November 2020, MRFR Press Release/- Market Research Future has published a Report on the Global NPK Fertilizers Market
NPK Fertilizers Market is expected to cross USD 27,047.2 million by 2030 at a CAGR of 2.30% during the forecast period of 2022 to 2030. NPK fertilizers have gained popularity due to increasing awareness among farmers regarding the disadvantages of overapplication of fertilizers. NPK fertilizer products are available in varying ratios and giving farmers the freedom to customize use for their specific needs. Shrinking arable land, changing climatic conditions, and soil infertility are the major factors impacting crop productivity. To overcome these challenges and increase crop yield, farmers are opting for fertilizers, thus, boosting the demand for NPK fertilizers. The global NPK fertilizers market is highly fragmented with a large number of players. The market is dominated by multinational players due to their brand recognition. However, the widespread availability of various brands offers consumers leverage over manufacturers.
Government support through subsidies
Growth Opportunities in the Market
- Fertigation is the highly preferred mode of application: The fertigation segment dominated the market in 2018 and is expected to remain the largest during the forecast period. The increasing use of irrigation systems, ease of application, and reduced leaching of fertilizers are the major factors contributing to the adoption of this mode of application. However, foliar application is gaining popularity due to its high efficacy, especially for in-season applications.
- Increasing cultivation of fruits & vegetables: While the cereals & grains segment dominated the market for NPK fertilizers in 2018, the fruits & vegetables segment is expected to register the fastest growth during the forecast period. The high demand for fruits & vegetables has resulted in increased cultivation, thus, boosting the consumption of fertilizers. Fertigation is the widely used mode of application for horticultural crops.
- 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)
- Olam International (Singapore)
- Agrium (Canada)
- Deepak Fertilisers & Petrochemicals Corporation Ltd. (India)
- Adventz Group (India)