(I-BusinessNews.Com, June 01, 2021 ) 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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Phosphorus segment is estimated to be the largest in 2018
The NPK fertilizers (food-grade) market, by type, is expected to be dominated by the phosphorus segment. It is also projected to be the fastest-growing segment. The properties of phosphorus such as promoting the preservation and adding desired textures, colors, and flavors in food products at a low cost are responsible for its growing use as a partial replacement for expensive traditional food additives.
Powder segment set to dominate the market by 2023
The NPK fertilizers (food-grade) market, by form, is projected to be dominated by the powder segment during the forecast period. The high growth is not only attributed to this form being easy to use but also to the uniform consistency it provides to processed foods, while not altering their desired texture.
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 expected to account for the largest market size during the forecast period
The market in Asia Pacific is growing due to changing food consumption patterns owing to the rising consumer income and urbanization, especially in South Asian countries. Further, growth can be attributed to the increasing demand for quality processed and packed food in the region due to increasing disposable income along with growing per capita income in most countries in the region. Skepticism associated with the use of NPK fertilizers (feed-grade and food-grade) is the major restraint for the growth of this market.
Key Market Players:
The global market for NPK fertilizers (feed-grade and food-grade) is dominated by large-scale players such as 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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