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Description
NPK Fertilizers Market was valued at USD 2.6 billion in the year 2021 and is anticipated to grow USD 3.0 billion till 2028 at a CAGR of 4.2% over the forecast period 2022-2028. 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. 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. 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.
