ID: MRFR/AGR/7088-HCR | February 2021 | Region: Global | 111 pages
NPK Fertilizers Market is expected to cross USD 26.16 Bn by 2027 at a CAGR of 2.30% during the forecast period of 2019 to 2027. The NPK fertilizer market is highly fragmented and competitive with numerous global and regional players active in the market. However, the market is dominated by major players such as BASF SE, Yara International, Coromandel International, and The Mosaic Company recognized through their prominent brands. The market players are focusing on product innovation and marketing to maintain their customer bases. The companies are adopting various growth strategies to maintain their dominance in the market. For instance, In July 2013, Borealis AG acquired GPN SA from TOTAL S.A. (France). This acquisition helped the company expand its portfolio of nitrogen fertilizers.
Nitrogen (N), phosphorus (P), and potassium (K) are primary nutrients required by plants. The global fertilizer market was valued at around 160 billion in 2018 and is expected to register steady growth during the review period. NPK fertilizers are widely and frequently used in farming, resulting in high demand across the globe. NPK fertilizers are designed to meet the requirements of the primary nutrients in one product, thereby reducing labor and other costs. These products are available in generic form for use on multiple crops or customized for crop requirements.
Shrinking farmlands across the globe, concerns regarding food safety, and the need for high crop yield are the major driving factors for the growth of the market. Per capita farmland has seen a severe decline in the last decade. Globally, the share of agricultural land to total land fell to 37.43% in 2016 from 39.07% in 1991. This has necessitated the use of fertilizers such as NPK. However, the growing environmental concerns and demand for organic products are the major restraining factors for the growth of the market. The global organic fertilizers market is expected to register a CAGR 12% from 2019 to 2027, which is impacting the growth of the NPK fertilizers market.
Need for increase of crop yield due to shrinking farmlands
By Crop Type
By Mode of Application
Questions Addressed in the Report:
|Market Size||USD 26.16 Bn|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Crop Type, Mode of Application, and Form|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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)|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
NPK fertilizers market is projected to grow at a 2.3% CAGR between 2019-2024.
The Asia Pacific is expected to dominate the NPK fertilizers market.
NPK fertilizers market is predicted to touch USD 25 billion by 2024.
Foliar segment will lead the NPK fertilizers market.
Government support through subsidies is the key factor driving the NPK fertilizers market.