New York, US, Jan. 23, 2023 (GLOBE NEWSWIRE) -- NPK Fertilizers Market Summary:
According to a Comprehensive Research Report by Market Research Future (MRFR), NPK Fertilizers Market Research Report: Information by Crop Type, Mode of Application, Form, Region - Forecast till 2030, the Market is expected to cross USD 27.047 billion by 2030 at a CAGR of 2.30% during the forecast period of 2022 to 2030.
Market Scope:
Nitrogen, phosphorus, and potassium (NPK) fertilizer is a fertilizer that contains all three of the essential minerals necessary for plant growth: nitrogen, phosphorous, and potassium. By improving nutrient and water use efficiency, it helps cut down on the overall cost of the application. These fertilizers come in a variety of forms, including liquid, gaseous, and granular, and are utilized extensively in agricultural settings to promote robust plant development.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 27.047 Billion |
| CAGR | 2.30% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | by Crop Type, Mode of Application, Form, Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | concerns regarding food safety |
| need for high crop yield |
Competitive Dynamics:
In an effort to attract a larger clientele, the industry's dominant companies employ a variety of tactics. The paper also examines the partnerships, purchases, developments, and corporate policies of significant key companies. Mergers, acquisitions, extensions, joint ventures, establishments, new manufacturing techniques, inventions, technologically broadening current items, partnerships, etc., are all examples of such policies and plans. These crucial strategies are chosen because they are the best bet for identifying client wants and building a solid foundation for future expansion. The major players of the market are:
- BASF SE (Germany)
- Borealis AG (Austria)
- Coromandel International (India). Yara International (Norway)
- FEECO International Inc. (Norway)
- Potash Corporation of Saskatchewan (Canada)
- CF Industries Holdings (US)
- Haifa Group (Israel)
- K + S Aktiengesellschaft (Germany)
- The Mosaic Company (US)
- Hindalco (India)
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Market USP:
Market Drivers:
The increasing need for nitrogen, phosphorus, and potassium (NPK) fertilizers can be attributed to their increased crop protection and the increasing popularity of farming. Further contributing to the expansion of the nitrogen, phosphorus, and potassium (NPK) fertilizers market is the continued rise in the global demand for meat and dairy products, as well as the rising consciousness of the importance of food and feed quality. Nitrogen, phosphorus, and potassium (NPK) fertilizers are essential to crop growth, but the market will be stymied by factors such as farmers' lack of understanding, the high cost of production, and storage fluctuations.
The market benefits in a number of ways from the expansion of agricultural research and development. There is also an increase in cutting-edge practices like sustainable farming, as well as advancements and breakthroughs in fertilizer formulations, soil research, and other fields of study. These movements and methods hasten the shift to organic and wholesome food production in order to meet the growing demand for healthy, sustainably produced food. There may be potential for the Global NPK Fertilizer Market to expand in the future thanks to the rising awareness of health issues, healthy food, research, studies, and emerging trends in farming techniques.
Market Restraints:
However, the market expansion rate will be severely hampered by the strict government laws and regulations for manufacturing these fertilizers. However, supply chain issues, variable storage and handling prices, a lack of farmer education, and a stringent regulatory framework all operate as brakes on the expansion of the sector.
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COVID-19 Insight:
The unprecedented global public health catastrophe caused by COVID-19 has had a profound influence on virtually every sector of the economy, and its lasting consequences are expected to dampen expansion in many sectors over the next few years. Most sectors felt the effects of the global crisis created by the COVID-19 epidemic, but the fertilizer business managed to maintain a relatively stable supply chain throughout the turmoil. As a result of the COVID-19 pandemic, most economies around the world were forced to follow measures taken by their governments, causing disruptions to the food chain and supply networks that have affected the fertilizer industry. This uncertainty could make growth forecasting more difficult than usual for the forecast period and beyond. Even in the midst of the crisis, the fertilizer industry's foundations are solid. The rising usage of fertilizers in agricultural production to meet the rising need for food is the primary driver of demand. Without mineral fertilizers, farmers would only be able to produce about half of today's global food supply, according to some estimates.
Market Segmentation:
By Crop Type
Cereals & Grains segment is likely to witness substantial growth over the review period.
By Mode of Application
Fertigation segment is expected to rise at a notable CAGR over the forecast period.
By Form
Liquid segment is poised to reach a significant market value over the review period.
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Regional Analysis:
Due to increasing disposable income and urbanization, particularly in South Asian countries, the Asia-Pacific region currently dominates the NPK fertilizers market and is expected to maintain its pattern of dominance over the projected period. High demand for NPK Fertilizers in Asia-Pacific stems from its widespread use in the region's wheat, rice, fruit, and vegetable crops. Professionalism and technological sophistication are rising in the Asia-Pacific agriculture industry. The NPK Fertilizer Market in Asia-Pacific is expanding thanks to countries like India, China, and Japan.
However, North America is predicted to show profitable growth as a result of a combination of factors, including the scarcity of farmland and increased knowledge among farmers about the importance of nutrient availability for crop production. Fruit and vegetable consumption has tripled over the past decade, leading to a rise in the need for fertilizers like phosphate and potash. U.S. cereal crop output accounts for nitrogen fertilizers' lion's share of the fertilizers market in the country.
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