The global is NPK fertilizers market is predicted to touch USD 25 billion at a 2.3% CAGR between 2019- 2025, reveals the new Market Research Future (MRFR) report. NPK fertilizer has three nutrients, namely nitrogen, phosphorus, & potassium. This is used in the agriculture industry as a fertilizer to cater to the need of healthy crops. These fertilizers help in assuring the healthy growth of fruits and vegetables, oilseeds and pulses, cereals and grains, and others, and come in various forms, granular, liquid, and gaseous. They enhance the water use efficiency and nutrient, thus reducing the cost of application. Foliar and fertigation are the key applications of NPK fertilizers.
Various factors are adding to the global NPK fertilizers market share. These factors, as per the new MRFR report, include increasing adoption of farming, enhanced crop protection offered by these fertilizers, prevailing consumption of dairy and meat products, growing awareness about the quality of feed products and food, and development in the agriculture sector. Additional factors adding market growth include demand for high-efficiency fertilizers, preference for precision farming, demand for these fertilizers to cater to the global food requirements, ease of use & application, increasing disposable income, and focus on nutrition.
On the contrary, strict government regulations and rules for NPK fertilizer production, high production cost, fluctuations in storage, and lack of knowledge & awareness among farmers are factors that may restrict the global NPK fertilizers market growth over the forecast period.
The Market Research Future Report provides an inclusive segmental analysis of the global NPK fertilizers market based on form, mode of application, and crop type.
By crop type, the NPK fertilizers market is segmented into fruits and vegetables, oilseeds and pulses, cereals and grains, and others. Of these, cereals and grains will lead the market over the forecast period with maize, rice, and wheat being the leading crops. The cultivation of cereals and grains is the biggest agricultural activity that significantly contributes to the increasing NPK fertilizer consumption.
By mode of application, the NPK fertilizers market is segmented into foliar, fertigation, and others. Of these, the foliar segment will dominate the market over the forecast period for increasing adoption of precision farming, uniform distribution, instant results, and convenience of application.
By form, the NPK fertilizers market is segmented into liquid and dry. Of these, the dry form will have a major share in the market over the forecast period for fewer risks, convenient application and transport, and longer shelf life.
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Based on the region, the global neem fertilizers market report covers the recent trends and growth opportunities across Europe, the Americas, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, the Asia Pacific region will command the largest share in the market over the forecast period. Factors adding to the global NPK fertilizers market growth in the region include rising awareness among farmers, constant technological advancements, population growth, and shrinking farm sizes.
Eminent players profiled in the global NPK fertilizers market report include Adventz Group (India), Deepak Fertilisers & Petrochemicals Corporation Ltd. (India), Agrium (Canada), Olam International (Singapore), Hindalco (India), The Mosaic Company (US), K + S Aktiengesellschaft (Germany), Haifa Group (Israel), CF Industries Holdings (US), Potash Corporation of Saskatchewan (Canada), FEECO International, Inc. (Norway), Yara International (Norway), Coromandel International (India), Borealis AG (Austria), and BASF SE (Germany). Industry players have incorporated strategies such as mergers and acquisitions, extensive R&D activities, joint ventures, new product launch & development, collaborations, geographic expansions, partnerships, strategic alliances, and others to stay ahead in the competition and also cater to the growing demands of consumers.
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