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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