Reports and Data has added a new investigative report on the Global NPK Fertilizers Market that offers insightful data about market dynamics such as drivers and restraints, growth opportunities and prospects, current and historic data, segments and sub-segments, and recent technological advancements in the market. Fertilizers play a vital role in plant growth and soil amendment by supplying essential nutrients to the soil. NPK – which stands for Nitrogen (N), Phosphorus (P), and Potassium (K) – are among the major components of fertilizers that aid in soil nourishment. Complete fertilizers that are labelled as ‘10-10-10’ contain nitrogen, phosphorus, and potassium in balanced amounts. Increasing availability of food-grade and feed-grade NPK fertilizers, growing awareness about the plant health benefits associated with these products, rapidly expanding agricultural industry, and growing demand for organic fertilizers have led to the global NPK fertilizers market revenue growth in the recent past. Furthermore, rapid shift towards advanced farming techniques such as precision farming has boosted demand for high-quality fertilizers, thus driving the global market growth.
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.
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Factors such as lack of awareness about the fertilizer benefits and the high costs related to production are significant restraints of the NPK fertilizers market.
Key Participants In The NPK Fertilizers Market:
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),
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.
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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)
Based On Crop Type: (Revenue, USD billion, 2018 – 2028)
Cereals and Grains
Fruits and Vegetables
Oilseeds and Pulses
Based on Form: (Revenue, USD billion, 2018 – 2028)
Based On Application: (Revenue, USD billion, 2018 – 2028)
Based On the Region: (Revenue, USD billion, 2018 – 2028)
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