COVID-19 Impact on NPK Fertilizers Market: Insights & Forecast to 2021

Chicago, 2021-Mar-26 — /EPR Network/ —

The report “COVID-19 Impact on NPK Fertilizers Market by Nutrient Type (Nitrogenous, Phosphate, and Potash), Crop Type (Cereals & Grains, Oilseeds & Pulses, and Fruits & Vegetables), and Region – Global Forecast to 2021″, Post COVID-19, the NPK fertilizers market size is estimated to grow from USD 87.2 billion in 2020 to USD 88.7 billion by 2021, at a CAGR of 1.8% from 2020 to 2021. The major growth drivers for this market include increasing reliance on fertilizers for crop productivity enhancement and rising crop demand for animal feed production.

The increasing population and rising focus on food security have made fertilizers an indispensable part of the farming system. The use of fertilizers is also likely to increase with the expansion of farming to less fertile areas because of competing demand for land use.

Download PDF brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=143983369

Fertilizer manufacturers have adopted expansions & investments as a key growth strategy to increase their share and presence in the global NPK fertilizers market. Some of the major market players include Nutrien Ltd. (Canada), Yara International ASA (Norway), and ICL (Israel).

Nutrien Ltd. has the largest crop nutrient product portfolio, which is combined with a global retail distribution network that includes more than 1,500 farm retail centers. The company specializes in crop nutrition and is engaged in the production and distribution of potash, nitrogen, and phosphate products for agricultural, industrial, and feed manufacturers. Nutrien Ag Solutions, a subsidiary of Nutrien Ltd., is the leading provider of agricultural products and services for western Canadian growers. The company provides an extensive product line that caters to plant nutrient demands, serving specialty markets of greenhouse, nursery, turf, and agricultural food crops. It implemented the 4R Nutrient Stewardship guidelines that focus on applying the right source of nutrients at the right rate, place, and time. Further, due to the COVID-19 outbreak, the company is implementing COVID-19 contingency plans at its manufacturing plants, storage terminal, and agri-retail outlets across the globe to protect employees and the public and to ensure farmers get the fertilizers they need in time for seeding.

Yara International ASA is a leading crop nutrition company. The company’s product segment comprises ammonia, nitrates, calcium nitrate, and NPKs, with a growing portfolio of phosphates, providing the foundation for its crop nutrition and industrial solutions businesses. It provides micronutrients through its crop nutrition segment. The product offering covers both commodity and high-value crops, for which it offers differentiated fertilizer products and services. The segment offers the most comprehensive crop nutrition product portfolio, ranging from standard nitrogen products to complete crop nutrition solutions.

Nitrogenous fertilizers contain nitrogen in the ammonia, ammonium nitrate, nitrate, and amide forms. Nitrate form is required by most crop plants, while paddy requires nitrogen in ammonical form. Nitrate fertilizers are readily soluble in water and are quickly available for plant uptake. Amide fertilizers include urea, which contains high nitrogen and is used for acidifying soils. Nitrogenous fertilizers are effective in increasing crop productivity, especially in irrigated agriculture, where the soils do not contain enough nitrogen.

Request for Customization: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=143983369

The fruits & vegetables segment is projected to witness the highest CAGR in the NPK fertilizers market during the forecast period. The harvesting of fruits and vegetables is a highly labor-intensive activity. The COVID-19 outbreak has affected harvesting and production due to labor shortages. For instance, in the US, the H-2A visa program, which brings some 200,000 foreign workers to US farms each year, will not provide access to workers needed to harvest fruits and vegetables in the southern and western states of the US. Transportation bottlenecks are affecting the local supply chain of fruits and vegetables.

According to FAO, in 2018, the Asia Pacific region was the largest consumer of fertilizers in the world. The share of Asia in world consumption of nitrogen is 62.1%, phosphate 57.6%, and potash 46.4%. Additionally, agricultural technologies are widely accepted and practiced in this region.