NPK fertilizers Global Market Report 2024

NPK fertilizers are named for main components such as nitrogen, phosphorus, and potassium, and their proportions are represented by the NPK ratio. For example, a fertilizer labeled as 20-20-20 indicates equal proportions of these three essential nutrients. This type of fertilizer, also known as a balanced or complete fertilizer, provides crucial elements for plant development and overall health.

The main types of NPK fertilizers include those containing phosphorus, nitrogen, potassium, and others that may include secondary nutrients and micronutrients. Phosphorus is a vital component for the growth of seeds, plants, and roots. The presence of phosphorus aids in various growth processes, and its levels in the soil can diminish due to factors like erosion. NPK fertilizers come in various forms, such as powder, liquid, and others like crystals, prills, and pellets. Additionally, NPK fertilizers can be classified into two main types based on their nature: organic and synthetic. Organic NPK fertilizers are derived from natural sources, while synthetic ones are chemically manufactured.

The NPK fertilizers market research report is one of a series of new reports that provides NPK fertilizers market statistics, including NPK fertilizers industry global market size, regional shares, competitors with an NPK fertilizers market share, detailed NPK fertilizers market segments, market trends and opportunities, and any further data you may need to thrive in the NPK fertilizers industry. This NPK fertilizers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The npk fertilizers market size has grown strongly in recent years. It will grow from $3.67 billion in 2023 to $3.92 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth observed in the historical period for NPK fertilizers can be attributed to several factors, including the expansion of agriculture, population growth increasing food demand, concerns about soil nutrient depletion, efforts toward crop intensification, and government subsidies supporting agricultural practices.

The npk fertilizers market size is expected to see strong growth in the next few years. It will grow to $5.36 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The anticipated growth in the forecast period for NPK fertilizers can be attributed to various factors, including the impact of climate change on agriculture, continued government subsidies, the growth of organic agriculture, regulatory changes affecting farming practices, and the increasing adoption of mechanization and modern farming techniques. Major trends expected in this forecast period encompass the rise of precision agriculture, a focus on sustainable farming practices, the development of innovative formulations in fertilizers, the growth of urban agriculture, and the adoption of water-saving technologies in farming.

The growth of the NPK fertilizers market is being fueled by the increasing demand for fertilizers. Fertilizers, containing chemical components essential for plant growth, are in rising demand due to their ability to replenish soil nutrients depleted by previous crops and enhance inherent land fertility. NPK fertilizers, a primary source of plant nitrogen nutrition, are particularly popular. According to a report by the United Nations Environment Program in 2022, global demand for pesticides and fertilizers has significantly increased over recent decades, with anticipated combined sales reaching USD 309 billion and expanding by approximately 4.1% by 2025. This surge in fertilizer demand is expected to drive the NPK fertilizers market during the forecast period.

The growth of the NPK fertilizers market is anticipated to be further propelled by the increasing global demand for food. With the world's population expanding and dietary preferences evolving, there is a heightened need for enhanced agricultural production, improved crop quality, and diversified food options. NPK fertilizers play a crucial role in meeting these demands by boosting crop yields, improving nutritional content, and overall quality. As revealed in a report by the United States Department of Agriculture in July 2023, global food service and retail sectors provided around $2.39 trillion worth of food in 2022, a notable increase from the previous year. The escalating global food demand is a significant driver for the NPK fertilizers market.

A notable trend in the NPK fertilizers market is the emphasis on technological innovation. Leading market players are investing in developing new products with innovative technologies to meet the demands of end-users and strengthen their market presence. For instance, in September 2021, Coromandel International Ltd., an India-based fertilizer producer, introduced GroShakti Plus, a product designed to enhance crop yield and quality through perfectly balanced nutrition. GroShakti Plus contains all three major nutrients (NPK) and boasts the highest nutrient content among complex fertilizers, particularly the highest Phosphorous content among NPK fertilizers.

Major companies operating in the NPK fertilizers market are focusing on the development of water-soluble fertilizers to maintain their market position. Water-soluble fertilizers, which easily dissolve in water to form liquid fertilizer solutions, offer effective nutrient delivery. In June 2023, ICL Group Ltd., an Israel-based specialty food ingredients company, launched a new line of advanced water-soluble fertilizers under their Nova brand, targeting the North American agriculture market. These solutions, such as Nova FINISH, Nova PULSE, Nova ELEVATE, and Nova FLOW, aim to provide high-purity, water-soluble N-P-Ks and micronutrients tailored to crop nutrient requirements.

In April 2023, Petchem Investment Holdings Pte. Limited, a Singapore-based investment holding company, acquired a 51% stake in TAK Agro & Chemicals Limited for an undisclosed amount. This strategic acquisition allowed Petchem Investment Holdings to expand its presence in the fertilizer sector, offering quality NPK fertilizers alongside Urea and contributing to increased fertilizer consumption in Nigeria. TAK Agro & Chemicals Limited, based in Nigeria, imports, manufactures, and blends fertilizers for the agricultural sector.

Major companies operating in the npk fertilizers market include Aditya Birla Chemicals Ltd., Agrium Inc., AkzoNobel N.V., Alltech Biotechnology Pvt Ltd., Borealis AG, Kingenta Ecological Engineering Group Co Ltd., Yara International ASA, Xinyangfeng Agricultural Technology Co Ltd., EuroChem Group AG, China Xinlianxin Fertilizer Co Ltd., BASF SE, Coromandel International Ltd., Fertilizer Engineering & Equipment Company Inc., Potash Corporation Of Saskatchewan Inc., CF Industries Holdings Inc., Trance Resource Inc., K + S Aktiengesellschaft, Mosaic Global Holdings Inc., Hindalco Industries Ltd., Nutrien Ltd., Uralkali PJSC, Sociedad Química y Minera de Chile S.A., Israel Chemicals Ltd., Indian Farmers Fertiliser Co-operative Ltd., Kali und Salz GmbH, OCI Co Ltd., PhosAgro, Sinofert Holdings Ltd., CVR Partners LP

Asia-Pacific was the largest region in the NPK fertilizer market in 2023, and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the NPK fertilizer market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the NPK fertilizer market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The NPK fertilizers market consists of sales of chlorine-based compound fertilizer and urea-based compound fertilizer. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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