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NPK fertilizers Market Analysis, Trends, Growth, Research And Forecast 2033
NPK fertilizers Market Analysis
According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
Major companies operating in the NPK fertilizers market are developing water soluble fertilizers to sustain their position in the market. Water-soluble fertilizers are a type of plant nutrient that can easily dissolve in water, forming a liquid fertilizer solution. For instance, 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. This range includes products like Nova FINISH, Nova PULSE, Nova ELEVATE, and Nova FLOW, designed for foliar and fertigation applications. These solutions focus on delivering high-purity, water-soluble N-P-Ks and micronutrients that are tailored to crop nutrient requirements. They are formulated for maximum solubility and compatibility with most herbicides and crop protectants, offering farmers effective ways to provide essential nutrients to their crops.
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Major Key Players of the Market:
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
NPK fertilizers Market 2024 Key Insights:
• The npk fertilizers market size is expected to grow to $5.36 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%.
• Rising Global Food Demand To Drive Market Growth
• Water-Soluble Fertilizers Transforming The Npk Fertilizers Market
• 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.
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