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.
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 2025, which is impacting the growth of the NPK fertilizers market.
- 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)
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.
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.
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