The NPK fertilizers market 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 type, phosphorus is expected to be the largest contributor in the NPK fertilizers (food-grade) market during the forecast period
The NPK fertilizers (food-grade) market, based on type, has been segmented into phosphorus, nitrogen, potassium, and others. The phosphorus segment is estimated to dominate the market in 2018 and is also projected to be the fastest-growing segment during the forecast period. The usage of phosphate in the food industry is increasing due to its lower price compared to traditional food additives.
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).
Bakery products segment is projected to be the fastest-growing during the forecast period
The bakery products segment is expected to be the fastest-growing, by application, during the forecast period. On a global level, the extensive usage of NPK fertilizers (food-grade) in bakery products to reduce the cost is expected to drive the segment at a significant rate during the forecast period.
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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.
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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