New York, June 23, 2022 (GLOBE NEWSWIRE) -- The global NPK fertilizers market is projected to expand at a value CAGR of 3% to top a market valuation of US$ 158 Bn by the end of 2032, according to detailed industry analysis by Persistence Market Research.
Fortified composts are enhanced nitrogen and phosphate fertilizer blends with added micronutrients such as iron and magnesium. They are developed to increase the effectiveness of degraded soil. These fertilizers boost crop yield by providing essential nutrients to plants while also protecting the soil. Fertilizer companies are voluntarily fortifying fertilizer products with micronutrients to increase soil fertility and prevent deficiencies in crops.
Due to intense farming techniques, the fertility and quality of soil degrade drastically. Nutrient deficiency is widespread across the world and is driving the demand for NPK fertilizers. Utilization of foliar fertilizers can improve the nutritional quality of plants and improve soil fertility. In many developing nations, modern cropping strategies, rather than traditional cultivation techniques, have resulted in soil nutrient depletion, which is expected to fuel the demand for NPK fertilizers for use in crops and plants.
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Furthermore, the utilization of organic manures and fertilizers to meet the nutrient requirements of crops is becoming a popular agricultural practice due to several multifunctional benefits offered by organic fertilizers. Such fertilizers help in improving both, the physical and chemical properties of the soil, which, in turn, aids in proper plant growth and nourishment.
- For instance, Coromandel International, an Indian fertilizer manufacturing company, has introduced GroShakti Plus, an NPK fertilizer fortified with zinc.
- IFFCO offers a bio fertilizer, liquid consortia (NPK), comprising atmospheric nitrogen and phosphorus fixing organisms that help in optimizing crop growth, yield, and production.
Key Takeaways from Market Study
- The South Asia & Pacific region holds the largest market volume share at 31%.
- Latin America and South Asia & Pacific are expected to be high-potential markets for NPK fertilizer suppliers owing to significant utilization of fertilizers in several crops such as wheat, rice, maize, and others.
- On the basis of application, sugar crops are projected to show high potential growth and register a CAGR of 4.4% during the forecast period (2022-2032).
- In the East Asian region, the South Korea market is expected to expand at a significant pace after being valued US$ 908.2 Mn in 2022.
- During COVID-19, the fertilizers market was negatively impacted due to disruptions in the supply chain, global lockdowns, and a limited workforce allowed in production facilities. However, in the recovery phase, manufacturers are focusing on meeting the high demand for NPK fertilizers.
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“Popularity of NPK fertilizers among farmers is increasing due to the evolving requirements of nutritional ingredients for their plants and crops. Increasing farmers’ awareness about the benefits of utilizing micro & macronutrients in crop production will accelerate market expansion,” says a Persistence Market Research analyst.
Competitive Landscape
Key manufacturers engaged in the production of NPK fertilizers are focused on achieving success by expanding their portfolios of essential and advanced crop nutrition products. They are also striving to provide digital solutions and integrated services to help create awareness among farmers regarding product offerings and cater to the ever-growing nutritional needs of the world.
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- In February 2020, ICL Group Ltd. acquired Growers Holdings, Inc., an innovator in the field of process and data-driven farming, to help further enhance its digital service offerings and accelerate its global development roadmap.
Uralchem Group launched the production of complex mineral fertilizers at GEO NPK LLC in Chernyakhovsk, Russia.
Explore More Valuable Insights
Persistence Market Research, in its new report, offers an impartial analysis of the global NPK fertilizers market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
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The study offers compelling insights based on form, (liquid, powder), nature (organic, synthetic), product type (phosphorus and potassium (PK) fertilizers, sulphur-based (NK) compound fertilizers, nitro-based compound/ nitrophos (NP) fertilizers, urea-based (NPK) compound fertilizers, chlorine-based compound fertilizers), and application (wheat, rice, maize, oilseeds, fiber, sugar crops, fruits & vegetables, others), across six major regions of the world.
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