- Development in the agriculture industry will propel the growth of market.
- Inadequate knowledge among the farmers will impede the market growth.
- Global NPK fertilizers market is highly fragmented and the major players have used various strategies to increase their footprints in this market.
Global NPK Fertilizers Market By NPK Fertilizers (Feed-grade and Food-grade), Application (Bakery Products, Dairy Products, Meat & Meat Products, and Beverages), Form (Powder, Liquid, and Others), Type (Nitrogen, Phosphorus, Potassium, and Others), Livestock (Ruminants, Poultry, Swine, Others), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026.
Market Analysis: Global NPK Fertilizers Market
Global NPK fertilizers market is expected to rise from its initial estimated value by registering a steady CAGR of 3.86% during the forecast period of 2019-2026. This rise in market value can be attributed to the rising consumption of bakery and dairy product from the global consumers.
Market Definition: Global NPK Fertilizers Market
NPK fertilizer is combination of three nutrients such as nitrogen, phosphorus, and potassium. It is used as the fertilizer in the agriculture industry to meet the demand of healthy crops. The fertilizers are widely used in the agriculture industry to assure the healthy growth of plant and are available in the various forms such as gaseous, liquid, and granular form. The fertilizer enhances the nutrient and water use efficiency further reducing the application cost.
- Rise in adoption of farming along with enhanced crop protection provided by the NPK fertilizers will boost the market growth
- Prevailing consumption of meat and dairy products will also uplift the market growth in the forecast period
- Increasing awareness regarding the quality of food and feed products is another factor boosting the market growth in the forecast period
- Development in the agriculture industry will also propel the growth of market
- Inadequate knowledge among the farmers will also impede the market growth
- High production cost along with fluctuations in the storage will restrict the growth of the market
- Stringent government rules and regulations for the production of these fertilizer is another factor which hamper the market growth
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Key Developments in the Market:
- In October, 2019, Acron Group, a mineral fertilizer producer signed supply agreements for 100,000 t of ammonium nitrate and NPK at Golden Autumn Russian agro-industry trade show. Under this agreement company will supply 100,000 t of ammonium nitrate and NPK with Russian regional agricultural producers such as Orel, Bryansk, and Novgorod. The company increased their market share in Russian market
- In February 2017, Deepak Fertilisers & Petrochemicals Corporation Ltd (DFPCL), a producer of NPK fertilisers expanded their business in Indian market. The new plant at Taloja (Maharashtra) is formed to produce NPK fertilisers under the brand named as Mahadhan. The company expanded their production capacity for the Indian market
Global NPK fertilizers market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of NPK fertilizers market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Key Market Competitors:
Few of the major competitors currently working in global NPK fertilizers market are FEECO International, Inc., Borealis AG., Akzo Nobel N.V., Yara, Petrobras, Nutrien Ltd., The Mosaic Company, ICL, EuroChem Group, K+S AKTIENGESELLSCHAFT, PhosAgro, Haifa Group, DFPCL, HELM AG, Helena Agri-Enterprises, LLC, EuroChem Agro GmbH, AgroLiquid., COMPO EXPERT among others.
Research Methodology: Global NPK Fertilizers Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your enquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, top to bottom analysis and vendor share analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.