According to a report published by FMI, the global NPK Fertilizers Market will be valued at US$ 3.03 Bn in 2023. It is expected to grow at a CAGR of 3.9% during the forecast period, reaching a value of US$ 4.44 Bn by 2033.
NPK fertilizers are gaining significant traction in the agricultural sector, driven by several key factors:
- Enhanced Crop Performance: NPK fertilizers not only improve crop quality but also boost yields, leading to higher productivity for farmers.
- Cost-Effectiveness: Their application reduces overall fertilizer costs compared to traditional methods.
- Rising Public Awareness: Consumers are increasingly interested in the benefits of NPK fertilizers, leading to a higher demand for food products grown using these methods.
- Shifting Dietary Trends: The growing popularity of commercial feed, high-protein foods, and fresh produce fuels the demand for NPK fertilizers to support this dietary shift.
he NPK fertilizer market is experiencing growth due to several converging factors:
- Increased Demand for Quality Produce: Consumers’ desire for fresh fruits, vegetables, grains, and other produce is driving the need for efficient and sustainable farming practices, which NPK fertilizers support.
- Focus on Sustainability: The emphasis on responsible farming methods aligns well with the targeted nutrient delivery of NPK fertilizers, minimizing environmental impact.
Request Sample Report and Drive Impactful Decisions: https://www.futuremarketinsights.com/reports/sample/rep-gb-16258
Growing demand for NPK fertilizers has been spurred by advancements in farming and agriculture techniques. As most leading manufacturers are well aware, consumers demand high-quality food grains and foodstuffs.
Key Takeaways from the NPK Fertilizers (Feed-Grade and Food-Grade) Market
- The global market for NPK fertilizers is projected to generate US$ 4.44 Bn by 2033, growing at a CAGR of 3.9%.
- It is expected that Asia Pacific will continue to hold the largest market share and grow at a moderate-paced CAGR of 6% predicted to reach US$ 641.31 Mn by 2033.
- Phosphorus market is growing at a CAGR of 4.5% and is expected to reach US$ 2.2 Bn by 2033.
- The powder segment is projected to be the fastest-growing form of NPK fertilizers (feed-grade and food-grade). In the powder segment, consumers are attracted mainly by its ease of use, consistency, and ability not to alter the desired texture of food products.
- China is expanding at a CAGR of 6.6% while Germany is growing at a CAGR of 2.8% in the forecast period.
- US registered a market valuation of US$ 769.51 Mn in 2023 and is projected to reach a valuation of US$ 947.27 Mn by the end of 2033.
“Dairy products, meat products, bakery products, and beverages are among the industries that are increasing their demand for NPK fertilizers (feed-grade and food-grade). This is driving the market to grow.” – Nandini Roy Choudhury, Client Partner at Future Market Insights
Competition Landscape in the NPK Fertilizers (Feed-Grade and Food-Grade) Market
To expand their product portfolios and attract consumers from a variety of industries, several manufacturers are introducing multi-performance variants. Among the strategies, companies employ to improve their market position in mergers and acquisitions. These strategies have helped the company become more competitive and improve its market position.
Borealis AG (Austria), Yara International ASA (Norway), Petróleo Brasileiro S.A. (Brazil), The Mosaic Company (US), AkzoNobel (Netherlands), Israel Chemicals Ltd. (Israel), EuroChem (Switzerland), PotashCorp (Canada), Agrium Inc. (Canada), Alltech (US), PhosAgro (Russia), Haifa Chemicals (Israel), Aditya Birla Chemicals (India), SKW Stickstoffwerke Piesteritz (Germany) are some of the key players operating the global NPK fertilizers (feed-grade and food-grade) market.
Embrace Smarter Choices With Our Methodology-Derived Insights: https://www.futuremarketinsights.com/request-report-methodology/rep-gb-16258
Recent Developments in the NPK Fertilizers (Feed-Grade and Food-Grade) Market
- EuroChem announced in February 2022 that it had begun exclusive negotiations to acquire Borealis’ nitrogen operations.
- Sinofert Holdings Limited, a subsidiary of State Power Investment Corporation (SPIC), invests in Sinofert II LLC, a fertilizer manufacturing company in India with the same annual production capacity as SPIC’s existing plant in Sichuan Province, China.
- Petrobras’ fertilizer plant will be purchased by the Russian company Acron in February 2022.
- The Acron Group has developed new brands of NPK complex mineral fertilizers for cereal crops grown in West and East Africa. These new products are being developed at the company’s Veliky Novgorod site in Russia.
Gain Immediate Access to Detailed Market Insights Purchase Now: https://www.futuremarketinsights.com/checkout/16258
NPK Fertilizers Market by Category
By Type, the NPK Fertilizers Market is Segmented as:
- Nitrogen
- Phosphorus
- Potassium
- Others
By Form, the NPK Fertilizers Market is Segmented as:
- Powder
- Liquid
- Others
By Application, the NPK Fertilizers Market is Segmented as:
- Bakery Products
- Meat & Meat Products
- Dairy Products
- Beverages
By Region, the NPK Fertilizers Market is Segmented as:
- North America
- Latin America
- Europe
- The Middle East and Africa
- East Asia
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Nandini Singh Sawlani
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube