NPK Fertilizers Market Insights: Trends and Forecast for 2024

The global NPK fertilizers market size is expected to reach USD 94.60 billion by 2030 and is projected to grow at a CAGR of 3.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market plays a crucial role in supporting the agriculture agricultural industry by enhancing crop yields and ensuring food security. The NPK fertilizers are indispensable for plant growth, improving soil health, and sustaining global agricultural production. As the world grapples with increasing food demand and shrinking arable land, the importance of NPK fertilizers continues to rise, driving the market’s steady expansion.

The most significant factor driving the market growth is the ever-increasing global demand for food. The world’s population is expected to reach 9.7 billion by 250, and this population boom is straining the global food supply. As agricultural land becomes more limited, farmers are under pressure to maximize yields from existing fields. NPK fertilizers are an essential component of modern farming techniques that help farmers meet this demand by enhancing soil fertility and promoting higher yields.

The report “NPK Fertilizers Market Size, Share & Trends Analysis Report By Crop Type (Cereals & Grains, Oilseeds & Pulses), By Mode of Application (Fertigation, Foliar), By Form, By Region, And Segment Forecasts, 2024 – 2030” is available now to Grand View Research customers and can also be purchased directly

Advancements in fertilizer technology have been pivotal in driving growth in the market. Modern production methods are making it easier to create more efficient slow-release NPK fertilizers, which provide a steady supply of nutrients to plants over an extended period. Precision agriculture technologies such as satellite-guided nutrient application have also made fertilizer use more targeted and efficient, reducing waste and minimizing environmental impact.

Governments around the world, particularly in emerging economies, are recognizing the importance of fertilizers in achieving food security. Many countries have introduced subsidies, incentives, and supportive policies to encourage the use of NPK fertilizers. In countries such as India and China, where agriculture is a major economic sector, governments have implemented extensive subsidy programs to lower the cost of fertilizers for farmers, driving market demand.

NPK Fertilizers Market Report Highlights:

• Based on form, the liquid form dominated the market and accounted for a revenue share of 61.29% in 2023. Liquid NPK fertilizer is a concentrated solution that provides plants with the essential nutrients Nitrogen (N), Phosphorus (P), and Potassium (K) in a soluble form. This formulation allows plants to quickly absorb, leading to more immediate effects than solid fertilizers.
• In terms of crop type, fruits & vegetables emerged as the fastest-growing crop type, which is anticipated to witness a CAGR of 3.8% over the forecast period. Fruits & vegetables also greatly benefit from NPK fertilizers, which have a composition more suited to their unique nutritional needs. The correct NPK formulas enhance fruit size, improve vegetable quality, and boost overall yield.
• In terms of mode of application, fertigation emerged as the fastest-growing mode, which is anticipated to grow at a CAGR of 3.6% over the forecast period. Fertigation involves injecting NPK fertilizers into the irrigation system and distributing nutrients directly to the plant’s root zone. This method allows for precise control over the timing and rate of fertilizer application, ensuring that plants get exactly what they need for optimal growth.
• Asia Pacific dominated the market and accounted for a 53.05% share in 2023. This growth is attributed to increasing demand and consumption of processed and convenience food in the region.

Order your free sample copy of “NPK Fertilizers Market Report 2024 – 2030, published by Grand View Research

NPK Fertilizers Market Segmentation

Grand View Research has segmented the global NPK fertilizers market based on crop type, mode of application, form, and region:

• NPK Fertilizer Crop Type Outlook (Volume, Kilotons; Revenue, USD Billion, 2018 – 2030­)

• • Cereals & Grains

• • Oilseeds & Pulses

• • Fruits & Vegetables

• • Other Crop Types

• NPK Fertilizer Mode of Application Outlook (Volume, Kilotons; Revenue, USD Billion, 2018 – 2030)

• • Fertigation

• • Foliar

• • Others

• NPK Fertilizer Form Outlook (Volume, Kilotons; Revenue, USD Billion, 2018 – 2030)

• • Dry

• • Liquid

• NPK Fertilizer Regional Outlook (Volume, Kilotons; Revenue, USD Billion, 2018 – 2030)

• • North America

• • • U.S.

• • • Canada

• • • Mexico

• • Europe

• • • Germany

• • • UK

• • • France

• • • Italy

• • • Spain

• • Asia Pacific

• • • China

• • • Japan

• • • India

• • • South Korea

• • Central & South America

• • • Brazil

• • • Argentina

• • Middle East and Africa

• • • Saudi Arabia

• • • South Africa

List of Key Players in the NPK Fertilizers Market

• Akzo Nobel N.V.
• AGROFERT
• Yara International ASA
• The Mosaic Company
• Isarel Chemicals Ltd.
• Eurochem
• PotashCorp.
• K+S Akitengesellschaft
• Haifa Chemical Ltd
• Aditya Birla Chemicals

About Grand View Research:

Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. To help clients make informed business decisions, we offer market intelligence studies, ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials, and energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights. For more information, visit www.grandviewresearch.com

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058
Email:  sales@grandviewresearch.com