Global NPK Market Size study & Forecast, by Production Route (Nitrophosphate, Phosphoric Acid, Granulation of Solids, and Compaction), by Mode of Application (Soil, Foliar, Fertigation, and Others), by Crop (Cereals & Grains, Fruits & Vegetables, Oilseeds

Global NPK Market Size study & Forecast, by Production Route (Nitrophosphate, Phosphoric Acid, Granulation of Solids, and Compaction), by Mode of Application (Soil, Foliar, Fertigation, and Others), by Crop (Cereals & Grains, Fruits & Vegetables, Oilseeds & Pulses, and Others) and Regional Analysis, 2022-2029

Global NPK Market is valued at approximately USD 3.04 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 4.1 % over the forecast period 2022-2029. NPK stands for Nitrogen, Phosphorus (Phosphate), and Potassium. NPK is a type of fertilizer and is used for providing essential nutrients to crops and improving crop quality and yield. Moreover, all fertilizer products provide N-P-K ratio numbers of the proportion of three plant nutrients: nitrogen (N), phosphorus (P) and potassium (K) and it varies for different crop types. For instance, for flowering plants, the ideal NPK ratio is 3-1-2 means 3% Nitrogen, 1% phosphorus & 2% potassium. The increasing demand for fertilizers worldwide and growing adoption of precision farming as well as strategic initiatives from government authorities are key factors accelerating the market growth.

The increasing demand for fertilizers in agriculture applications is contributing to the growth of the Global NPK Market. For instance, according to Statista – in 2020, the global fertilizers industry was valued at USD 171.76 billion, which further increased to USD 193.28 billion, and is projected to grow to USD 241.87 billion by 2030. Moreover, strategic initiatives from government authorities towards the commencement of new NPK fertilizers plant are also driving the market space. For instance, in December 2021, India based Rashtriya Chemical and Fertilizer Limited ((RCFL) received approval from the Department of Fertilizers (DOF), Government of India for setting up an NPK plant. This new 1200 MTPD DAP / NPK plant would be set up at RCF's Thal unit, based in Maharashtra State. Additionally, in February 2022, Sweden based Nuberg EPC received the contract to build the brownfield 1650 TPD NPK Plant at The Fertilizers and Chemicals Travancore Limited in Kochi, Kerala, India. Also, increasing demand for NPK fertilizer in developing economies and growing industrialization would create a lucrative growth prospectus for the market over the forecast period. However, high production costs and demand supply gap stifle market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global NPK Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia Pacific dominated the market in terms of revenue, owing to the increasing demand for fertilizers and presence of leading market players. Whereas Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as rising number of investments from government authorities in fertilizers sector and growing expansion of agriculture sector in the region.

Major market players included in this report are:
Borealis AG (Austria)
AkzoNobel (Netherlands)
Yara International ASA (Norway)
Petróleo Brasileiro S.A. (Brazil)
Agrium Inc. (Canada)
The Mosaic Company (US)
Israel Chemicals Ltd. (Israel)
EuroChem (Switzerland)
PotashCorp (Canda)
K+S AKTIENGESELLSCHAFT (Germany)
Recent Developments in the Market:
 In September 2021, India based Coromandel International launched its new NPK fertilizer range GroShakti Plus in Andhra Pradesh, Telangana, and eastern region markets. Groshakti is an NPK fertilizer fortified with zinc.

 In September 2022, Amsterdam, Netherlands based Nouryon entered into a definitive agreement to acquire Poland based ADOB Fertilizers. ADOB is a leader in water-soluble fertilizers and micronutrients.

Global NPK Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Production Route, Mode of Application, Crop, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Production Route
Nitrophosphate
Phosphoric Acid
Granulation of Solids
Compaction

By Mode of Application
Soil
Foliar
Fertigation
Others

By Crop
Cereals & Grains
Fruits & Vegetables
Oilseeds & Pulses
Others

By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLA
Rest of the World

Companies Mentioned

Borealis AG (Austria)
AkzoNobel (Netherlands)
Yara International ASA (Norway)
Petróleo Brasileiro S.A. (Brazil)
Agrium Inc. (Canada)
The Mosaic Company (US)
Israel Chemicals Ltd. (Israel)
EuroChem (Switzerland)
PotashCorp (Canda)
K+S AKTIENGESELLSCHAFT (Germany)

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