New York, March 29, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "NPK fertilizers Global Market Report 2023" - https://www.reportlinker.com/p06325392/?utm_source=GNW
, Helena Agri-Enterprises, LLC, ICL Group, IFFCO, J.R. Simplot Company, MAPCO Fertilizers, Sino Arab Chemical Fertilizer Co. Ltd., Stanley Fertilizer Co. Ltd., and URALCHEM Group.
The global npk fertilizers market grew from $3.4 billion in 2022 to $3.58 billion in 2023 at a compound annual growth rate (CAGR) of 5.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The npk fertilizers market is expected to grow to $4.32 billion in 2027 at a CAGR of 4.8%.
The NPK fertilizers market consists of sales of chlorine-based compound fertilizer and urea-based compound fertilizer.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The NPK fertilizers consist of three numbers that represent the proportions of nitrogen, phosphorus, and potassium in an NPK fertilizer are known as the NPK ratio.NPK fertilizer, also known as a 20-20-20 fertilizer, provides three crucial nutrients for plant development and general plant health.
The NPK fertilizers are used for the growth of plants.
Asia-Pacific was the largest region in the NPK fertilizer market in 2022, and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the NPK fertilizer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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.
The increasing demand for fertilizers is driving 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.
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.
In February 2020, ICL Group a US-based company engaged in specialty minerals that creates impactful solutions for humanity’s sustainability challenges in the global food, agriculture, and industrial markets acquired Growers Holdings for an undisclosed amount.With this Growers expands and strengthens the offering of agro-digital services and the capability of ICL Group to develop innovative solutions to generate higher agricultural yields and more efficient and sustainable agricultural practices.
Growers Holdings is a US-based company involved in enhancing the decision-making capabilities of farmers, agronomists, and other agro-professionals by creating easily adaptable and executable data-driven recommendations.
The countries covered in the NPK fertilizer market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The NPK fertilizers market research report is one of a series of new reports that provides NPK fertilizers market statistics, including NPK fertilizers industry global market size, regional shares, competitors with an NPK fertilizers market share, detailed NPK fertilizers market segments, market trends and opportunities, and any further data you may need to thrive in the NPK fertilizers industry. This NPK fertilizers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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