The global NPK fertilizers market accounted for a value of USD 2.0 billion in 2019 and is projected to register growth at a CAGR of 5.2% during forecast period.
COVID-19 has impacted the NPK fertilizers market. However, the NPK fertilizers market is estimated to have minimal impact due to this global pandemic. The travel restrictions, transportation barriers and lockdown have disrupted the supply chain of this market. The operations of companies are running smoothly during this lockdown in many regions as government has provided some relaxation to these industries although there are some delays in import of fertilizers from different regions due to lockdown. The delay in supply has contributed to loss but this temporary and NPK fertilizers market is likely to witness growth during forecast period.
For more details, visit: Global NPK Fertilizers Market By Type (Potassium, Nitrogen, Others), By Application (Dairy Products, Beverages, Others), By Form (Powder, Liquid, Others), By Livestock (Poultry, Swine, Others), By Region, Forecast & Opportunities to 2026
The consumption of meat and dairy products is increasing around the world. People are consuming dairy products at large scale and the demand for meat and dairy products is increasing around the world rapidly. People are buying more nutritional products due to rise in disposable income of people and this drives growth in NPK fertilizers market during forecast period.
On the basis of type, the NPK fertilizers market is segmented into potassium, nitrogen, phosphorus and others. The phosphorous segment is estimated to be the fastest growing market share during forecast period. The used of phosphorus is increasing rapidly in food industry across the globe. It is considered to be low cost and efficient when compared to others. The increasing demand and adoption of phosphorus drives the growth in this segment during forecast period.
On the basis of form, the NPK fertilizers market is segmented into powder, liquid and others. The powder segment is estimated to register growth at highest CAGR during forecast period. NPK fertilizers are highly preferred in powdered form. The powdered NPK fertilizers have longer shelf life and it is very efficient. It is convenient to apply and it can be transferred easily one place to other. This increases demand for powdered NPK fertilizers and drives growth in this segment during forecast period.
On the basis of application, the NPK fertilizers market is segmented into beverages, bakery products, meat & meat products and dairy products. The meat & meat products segment is estimated to be fastest growing segment during forecast period. The consumption of meat and meat products is increasing around the world. Various developing countries such a Brazil, China and India etc are consuming meat and meat products at large scale and this drives growth in meat and meat products market during forecast period.
Asia-Pacific region is estimated to hold largest market share during forecast period. The food consumption preference is changing in this region due to increase in urbanization and increase in income level of people. The people in this region are demanding quality processed and packaged food. The land for farming is reducing which leads to high consumption of NPK fertilizers in this region. This drives growth in Asia-Pacific region during forecast period.
The key market players in NPK fertilizers industry are Borealis AG, Yara International ASA, Petroleo Brasileiro S.A., Agrium Inc., The Mosaic Company, Israel Chemicals, EuroChem, Potash Corp, K+S Aktiengesellschaft, Alltech, PhosAgro, Haifa Chemicals, Aditya Birla Chemicals and SKW Stickstoffwerke Piesteritz.
- What are the expected industry trends over the next three to five years?
- Which of the NPK fertilizers type is likely to lead by 2025?
- Which of the form segments is expected to have the maximum potential to during the forecast period?
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- What are different organic and inorganic strategies implemented by companies to gain increased market share?