According to a new report by Reports and Data, the global NPK fertilizers market is foreseen to reach USD 3.4 Billion by 2028, with a CAGR of 4.3%. The increasing adoption of precision farming and the reliability of the NPK fertilizers to improve crop productivity is an essential factor driving the market for NPK fertilizers.
Nitrogen (N), Phosphorous (P), and Potassium (K) are the vital constituents required for the growth of plants and crops. These fertilizers are used widely in the farming and agricultural industry and are becoming popular due to their advantages for plant nourishment and high yield.
Development in the agricultural sector, the rising adoption of farming, and enriched crop protection offered by the NPK fertilizers are the primary drivers for the market. The increasing demand for high-quality food grains and animal feed, reduced farmlands, and food safety concerns are enhancing the market demand for NPK fertilizers.
The coronavirus outbreak has caused havoc in the global industry. Many market participants are emphasizing the strategies to stabilize the market demand for NPK fertilizers due to the disruption of the supply chain and production. The COVID-19 pandemic has resulted in the shutdown of businesses, strict lockdown rules, and workforce reduction.
However, the high-priced production of NPK fertilizers and skepticism regarding the application of fertilizers, and unawareness among farmers regarding the advantages of these fertilizers are predicted to limit the market development.
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Further Key Findings:
- Based on the nutrient type, the phosphorous segment held the largest share in the NPK fertilizers market share and is estimated to maintain its lead during the prediction time. It is also evaluated that this segment might be the fastest-growing segment due to the extensive demand for phosphorous in the farming industry and the requirement of phosphorous for total plant growth.
- Nitrogenous fertilizers are also in demand due to the requirement of nitrogen to improve the total productivity of the crop and provide a necessary supplement to the land that lacks nitrogen content.
- In context to the form, the dry form is highly preferred over the liquid fertilizers as they can be easily stored, have a better shelf-life, are inexpensive when purchased in bulk, and retain for longer durations in the fields.
- On the basis of application, the fertigation section is expected to hold a considerable share in the NPK fertilizers industry due to the rising demand for implementing the process as it is highly efficient for the nourishment of the crops and enables accurate nutrition to the crop depending on the soil fertility.
- The Asia Pacific market is evaluated to hold dominance during the estimated timeframe due to the changing food patterns and demand for high-quality food grains and food products. Additionally, improvements in the agricultural industry and the increasing cognizance among farmers are driving the market growth of NPK fertilizers in the APAC region.
- The Mosaic Company (US), Deepak Fertilisers & Petrochemicals Corporation Ltd. (India), (Norway), Potash Corporation of Saskatchewan (Canada), CF Industries Holdings (US), Haifa Group (Israel), Borealis AG (Austria), K + S Aktiengesellschaft (Germany), , Hindalco (India), Olam International (Singapore), Agrium (Canada), and Adventz Group (India) are the key participants in the NPK fertilizers market.
For this study, Reports and Data has segmented the global NPK market based on Nutrient type, Crop Type, Form, Application, and Region:
Based On Nutrient Type: (Revenue, USD billion, 2018 – 2028)
- Secondary Nutrients
- Micro Nutrients
Based On Crop Type: (Revenue, USD billion, 2018 – 2028)
- Cereals and Grains
- Fruits and Vegetables
- Oilseeds and Pulses
Based on Form: (Revenue, USD billion, 2018 – 2028)
Based On Application: (Revenue, USD billion, 2018 – 2028)
Based On the Region: (Revenue, USD billion, 2018 – 2028)
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/npk-fertilizers-market
Table Of Content:
Chapter 1. Methodology and Scope
1.1. Market Segmentation & Scope
1.2. Market Definition
1.3. Information Procurement
1.3.1. Purchased Database
1.3.2. Internal Database
1.3.3. Secondary Sources & Third-Party Perspectives
1.3.4. Primary Research
1.4. Information Analysis
1.4.1. Data Analysis Models
1.5. Market Formulation & Data Visualization
1.6. Data Validation & Publishing
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segmental Outlook
2.3. Competitive Insights
Chapter 3. Drip Irrigation Market Variables, Trends & Scope
3.1. Market Introduction
3.2. Penetration & Growth Prospect Mapping
3.3. Industry Value Chain Analysis
3.3.1. Sales/Retail Channel Analysis
3.3.2. Profit Margin Analysis
3.4. Market Dynamics
3.4.1. Market Driver Analysis
3.4.2. Market Restraint Analysis
3.4.3. Industry Challenges
3.4.4. Industry Opportunities
Chapter 10. Competitive Analysis
10.1. Key global players, recent developments & their impact on the industry
10.2. Key Company/Competition Categorization (Key innovators, Market leaders, Emerging players)
10.3. Vendor Landscape
10.3.1. Key company market share analysis
Chapter 11. Company Profiles
11.1. BASF SE (Germany)
11.1.1. Company Overview
11.1.2. Financial Performance
11.1.3. Product Benchmarking
11.1.4. Strategic Initiatives
11.2. Coromandel International (India)
11.2.1. Company Overview
11.2.2. Financial Performance
11.2.3. Product Benchmarking
11.2.4. Strategic Initiatives
11.3. Yara International (Norway
11.3.1. Company Overview
11.3.2. Financial Performance
11.3.3. Product Benchmarking
11.3.4. Strategic Initiatives
11.4. Haifa Group (Israel)
11.4.1. Company Overview
11.4.2. Financial Performance
11.4.3. Product Benchmarking
11.4.4. Strategic Initiatives
11.5. K + S Aktiengesellschaft (Germany)
11.5.1. Company Overview
11.5.2. Financial Performance
11.5.3. Product Benchmarking
11.5.4. Strategic Initiatives
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