SEATTLE--(BUSINESS WIRE)--The global water soluble NPK fertilizers market was valued at US$ 11,748.8 million in 2019 and is expected to exhibit a CAGR of 6.2% during the forecast period (2020-2027).
Key Trends and Analysis:
The global water soluble NPK fertilizers market has witnessed rapid growth in terms of revenue in the past few years, owing to the increasing demand for water soluble NPK fertilizers due to their high nutritional content. Furthermore, rising adoption of micro irrigation as it distributes fertilizers evenly and improves growth efficiency has increased demand for water soluble NPK fertilizers. For instance, nitrogen in the NPK fertilizer promotes leafy or vegetative growth. It serves as a protein for the plant and is required for processes ranging from growing of new leaves to defending against pests.
Key Market Takeaways:
The global water soluble NPK fertilizers market is expected to exhibit a CAGR of 6.2% over the forecast period (2020-2027). The forest areas have been turned into arable croplands to satisfy the demand of increasing population, which is directly linked to rapid urbanization of developing cities, large scale industrialization, and high energy demand. Furthermore, the previously arable lands have lost their fertility due to global climatic changes and exploitive farming methods. The UN’s Food and Agriculture Organization (FAO) has predicted that emerging economies including China and India will require an excess of 120 million hectares of farmlands by 2030 to satisfy food needs of their increasing population.
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Key players are focusing on adopting various strategies such as mergers, acquisitions, and new product development, among others for strengthening their position in the global market. For instance, in January 2020, Acron Group launched new portfolio of NPK fertilizers at a workshop in Krasnodar, Russia. The product portfolio include fertilizers such as NPKS 19:16:8:3, NPKS 22:15:0:7, NPK 25-9-9, and NPK 23:22:0 complex fertilizers, which feature water-soluble sulfate that improves phosphorus intake of plants.
Water soluble NPK fertilizers are enriched with essential macro-nutrients such as nitrogen (N), potassium (K), and phosphorous (P). Each nutrient helps in improving soil fertility. For instance, Nitrogen promotes leafy or vegetative growth. It serves as a protein for the plant and is required for processes ranging from growing of new leaves to defending against pests. Potassium is important for development of roots and also in the ripening process. The potassium content in the water soluble NPK fertilizers help in stimulating growth, improving resistance to insects & diseases, enhancing the efficiency of water usage, and increasing the protein production in plants. Phosphorus helps in enhancing the plant’s ability to use and store energy, and to efficiently complete the process of photosynthesis. It helps the plants to grow and develop normally.
Governments across the globe are focusing on reducing soil adulteration and promoting organic farming. For instance, the production and import of organic fertilizers have been subsidized by regional government authorities such as EU and USDA, which in turn is creating negative environment for growth of the water soluble NPK fertilizers market.
Major players operating in the global water soluble NPK fertilizers market include Acron Group, Arab Potash Company, Compo Expert GmbH, Coromandel International Limited, Eurochem Group, Haifa Chemicals Ltd., Hebei Monband Water Soluble Fertilizer Co. Ltd., Indian Farmers Fertiliser Cooperative Limited, Israel Chemicals Limited, K+S Aktiegesellschaft, OMEX, PhosAgro Group, PT Petrokimia Gresik, Sichuan Guoguang Agrochemical, SQM S.A., The Mosaic Company, Uralchem Group, and Yara International ASA.
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Global Water Soluble NPK Fertilizers Market, By Application:
Global Water Soluble NPK Fertilizers Market, By Crop Type:
- Field Crops
- Horticultural Crops
Global Water Soluble NPK Fertilizers Market, By Region:
- Rest of Europe
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa
- Middle East
- North America
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