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NPK fertilizers Market Outlook 2024: Exclusive Report By The Business Research Company | Aditya Birla Chemicals Ltd., Agrium Inc., AkzoNobel N.V., Alltech Biotechnology Pvt Ltd., Borealis AG, Kingenta Ecological Engineering Group Co Ltd., Yara Internation
NPK fertilizers Market Trends
The Business Research Company offers in-depth market insights through NPK fertilizers Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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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Market Segmentation:
The main types of NPK fertilizers are phosphorus, nitrogen, potassium, and others (secondary nutrients and micronutrient). The phosphorus ingredient is a crucial component for plant growth. The phosphorus aid the growth of seeds, plants, and roots Phosphorus in the soil is reduced for several reasons, including being carried away by rain. The various forms of NPK fertilizers are powder, liquid, and others (crystals, prills, and pellets) The two types of nature of NPK fertilizers are organic and synthetic.
Major Driver - Fertilizer Demand Surge Drives Growth In The Npk Fertilizers Market
The increasing demand for fertilizers is driving the growth of the NPK fertilizers market. Fertilizers are a substance that contains chemical components that help plants grow and produce more. The demand for fertilizers is constantly increasing, as it has potential to restore chemical elements that previous crops removed from the soil or increase the land's inherent fertility. NPK fertilizers are the most commonly used source of plant nitrogen nutrition. For instance, in 2022, according to the United Nations Environment Program's report on ""Environmental and health impacts of pesticides and fertilizers and ways of minimizing them,"" over the past few decades, pesticide and fertilizer demand, production, and consumption have increased significantly globally. By 2025, combined global sales are anticipated to expand around 4.1%, totaling USD 309 billion. Therefore, the rise in demand for fertilizers is expected to boost the demand for NPK fertilizers during the forecast period.
Competitive Landscape:
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
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Top Trend - Technological Advancements Driving Innovation In Npk Fertilizers Market
Technological innovation is a key trend gaining popularity in the NPK fertilizer market. Major market players in NPK fertilizer are developing new products with innovative technologies to meet end-users demands and strengthen their market position. For instance, in September 2021, an India-based fertilizer producer, Coromandel International Ltd launched GroShakti Plus to help the farming community to support enhancing yield and quality. With GroShakti Plus, farmers can benefit from high quality products that provide a perfectly balanced nutrition for their crops. GroShakti Plus has all the 3 major nutrients (NPK), has the highest nutrient content among complex fertilizers, highest Phosphorous content among NPK fertilizers.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. NPK fertilizers Market Characteristics
3. NPK fertilizers Market Trends And Strategies
4. NPK fertilizers Market - Macro Economic Scenario
5. NPK fertilizers Market Size And Growth
…..
27. NPK fertilizers Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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