NEWARK, Del, Jan. 06, 2023 (GLOBE NEWSWIRE) -- According to a report published by FMI, the global NPK Fertilizers Market will be valued at US$ 3.03 Bn in 2023. It is expected to grow at a CAGR of 3.9% during the forecast period, reaching a value of US$ 4.44 Bn by 2033.
In addition to improving crop quality and yield, their use reduces application costs. Increasing public awareness of the benefits of NPK fertilizers promotes market growth. In most of the region, commercial feed and high-protein food are becoming more prevalent.
To ensure healthy plant growth, NPK fertilizers (feed-grade and food-grade) are widely used in agriculture. They are available in liquid, gaseous, and granular forms. By ensuring nutrient and water efficiency, it reduces fertilization costs while also increasing demand for NPK fertilizers.
Increased accuracy in cultivating, using, and applying NPK manures, as well as improved crop security provided by NPK manures, are spurring consumer demand for high-quality compost. As a result of the increased consumption of fresh fruits and vegetables, wheat, and rice, among other things, the global market for NPK fertilizers is also growing.
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Growing demand for NPK fertilizers has been spurred by advancements in farming and agriculture techniques. As most leading manufacturers are well aware, consumers demand high-quality food grains and foodstuffs.
" Dairy products, meat products, bakery products, and beverages are among the industries that are increasing their demand for NPK fertilizers (feed-grade and food-grade). This is driving the market to grow.” says a lead analyst at FMI
Key Takeaways from the NPK Fertilizers (Feed-Grade and Food-Grade) Market
- The global market for NPK fertilizers is projected to generate US$ 4.44 Bn by 2033, growing at a CAGR of 3.9%.
- It is expected that Asia Pacific will continue to hold the largest market share and grow at a moderate-paced CAGR of 6% predicted to reach US$ 641.31 Mn by 2033.
- Phosphorus market is growing at a CAGR of 4.5% and is expected to reach US$ 2.2 Bn by 2033.
- The powder segment is projected to be the fastest-growing form of NPK fertilizers (feed-grade and food-grade). In the powder segment, consumers are attracted mainly by its ease of use, consistency, and ability not to alter the desired texture of food products.
- China is expanding at a CAGR of 6.6% while Germany is growing at a CAGR of 2.8% in the forecast period.
- US registered a market valuation of US$ 769.51 Mn in 2023 and is projected to reach a valuation of US$ 947.27 Mn by the end of 2033.
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Competition Landscape in the NPK Fertilizers (Feed-Grade and Food-Grade) Market
To expand their product portfolios and attract consumers from a variety of industries, several manufacturers are introducing multi-performance variants. Among the strategies, companies employ to improve their market position in mergers and acquisitions. These strategies have helped the company become more competitive and improve its market position.
Borealis AG (Austria), Yara International ASA (Norway), Petróleo Brasileiro S.A. (Brazil), The Mosaic Company (US), AkzoNobel (Netherlands), Israel Chemicals Ltd. (Israel), EuroChem (Switzerland), PotashCorp (Canada), Agrium Inc. (Canada), Alltech (US), PhosAgro (Russia), Haifa Chemicals (Israel), Aditya Birla Chemicals (India), SKW Stickstoffwerke Piesteritz (Germany) are some of the key players operating the global NPK fertilizers (feed-grade and food-grade) market.
Recent Developments in the NPK Fertilizers (Feed-Grade and Food-Grade) Market
- EuroChem announced in February 2022 that it had begun exclusive negotiations to acquire Borealis' nitrogen operations.
- Sinofert Holdings Limited, a subsidiary of State Power Investment Corporation (SPIC), invests in Sinofert II LLC, a fertilizer manufacturing company in India with the same annual production capacity as SPIC's existing plant in Sichuan Province, China.
- Petrobras' fertilizer plant will be purchased by the Russian company Acron in February 2022.
- The Acron Group has developed new brands of NPK complex mineral fertilizers for cereal crops grown in West and East Africa. These new products are being developed at the company's Veliky Novgorod site in Russia.
NPK Fertilizers Market by Category
By Type, the NPK Fertilizers Market is Segmented as:
- Nitrogen
- Phosphorus
- Potassium
- Others
By Form, the NPK Fertilizers Market is Segmented as:
- Powder
- Liquid
- Others
By Application, the NPK Fertilizers Market is Segmented as:
- Bakery Products
- Meat & Meat Products
- Dairy Products
- Beverages
By Region, the NPK Fertilizers Market is Segmented as:
- North America
- Latin America
- Europe
- The Middle East and Africa
- East Asia
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Table of Content:
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
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