NPK fertilizers Market: Market Outlook
NPK is an important fertilizer for soil and provides the essential micronutrient in soil. NPK fertilizers consist three chemicals Nitrogen, Phosphorus, and potassium. NPK fertilizers forms an ideal ratio of 16-16-16 and tells about the volume contain by nitrogen, phosphorus, and potassium which is further used in all-purpose of the garden, lawn feeding trees, shrubs, evergreens, flowers, and vegetables. Some plants are not grow due to a lack of nutrient in the soil. Fertilizers use to improve soil fertility and enhance the growth of the plant. Plant need six primary nutrients for growth as hydrogen, water, oxygen, nitrogen, phosphorus, and potassium. Excess the amount of NPK fertilizers will ruin the crop. Organic and synthetic are the two types of fertilizers is available in the market. Natural fertilizers are slow in comparison to synthetic fertilizer but more affective then the synthetic fertilizer. Natural fertilizer extracted from plants and natural thinks such as mushroom manure, blood meal, bone meal, poultry or horse manure, and compost. Synthetic fertilizer is made of different chemicals and acts faster than natural fertilizers. Power fertilizers has more shelf life in comparison to liquid.
An increase in the yield of the crop and higher production surge the demand for NPK fertilizers in the global market.
Higher the consumption of fruits and vegetables and increase the productivity of the crop drived the NPK fertilizer growth in the global market. Adoption of new farming technology and enhanced crop fertility are the factors that derived the growth of NPK fertilizers in the global market. Moreover, the disease outlook in livestock and awareness of the quality food products increased the demand for NPK fertilizer products in the international market. However, stringent regulation by the government and lack of knowledge may hamper the growth of NPK fertilizer in the global market. Innovation in technology and improved the efficiency of the fertilizers are attracting the farmers to use the NPK fertilizer in comparison to another one. The demand for NPK fertilizer is also higher in the market as it increases the nutrient of the soil, the water content in the plant and reduces the application cost. Fluctuation in price, storage, and handling cost are some restrain may affect the growth of NPK fertilizer market in the global market. Water-soluble of fertilizer is more demand in the market due to its increase the crop productivity and meet rising demand.
Global NPK fertilizers Market: Segmentation
On the basis of type, the NPK fertilizers market has been segmented as follows:
On the basis of form, the NPK fertilizers market has been segmented as follows:
On the basis of Application, the NPK fertilizers market has been segmented as follows:
On the basis of region, the NPK fertilizers market has been segmented as follows:
Global NPK fertilizers Market: Key Players
Some of the key players of NPK fertilizers market are Yara International ASA, Euro Chem.group, Acron, MINUDOBRENIYA (Rossosh), Comessa, ICL fertilizer, Helena Chemical Co., IFFCO ,Helm AG, Azomures, Uralchem group, NPK FERTILIZERS FERTILIZERS Expert International, PhosAgro group, Kingenta ecological engineering group, Xinyangfeng fertilizer Co. Ltd, Stanley Fertilizer Co. Ltd, Luxi Chem. Industry, Sino Arab Chemical Fertilizer Co.Ltd , Batian,Huachang Chem.,Shandong Hongri Acron Chem., Hubei Yihua Fertilizer Industry Co. Ltd, Yangmei Fengxi Fertilizer Ind. Grp, shindoo chemi-industry co,.ltd., Yuntianhua Group Co.,Ltd., Henan Xinlianxin Chemicals Ltd., Liuguo Chem.Ltd. and others.
Opportunities for Market Participants in the NPK fertilizers Market-
The NPK fertilizer market driven by the growth in the agriculture sector across worldwide. The innovation of new technology and higher the crop yield increase the demand for NPK fertilizers across the globe. Asia pacific region grabs the largest share in the world and stands as a leading player for the last two years. China and India are the leading countries in consumption NPK fertilizers. North America is next in cue after Asia and covers a one-third market. Higher the profit in the horticulture industry, increase the disposable income of farmers are some of the factors that grow demand of NPK fertilizers in the global market.
COVID-19 Impact on NPK fertilizers Market
The spread of COVID-19 has restricts all activities in the global market. The global economy affected by this pandemic and stopped other essential industries. The NPK fertilizer market has highly affected due to tight supply, low demand, lack of storage. Closing of international ports and lack of supply chain are the factors that affect the NPK market. Moreover, limited production in agriculture due to unfavourable monsoon lack of labour will be expected to moderate impact on NPK fertilizer.