NPK fertilizers are referred to fertilizers containing equal proportions of nitrogen, phosphorus, and potassium. These fertilizers contain macronutrients which assist in osmosis and regulate the growth of crops and plants. The global NPK fertilizers market report by Market Research Future (MRFR) looks at various dynamics in agriculture and indoor farming to estimate revenue and growth patterns for the period of 2022 to 2030 (forecast period). The aftereffects of the COVID-19 pandemic on the industry have been discussed in depth.
Market Scope
The global NPK fertilizers market is expected to cross USD 27,047.2 million by 2030 at a CAGR of 2.30% during the forecast period.
Rising focus on animal health is the primary driver of the market. This can be attributed to the increasing consumption of dairy and meat products by the masses. The huge demand for NPK fertilizers by farmers to ensure the right nutrition intake by animals can augur favorably for the market. Nitrogen, phosgene, and potassium contain high levels of nucleic acids and proteins and play a major role in crop development. Awareness among farmers about the need for NPK fertilizers and its benefits in crop management can provide future growth opportunities for the market. Development of mobile applications which enhance the knowledge of farmers and provide information on the levels of NPK required for fertility are likely to be embraced warmly in the market.
Segmentation
By crop type, it is segmented into oilseeds & pulses, fruits & vegetables, cereals & grains, and others. The cereals & grains segment accounted for the largest share of 35% of the market with wheat, rice, and maize being major beneficiaries of NPK fertilizers. Cereals & grains cultivation is the largest agricultural activity and contributes significantly to the high consumption of NPK fertilizers.
By mode of application, it is segmented into fertigation, foliar, and others. Among them, the foliar segment is the fastest-growing owing to change in farming methods and adoption of precision farming. Foliar products are gaining importance due to the easy absorption of nutrients, instant results, and uniform distribution.
By form, it is divided into liquid and dry. The dry segment is expected to account for the larger share of the market during the review period. Dry fertilizers are generally used in large fields as they remain in the soil for long periods and have fewer risks.
Regional Analysis
Asia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW) are major regions explored with respect to the potential of the market.
APAC had dominated the global NPK fertilizers market in 2021. Shrinking farm sizes and the large population are major factors for the growth of the fertilizer industry in the region. Technological advancements and rising awareness among farmers are also driving the growth of the market. Massive demand for quality in packed foods and improved expendable income levels of consumers can influence the regional market.
Competitive Outlook
Deepak Fertilisers & Petrochemicals Corporation Ltd., BASF SE, CF Industries Holdings, Yara International, Hindalco, FEECO International, Inc., Potash Corporation of Saskatchewan, Coromandel International, Haifa Group, Agrium, K + S Aktiengesellschaft, Olam International, Borealis AG, Adventz Group, and The Mosaic Company are the key NPK fertilizers market players. Product development and acquisitions are major strategies employed by players in the market to sustain their standing.
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