, respectively.
Competition Scenario
Thailand ' s chemical fertilizer market is highly competitive with top 5 players comprising over ~% of the market share, in terms of revenue in 2017. The market is largely import based with very limited domestic manufacturing capabilities. Raw materials are almost entirely imported in the country. As a result, some of the leading European countries have resorted to importing and distributing complex fertilizer products in the country rather than setting up production units. Traders largely imported finished fertilizers and subsequently marketed them.
Thai Central Chemical Public Company was the largest players operating in this space. It imported majority of the raw materials and produced both granulated and blended complex fertilizers. As of 2017, the company had ~% market share in the overall complex fertilizer market, in terms of revenue. Yara International, ICL Fertilizers and Chia Tai were other leading players in this sector. All these companies do not have any manufacturing facility in Indonesia and only imported and supplied complex fertilizers to the domestic market. Yara, ICL and Chia Tai accounted for ~%, ~% and ~% market share in 2017, respectively. Terragro Fertilizer Company had manufacturing unit for complex fertilizers in Thailand and comprised for ~% market share in 2017.
Thailand Complex Fertilizer Market Future Outlook and Projections
Despite dependence on external factors as machinery, raw materials and energy, Thailand ' s complex fertilizer industry will remain just as indispensable to the future of economic development as it has been during the past decades. Thailand, after all, is an agricultural country. Besides, its fertilizer use per hectare of land is still well below other Asian countries. Consumption of complex fertilizers in Thailand is expected to grow at a CAGR of ~% during the period 2017-2022. Ken Research estimates the consumption of complex fertilizer to grow in the next five years, rising from ~ million MT in 2018 to ~ million MT by 2022. Average selling prices of NPKs are most likely to improve 2018 onwards owing to recovery in agricultural commodities’ prices and rise in prices of raw materials. Complex fertilizers market is anticipated