NPK Fertilizers Market was valued at USD 2.4 billion in the year 2018 and is anticipated to grow USD 2.9 billion till 2023 at a CAGR of 4.0 over the forecast period.
NPK Fertilizers Market – Overview
Fertilizers are available in organic or inorganic materials. They are applied to plant as they provide the essential nutrients for the required growth of the plant. Composition of nutrients in fertilizers categorizes them into nutrient or multi-nutrient fertilizers. NPK fertilizers consist of the mixture of three important nutrients essential for the growth of the plant are phosphorus, potassium and nitrogen. All three nutrients are essential for the growth of the plant. Nitrogen is needed for plants to perform several plant functions, nitrogen drives the vegetative growth and phosphorus is essential for plant functions like seed, flower and root growth formation. Potassium has the potent to enhance disease resistance and required element for plants to survive and promote the root growth.
NPK Fertilizers Market – Driving and Restraining factors
There is an increasing use of NPK fertilizers because of the growing farming practices are going on around the globe. Another market fueling factor is the increasing global population. It is important to grow sufficient crops to serve to growing population and in turn lead towards the growth of the NPK fertilizers market. Growing count of industries is expanding around the globe and consequently demands for fertilizers increases. There are a few other market drivers that include increasing adoption of farming with improved crop protection offered by the NPK fertilizers, growing awareness about the food quality and feed products and new developments in the agriculture field. High intake of dairy and meat products will drive the NPK fertilizers market during the forecast period. Efficient advances in farming techniques have given rise to the growth of NPK fertilizers. Consumer demand for best quality food is another market booming factor. Furthermore a few factors which restrain the market growth are poor knowledge of the farmers, strict government regulations to produce such fertilizers and high production price. Another chief constrain of the market is high investments involved in the production of NPK fertilizers. Skepticism and lack of alertness amid the farmers about the use of NPK fertilizers will impede the market growth.
NPK Fertilizers Market – Segmentation
The global NPK fertilizer market has been segmented by form, by distribution channel, by crop type and by region.
By Distribution Channel
By Crop Type
- Seeds and Pulses
- Cereals and Grains
- Fruits and Vegetables
- South America
- United Kingdom
- South Korea
The Asia Pacific is anticipated to grow at a crucial rate because of the huge adoption of fertilizers in several countries as these fertilizers provide several environment advantages like they provide essential nutrients to plants. Another reason for booming the NPK fertilizer market in Asia Pacific is modern agricultural practices is promoted by government in this region.
Key players in the market are adopting strategies like new technologies launches and acquisitions. Major Key players operating in NPK fertilizer market are given below:
- Acron Group,
- Agroliquid, Compo Expert GmbH,
- EuroChem Agro GmbH,
- Haifa Chemicals Ltd
- Helena Chemical Co
- Helm AG
- Israel Chemical Ltd
- Shandong Liaocheng Luxi Chemical Sale Co. Ltd.
- Yara International ASA
The increasing demand for NPK fertilizers is typified by the growing number of industries. These industries are expanding their place in the market. For example, Thailand based industry named Sojitz group produces best quality NPK fertilizers has expanded its wholesale business into Myanmar.