NPK Fertilizers Market, Covid-19 Outbreak, Industry Scenario, Quality, Survey, Regional, Analysis, Segmentation, Key Players and Forecast to 2025

Market Forecast

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 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.

Market USP

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.

Segmentation

By Crop Type

• Cereals & Grains: In 2018, the cereals & grains segment accounted for the largest share of ~35% of the market with wheat, rice, and maize being the major crops. Cereals & grains cultivation is the largest agricultural activity and contributes significantly to the high consumption of NPK fertilizers.

• Fruits & Vegetables

• Oilseeds & Pulses

• Others

By Mode of Application

• Foliar: The fastest-growing segment, adoption of precision farming is the major factor boosting the growth of this segment. Foliar products are gaining importance due to the convenience of application, instant results, and uniform distribution.

• Fertigation

• Others

By Form

• Dry: The dry segment is expected to account for the larger share of the market during the review period. Dry fertilizers are generally used in large fields as they remain in the soil for long periods. These products have fewer risks associated with them as compared to the liquid counterparts due to their slow release activity.

• Liquid

By Region

• Asia-Pacific: Asia-Pacific dominated the global NPK fertilizers market in 2018. Shrinking farm sizes and population growth are the major factors for the growth of the fertilizer industry in the region. Technological advancements and rising awareness among farmers are also driving the growth of the market.

• North America

• Europe

• Rest of the World

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Key Players

• 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)

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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.