The  NPK Fertilizers Market Size was valued at USD 22,548.5 million in 2021. The NPK fertilizers market industry is projected to grow from USD 23,067.1 million in 2024 to USD 27,047.2 million by 2030, exhibiting a compound annual growth rate (CAGR) of 2.30% during the forecast period (2024 - 2030). Increasing adoption of farming and enhanced crop protection offered by NPK fertilizers. Additionally, meat and dairy consumption are rising, and awareness about food and feed quality is rising, which are the key market drivers enhancing the NPK fertilizers market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
As the demand for fertilizers increases, the market for NPK fertilizers is expected to grow. Fertilizers contain chemicals that help plants grow and produce. Due to the potential to restore chemical elements lost by previous crops or to increase the soil's natural fertility, fertilizers are in constant demand. NPK fertilizers primarily provide plant-nitrogen nutrition. According to a report published in 2022 by the UN Environment Program on "Environmental and health impacts of fertilizers and pesticides and ways to minimize them," pesticide and fertilizer consumption, production, and demand have significantly increased in the last few decades.
According to the UN Environment Program forecast, combined  sales will likely grow by nearly 4.1%, reaching US$ 309 billion by 2025. Therefore, the increase in demand for fertilizers will likely boost the demand for NPK fertilizers. Agricultural and farming techniques have improved, accelerating NPK fertilizers' growth. As most leading manufacturers are aware of the consumer demand for high-quality food grains and foodstuffs, the NPK fertilizers market is booming with the increasing demand for high-efficiency fertilizers for increasing crop yields and quality.
Additionally, fertilizer manufacturers are accelerating their research processes due to their continuous collaboration with national/state agricultural universities and apex research institutes. Health concerns and advancements in research and development have contributed to the growth of the fertilizer market. Fertilizer manufacturers are dedicated to research and development to develop products that are both innovative and functional. In accordance with the nature of the weather, soil, and climate conditions, the R&D teams of companies assist in finding solutions for various problems associated with fertilizer use for various crops or plants. Additionally, research activities assist researchers in educating farmers about how to increase agricultural outputs by using the right quantity and combination of nitrogen, potassium, and sulfur fertilizers and minimizing the overapplication of these fertilizers to save money. Therefore, research and development related to fertilizers have enhanced the NPK Fertilizers market CAGR ly in recent years.
However, Precision farming has become more popular as the demand for high-quality plant-based food products increases. This has resulted in a greater need for high-efficiency fertilizers, another factor driving the growth of the NPK fertilizers market revenue.
The  NPK fertilizers market segmentation, based on crop type, includes cereals & grains, oilseeds & pulses, fruits & vegetables, and others. The cereals & grains segment held the majority share in 2021, contributing around ~30-35% with respect to the  NPK fertilizers market revenue. As the human population grows, there has been an increase in the demand for food grains and other agricultural products. Cereals and grains are the most widely cultivated crop type in the world.
April 2021:Â Acron Group announced the development of its line of NPK complex mineral fertilizers for cereal crops in West and East Africa. This is being done at its Veliky Novgorod facility in Russia.
The  NPK fertilizers market segmentation, based on the mode of application, includes fertigation, foliar, and others. The foliar segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. As foliar products are easy to apply, uniformly distributed, and produce instant results, precise farming and foliar products are becoming more popular. Moreover, the government's initiative to provide effective training programs regarding foliar fertilizer use is expected to stimulate market growth. Government subsidies in the fertilizer area have also increased foliar fertilizer use. Hence, the rising government initiatives for foliar fertilizers positively impact the NPK fertilizers market growth.
The  NPK fertilizers market data has been bifurcated by form into dry and liquid. The dry segment dominated the market in 2021. In addition to being more effective than liquid fertilizers, dry fertilizers are easier to store and transport and have a longer shelf life than liquids. Dry fertilizers are used over extensive fields because they remain in the soil for longer. Moreover, the liquid segment is projected to be the faster-growing segment during the forecast period, 2022-2030.
Figure 2: Â NPK Fertilizers Market, by Form, 2021 & 2030 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The Asia-Pacific NPK fertilizers market accounted for USD 10,327.2 million in 2021 and is expected to exhibit a significant CAGR growth during the study period. The agriculture sector in Asia-Pacific is becoming increasingly professional and technologically advanced due to the high demand for NPK fertilizers for wheat, rice, fruits, and vegetable farming. Countries like India, China, and Japan are helping to drive the growth of the NPK fertilizers market.
Further, the major countries studied in the NPK fertilizers market report are: The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: Npk Fertilizers Market Share By Region 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
North America NPK fertilizers market accounts for the second-largest market share due to the shortage of arable land, awareness among farmers about the importance of nutrients for crop growth, and growing urbanization are all factors propelling the growth of the NPK fertilizers market in North America. Further, the U.S. NPK fertilizers market held the largest market share, and the Canada NPK fertilizers market was the fastest-growing market in the North American region
The Europe NPK fertilizers market is expected to grow at the fastest CAGR from 2022 to 2030. Introducing and adopting new technology is one of the main factors dominating the market. Moreover, the German NPK fertilizers market held the largest market share, and the U.K. NPK fertilizers market was the fastest-growing market in the Asia-Pacific region
Major market players are spending a lot on R&D to increase their product lines, which will help the NPK fertilizers market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the NPK fertilizers industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies manufacturers adopt in the  NPK fertilizers industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. The NPK fertilizers industry has provided medicine with some of the most significant benefits in recent years. The NPK fertilizers markets major players such as BASF SE (Germany), Borealis AG (Austria), Coromandel International (India), Yara International (Norway) and others are working on expanding the market demand by investing in research and development activities.
BASF SE (Germany) is a  chemical company. In addition to chemicals and plastics, BASF offers various solution functional and agricultural, and oil and gas products in its six segments. As part of its services and products, BASF provides a range of system solutions and services to industries such as chemicals, automotive, construction, agriculture, oil, plastics, electrical, electronics, furniture, and paper.
Also, Coromandel International (India) manufactures fertilizers and pesticides. The company manufactures chemical and organic fertilizers, insecticides, fungicides, herbicides, and plant biostimulants. Coromandel introduced a range of Specialty Nutrients products in its quest to offer a complete plant nutrition solution. In addition to insecticides, fungicides, and herbicides, the Crop Protection business markets these products throughout India. Among the fertilizers produced by Coromandel International Ltd, GroShakti Plus was launched in September 2021 to help farmers enhance yields and quality. With GroShakti Plus, farmers can enjoy high-quality products that provide them with perfectly balanced nutrition. GroShakti Plus contains all three major nutrients (NPK). It has the highest nutrient content of complex fertilizers and Phosphorous content.
NPK Fertilizers Industry Developments
February 2020: In an undisclosed transaction, the ICL Group acquired Growers Holdings, a company that supplies specialty minerals to address humanity's sustainability challenges in  food, agricultural, and industrial markets.
November 2021:Â Coromandel International Ltd has selected Vishakhapatnam, India, as the site for a new sulfuric acid plant.
| Report Attribute/Metric | Details |
| Market Size 2021 | USD 22,548.5 million |
| Market Size 2022 | USD 23,067.1 million |
| Market Size 2030 | USD 27,047.23 million |
| Compound Annual Growth Rate (CAGR) | 2.30% (2024-2030) |
| Base Year | 2021 |
| Market Forecast Period | 2024-2030 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Crop Type, Mode of Application, Form, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | 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), and Hindalco (India) |
| Key Market Opportunities | Increasing agriculture industry in developing countries |
| Key Market Dynamics | Growing demand for the fertilizers Growing research and development related to fertilizers |
NPK Fertilizers Market Highlights:
Frequently Asked Questions (FAQ) :
The NPK fertilizers market size was valued at USD 22,548.5 million in 2021.
The market for NPK fertilizers is projected to grow at a CAGR of 2.30% during the forecast period, 2024-2030.
Asia-Pacific had the largest share of the market for NPK fertilizers.
The key players in the market for NPK fertilizers are 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), and Hindalco (India).
The foliar had the largest share in the market for NPK fertilizers.
Assistant Manager - Research High acumen in analyzing complex macro & micro markets with more than 6 years of work experience in the field of market research. by implementing her analytical skills in forecasting and estimation into market research reports, she has expertise in packaging, construction, and equipment domains. she handles a team size of 20-25 resources and ensures smooth running of the projects, associated marketing activities, and client servicing.
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