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Global NPK fertilizers Market 2024 Growth, Trends, Analysis And Forecast To 2033 | Major Payers Are Aditya Birla Chemicals Ltd., Agrium Inc., AkzoNobel N.V., Alltech Biotechnology Pvt Ltd., Borealis AG
NPK fertilizers Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the NPK fertilizers industry. This report on NPK fertilizers market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
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 in the historic period can be attributed to agriculture expansion, population growth, soil nutrient depletion, crop intensification, government subsidies.
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 growth in the forecast period can be attributed to climate change, government subsidies, organic agriculture, regulatory changes, mechanization and modern farming. Major trends in the forecast period include precision agriculture, sustainable farming, innovative formulations, urban agriculture, water-saving technologies.
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Key Market Players:
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
Market Drivers:
According to the NPK fertilizers Market Report 2024 by The Business Research Company, the increasing global food demand is expected to propel the growth of NPK fertilizers market going forward. As the world's population expands and dietary preferences change, there is a heightened need for higher agricultural production, improved crop quality, and diversified food options. NPK fertilizers play a crucial role in meeting these demands by enhancing crop yields, nutritional content, and overall quality. They also support the production of biofuels and animal feedstock, contribute to crop intensification, and enable countries to compete in the global export market. For instance, in July 2023, according to a report published by the United States Department of Agriculture, a US-based federal agency, about $2.11 trillion in food was provided globally by the food service and retail sectors in 2021 and $2.39 trillion in 2022, an increase of $0.28 trillion. Further, global food service establishments provided $1.16 trillion in 2021 and $1.34 trillion in 2022. Therefore, the increasing global food demand is driving the growth of the NPK fertilizers market.
More information about the Global NPK fertilizers Market Report -
https://www.thebusinessresearchcompany.com/report/npk-fertilizers-global-market-report
Market segments for template include:
1) By Type: Phosphorus, Nitrogen, Potassium, Other Types
2) By Form: Powder, Liquid, Other Forms
3) By Nature: Organic NPK Fertilizers, Synthetic NPK Fertilizers
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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𝐍𝐏𝐊 𝐅𝐞𝐫𝐭𝐢𝐥𝐢𝐬𝐞𝐫 𝐏𝐫𝐢𝐜𝐞 𝐈𝐧 𝐔𝐒𝐀
𝐔𝐧𝐢𝐭𝐞𝐝 𝐒𝐭𝐚𝐭𝐞𝐬: 569 USD/MT
The price for NPK fertiliser in the United States reached 569 USD/MT. The NPK fertiliser market in United States fluctuated throughout the quarter mainly due to the rising demand, excessive supply and mixed energy production costs.
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