The global NPK fertilizers market is expected to reach USD 3.4 Billion by 2028, with a CAGR of 4.3%, according to a novel report by Reports and Data. Amplified focus on the crop productivity and cumulative demand for crops for livestock feed preparation is expected to increase the growth of the NPK fertilizers market.
Nitrogen, Phosphorus, and Potassium are the essential components required for plant growth. NPK fertilizers are gaining popularity, considering their positive effects on crop yield and quality. They are designed in a way to meet the primary requirements of the crop in a single product. These fertilizers enhance the water and nutrient use efficiency to reduce the further application cost.
Rising awareness and utilization of NPK fertilizers for high crop yield coupled with increasing demand for enriched food grains and products is propelling the market for NPK fertilizers. Also, the worldwide shrinking farms and concerns to meet the food safety levels are driving the market for NPK fertilizers.
The COVID-19 pandemic has led to the downfall of the overall global fertilizer industry. The supply chain disruption in the market has affected the farmers on a vast scale. It has caused uncertainty in the raw material transportation and led to the shutting down of many businesses and trades, following the lockdown rules to limit the virus from spreading.
Borealis AG (Austria), Olam International (Singapore), CF Industries Holdings (US), Coromandel International (India), BASF SE (Germany), Yara International (Norway), Adventz Group (India), FEECO International, Inc. (Norway), K + S Aktiengesellschaft (Germany), Potash Corporation of Saskatchewan (Canada Haifa Group (Israel), The Mosaic Company (US), Hindalco (India), Agrium (Canada), Deepak Fertilisers & Petrochemicals Corporation Ltd. (India), and are the key participants in the NPK fertilizers market.
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Further key findings:
On the basis of nutrient type, the phosphorous sector is evaluated to lead the market with the highest market revenue generation during the projected period due to tremendous demand for phosphate in the farming industry to improve the overall health of the plant/crop.
In context to the application, the foliar section is assessed to hold a considerable share of the NPK fertilizers market and expand with the fastest CAGR during the prediction period due to precise agriculture. The fertigation segment is estimated to occupy a significant market share as this procedure is highly effective for crop nourishment and provides appropriate nutrients considering soil fertility.
Based on the form, the dry form of the fertilizers is foreseen to dominate the market due to its long shelf life, cost-effectiveness, and easy storage, plus it remains in the field/farm for a longer period.
The liquid form is assumed to grow steadily at the review time as these fertilizers are easily mixed with the irrigated water sprayed on the fields and farms.
North America is predicted to rise with a substantial CAGR of 3.4% during the estimated period due to the reduced available plowable land and growing awareness among farmers about the necessity of nutrients and fertilizers for good quality crop yield.
Asia Pacific region is expected to hold the largest share of the total NPK fertilizers market due to the rapidly growing population and the evolving food patterns of people, rapid urbanization, and rising disposable income, mainly in South Asia.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/npk-fertilizers-market
For this study, Reports and Data has segmented the global NPK market based on Nutrient type, Crop Type, Form, Application, and Region:
Based On Nutrient Type: (Revenue, USD billion, 2018 - 2028)
Phosphorous
Nitrogen
Potassium
Others
Secondary Nutrients
Micro Nutrients
Based On Crop Type: (Revenue, USD billion, 2018 - 2028)
Cereals and Grains
Fruits and Vegetables
Oilseeds and Pulses
Others
Based on Form: (Revenue, USD billion, 2018 – 2028)
Dry
Liquid
Others
Based On Application: (Revenue, USD billion, 2018 – 2028)
Foliar
Soil
Fertigation
Others
Based On the Region: (Revenue, USD billion, 2018 – 2028)
North America
Europe
Asia-Pacific
LAMEA
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