COVID-19 Impact on the NPK Fertilizers Market

 Breaking News
  • No posts were found

COVID-19 Impact on the NPK Fertilizers Market

June 15
18:28 2020
COVID-19 Impact on the NPK Fertilizers Market

The global NPK fertilizers market size is projected to grow from USD 87.2 billion in 2020 and projected to reach USD 88.7 billion by 2021, at a CAGR of 1.8%

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.

COVID-19 Impact on NPK Fertilizers Market

Download PDF brochure:

By nutrient type, nitrogenous fertilizers segment to dominate the NPK fertilizers market between 2020 and 2025.

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.

By crop type, fruits & vegetables segment to witness the highest CAGR during the forecast period.

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.

Speak to Analyst:

APAC expected to lead the NPK fertilizers market during the forecast period

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.

Some of the major players in the NPK fertilizers market are Nutrien Ltd. (Canada), Yara International ASA (Norway), and ICL (Israel). As the COVID-19 pandemic spreads across the world, the fertilizer industry’s supply chain focuses on keeping employees and consumers safe while still providing raw materials for fertilizer production.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States

Related Articles