Global NPK Fertilizers Market is expected to cross USD 25 billion by 2025 at a CAGR of 2.3% during the forecast period of 2019 to 2025. 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 many 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.
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- 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)Market Segment
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.
North America: North America accounted for more than 25% of the global NPK Fertilizers Market in 2018. The regional market is expected to register steady growth during the forecast period.
US: The US is the largest country-level market in the region. There is a need to increase crop yields in the US. This can be attributed to shrinking farmlands due to the use of agricultural land for development, as well as soil erosion and environmental factors, resulting in the increased use of fertilizers in the country.
Europe: Europe is expected to account for a significant share of the NPK fertilizers market during the review period. Western Europe is a mature market for NPK fertilizers with slow growth projected during the forecast period; however, the market in Eastern Europe is expected to register high growth. Environmental concerns regarding the use of chemicals in agriculture are impacting the growth of the market.
Asia-Pacific: The Asia-Pacific NPK fertilizers market is projected to be the largest and fastest-growing during the review period. The market is expected to register a CAGR of approximately 3.1% from 2019 to 2025. Increasing pressure on farmers to increase crop yield due to a growing population is driving the growth of the market.
Rest of the World: The market in the rest of the world accounted for the smallest revenue share of the global NPK fertilizers market in 2018. South America is a major market for NPK fertilizers in the region with Brazil being the largest country-level market. However, the market in the Middle East is expected to register the highest CAGR during the review period.
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