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NPK Fertilizers Market Projected to Reach $2.9 Billion by 2023, at a CAGR of 4.0%

(Publishing-NewsWire.com, July 30, 2020 ) The NPK fertilizers market (food-grade) is estimated to be valued at USD 2.4 billion in 2018 and is projected to reach USD 2.9 billion by 2023, at a CAGR of 4.0% during the forecast period. Rise in consumption of meat & dairy products due to rising disposable income and focus on nutrition is expected to drive the NPK fertilizers (food-grade) market. The NPK fertilizers market (feed-grade) is estimated to be valued at USD 5.4 billion in 2018 and is projected to reach USD 6.6 billion by 2023, at a CAGR of 4.1% from 2018. These feed-grade fertilizers help animals attain faster growth and increase their weight by providing added nutrition to their meals.

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By form, powder form accounts for the largest market in the NPK fertilizers (food-grade) market during the forecast period

The NPK fertilizers (food-grade) market, by form, has been segmented into powder, liquid, and others. The market is estimated to be dominated by the powder segment in 2018 and is also projected to grow at the highest CAGR. Powdered NPK fertilizers (food-grade) have a longer shelf life compared to liquid NPK fertilizers (food-grade)and are also convenient to apply and transport. These factors drive the powder segment of NPK fertilizers (food-grade).

By application, meat and meat products are expected to grow at the fastest rate during the forecast period.

Based on application, the NPK fertilizers (food-grade) market is segmented into dairy products, bakery products, meat & meat products, and beverages. The meat & meat products segment is estimated to dominate the market in 2018 owing to the increasing demand for processed and packed meat around the world, especially from developing countries such as India, China, and Brazil.

Asia Pacific is projected to be the fastest-growing market during the forecast period

The Asia Pacific market is expected to grow at the highest CAGR from 2018 to 2023. The high growth is attributed to the changing food consumption patterns owing to rising income and urbanization, especially in South Asian countries. Further, growth can be attributed to the increasing urbanization in the region, resulting in a growing demand for food security and quality food. Food manufacturers are expected to use NPK fertilizers (feed-grade and food-grade) as a substitute for regular additives due to their cost-effectiveness and to reduce the final cost of food products, as most countries in the region are price-sensitive.

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This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It consists of the profiles of leading manufacturers such as include Borealis AG (Austria), AkzoNobel (Netherlands), Yara International ASA (Norway), Petróleo Brasileiro S.A. (Brazil), and Agrium Inc. (Canada). Furthermore, The Mosaic Company (US), Israel Chemicals Ltd. (Israel), EuroChem (Switzerland), PotashCorp (Canda), K+S AKTIENGESELLSCHAFT (Germany), Alltech (US), PhosAgro (Russia), Haifa Chemicals (Israel), Aditya Birla Chemicals (India), and SKW Stickstoffwerke Piesteritz (Germany) are the other players that hold a significant share in the NPK fertilizers (feed-grade and food-grade) market.

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