COVID-19 Impact on NPK Fertilizers - Global Market Outlook (2019 -2027)
According to Stratistics MRC, the Global COVID-19 Impact on NPK fertilizers Market is accounted for $82.64 billion in 2019 and is expected to reach $109.67 billion by 2027 growing at a CAGR of 3.6% during the forecast period. While the elements like increasing demand of crop for animal feed production and improved reliance on fertilizers for crop productivity development are driving the market growth. However, an inconsistent raw material price is hampering the market growth.
NPK fertilizers are widely and frequently used in farming, resulting in high demand across the globe. NPK fertilizers are designed to meet the requirements of the primary nutrients in one product, thereby reducing labor and other costs. These products are available in generic form for use on multiple crops or customized for crop requirements.
Based on the nutrient type, the nitrogenous fertilizers segment is likely to have a huge demand due to these fertilizers are an efficient means of growing crop productivity, particularly in irrigated agriculture, where the soils do not consist of sufficient nitrogen. Nitrogenous fertilizers include nitrogen in nitrate, ammonium 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 a high nitrogen level and is used for acidifying soils. By geography, the Asia Pacific is going to have lucrative growth during the forecast period due to the presence of large farming communities in China and India using fertilizers.
Some of the key players profiled in the COVID-19 Impact on NPK fertilizers Market include BASF SE, Borealis AG, Coromandel International, Deepak Fertilisers & Petrochemicals Corporation Ltd., FEECO International, Inc., K + S Aktiengesellschaft, Olam International, Potash Corporation of Saskatchewan, and Yara International.
Nutrient Types Covered:
• Phosphate Fertilizers
• Potash Fertilizers
• Nitrogenous Fertilizers
Crop Types Covered:
• Fruits & Vegetables
• Cereals & Grains
• Oilseeds & Pulses
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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