NPK Compound And Specialty Fertilizers Market Size is estimated to be valued at USD 38,967.5 Million in 2021 and expected to grow at a significant CAGR of 2.3% over 2022-2028. The expansion of the agricultural sector is driving the global NPK fertilizer market. The innovation of new technology and higher crop yield also increases the demand for NPK fertilizers across the globe. The demand for food in major dominating regions such as North America and the Asia Pacific region has paved the way for opportunities in the growth of the NPK Fertilizers Market. The NPK compounds & specialty fertilizer market is fueled by the growth in the agriculture sector worldwide. However, the demand for fruits and vegetables later created a demand for increased cultivation. The Powder segment has a higher value than all the other segments. Powdered NPK fertilizers (food-grade) have a longer shelf life than liquid NPK fertilizers (food-grade), and they are also easier to apply and transport. These elements influence the powder segment of NPK fertilizers (food-grade).
Recent Market Developments:
In September 2021, Yara announced the acquisition of Ecolan Oy, a Finnish producer of recycled fertilizers. This is Yara’s first acquisition in the organic fertilizer segment and reflects their commitment to play a bigger role in organic farming and in contributing to the circular economy.
In February 23, 2022, EuroChem Group (hereafter ‘EuroChem’, or ‘the Group’), a leading global fertilizer producer, announces that it has completed the acquisition of the Serra do Salitre phosphate project in Brazil.