Fertilizers play a vital role in plant growth and soil amendment by supplying essential nutrients to the soil. NPK – which stands for Nitrogen (N), Phosphorus (P), and Potassium (K) – are among the major components of fertilizers that aid in soil nourishment. Complete fertilizers that are labelled as ‘10-10-10’ contain nitrogen, phosphorus, and potassium in balanced amounts. Increasing availability of food-grade and feed-grade NPK fertilizers, growing awareness about the plant health benefits associated with these products, rapidly expanding agricultural industry, and growing demand for organic fertilizers have led to the global NPK fertilizers market revenue growth in the recent past. Furthermore, rapid shift towards advanced farming techniques such as precision farming has boosted demand for high-quality fertilizers, thus driving the global market growth.
The COVID-19 pandemic has led to the downfall of the overall global fertilizer industry. The supply chain disruption in the market has affected the farmers on a vast scale. It has caused uncertainty in the raw material transportation and led to the shutting down of many businesses and trades, following the lockdown rules to limit the virus from spreading.
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Factors such as lack of awareness about the fertilizer benefits and the high costs related to production are significant restraints of the NPK fertilizers market.
Key Participants In The NPK Fertilizers Market:
Borealis AG (Austria), Olam International (Singapore), CF Industries Holdings (US), Coromandel International (India), BASF SE (Germany), Yara International (Norway), Adventz Group (India), FEECO International, Inc. (Norway), K + S Aktiengesellschaft (Germany), Potash Corporation of Saskatchewan (Canada Haifa Group (Israel), The Mosaic Company (US), Hindalco (India), Agrium (Canada), Deepak Fertilisers & Petrochemicals Corporation Ltd. (India),
Further key findings:
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For this study, Reports and Data has segmented the global NPK market based on Nutrient type, Crop Type, Form, Application, and Region:
Based On Nutrient Type: (Revenue, USD billion, 2018 – 2028)
Based On Crop Type: (Revenue, USD billion, 2018 – 2028)
Based on Form: (Revenue, USD billion, 2018 – 2028)
Based On Application: (Revenue, USD billion, 2018 – 2028)
Based On the Region: (Revenue, USD billion, 2018 – 2028)
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