Overview and Scope
The NPK fertilizers consist of three numbers that represent the proportions of nitrogen, phosphorus, and potassium in an NPK fertilizer are known as the NPK ratio. NPK fertilizer, also known as a 20-20-20 fertilizer, provides three crucial nutrients for plant development and general plant health. The NPK fertilizers are used for the growth of plants.
Sizing and Forecast
The npk fertilizers market size has grown strongly in recent years. It will grow from $3.67 billion in 2023 to $3.92 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to agriculture expansion, population growth, soil nutrient depletion, crop intensification, government subsidies.
The npk fertilizers market size is expected to see strong growth in the next few years. It will grow to $5.36 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to climate change, government subsidies, organic agriculture, regulatory changes, mechanization and modern farming. Major trends in the forecast period include precision agriculture, sustainable farming, innovative formulations, urban agriculture, water-saving technologies.
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Segmentation & Regional Insights
The npk fertilizers market covered in this report is segmented –
1) By Type: Phosphorus, Nitrogen, Potassium, Other Types
2) By Form: Powder, Liquid, Other Forms
3) By Nature: Organic NPK Fertilizers, Synthetic NPK Fertilizers
Asia-Pacific was the largest region in the NPK fertilizer market in 2023, and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the npk fertilizers market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The increasing demand for fertilizers is driving the growth of the NPK fertilizers market. Fertilizers are a substance that contains chemical components that help plants grow and produce more. The demand for fertilizers is constantly increasing, as it has potential to restore chemical elements that previous crops removed from the soil or increase the land’s inherent fertility. NPK fertilizers are the most commonly used source of plant nitrogen nutrition. For instance, in 2022, according to the United Nations Environment Program’s report on Environmental and health impacts of pesticides and fertilizers and ways of minimizing them, over the past few decades, pesticide and fertilizer demand, production, and consumption have increased significantly globally. By 2025, combined global sales are anticipated to expand around 4.1%, totaling USD 309 billion. Therefore, the rise in demand for fertilizers is expected to boost the demand for NPK fertilizers during the forecast period.
Key Industry Players
Major companies operating in the npk fertilizers market include Aditya Birla Chemicals Ltd., Agrium Inc., AkzoNobel N.V., Alltech Biotechnology Pvt Ltd., Borealis AG, Kingenta Ecological Engineering Group Co Ltd., Yara International ASA, Xinyangfeng Agricultural Technology Co Ltd., EuroChem Group AG, China Xinlianxin Fertilizer Co Ltd., BASF SE, Coromandel International Ltd., Fertilizer Engineering & Equipment Company Inc., Potash Corporation Of Saskatchewan Inc., CF Industries Holdings Inc., Trance Resource Inc., K + S Aktiengesellschaft, Mosaic Global Holdings Inc., Hindalco Industries Ltd., Nutrien Ltd., Uralkali PJSC, Sociedad Química y Minera de Chile S.A., Israel Chemicals Ltd., Indian Farmers Fertiliser Co-operative Ltd., Kali und Salz GmbH, OCI Co Ltd., PhosAgro, Sinofert Holdings Ltd., CVR Partners LP
The npk fertilizers market report table of contents includes:
1. Executive Summary
2. NPK fertilizers Market Characteristics
3. NPK fertilizers Market Trends And Strategies
4. NPK fertilizers Market – Macro Economic Scenario
5. Global NPK fertilizers Market Size and Growth
……
31. Global NPK fertilizers Market Competitive Benchmarking
32. Global NPK fertilizers Market Competitive Dashboard
33. Key Mergers And Acquisitions In The NPK fertilizers Market
34. NPK fertilizers Market Future Outlook and Potential Analysis
35. Appendix
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