“The NPK fertilizers (food-grade) market is projected to grow at a CAGR of 4.0%.”
The NPK fertilizers (food-grade) 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% from 2018 to 2023. The market is driven by a rise in consumption of meat & dairy products and increasing awareness about the quality of food products. Skepticism associated with the use of NPK fertilizers (food-grade) is the major challenge for the growth of this market.
“Phosphorus segment estimated to lead the market with the largest share from 2018.”
The NPK fertilizers (food-grade) market, in terms of type, is estimated to be led by the phosphorus segment in 2018. The segment is also projected to grow at the highest CAGR between 2018 and 2023. Increasing demand for dairy and meat & meat products, along with growing consumer awareness regarding the benefits of food-grade phosphate are some of the major factors driving the market.
“The powder segment is projected to be the fastest-growing form of NPK fertilizers (food-grade) from 2018 to 2023.”
The NPK fertilizers (food-grade) market, by form, is estimated to be dominated by the powder segment in 2018. The powder segment is driven mainly by its ease of use, uniform consistency, and ability to not alter the desired texture of the food product. Such types of food-grade fertilizers are preferred especially for processing powdered products such as spray-dried cheese or milk powders and aid in the protection of milk proteins from heat dehydration.
“Asia Pacific set to lead the NPK fertilizers (feed-grade and food-grade) market with the largest share in 2018.”
The Asia Pacific NPK fertilizers (feed-grade and food-grade)market is estimated to be the largest in 2018. The market is driven by the changing food consumption patterns in the region owing to rising incomes and urbanization, especially in South Asian countries.
The penetration of commercial feed and high-protein food is increasing in most countries in this region. The region has also witnessed promising growth in the production of processed feed in the last few years, owing to increasing awareness about the benefits of commercial feed. As a result, the demand for NPK fertilizers (feed-grade) is projected to grow in the region.
The breakdown of the primaries based on company type, designation, and region, conducted during the research study, is as follows:
By Company Type: Tier I: 28%, Tier II: 33%, and Tier III: 39%
By Designation: C Level: 49%, D Level: 21%, Others: 30%
By Region: North America: 25%, Europe: 30%, Asia Pacific: 40%, and RoW: 5%
The NPK fertilizers (feed-grade and food-grade)market comprises of major players such as Borealis AG (Austria), AkzoNobel (Netherlands), Yara International ASA (Norway), Petróleo Brasileiro S.A. (Brazil), Agrium Inc. (Canada), The Mosaic Company (US), Israel Chemicals Ltd. (Israel), EuroChem (Switzerland), PotashCorp (Canada), K+S AKTIENGESELLSCHAFT (Germany), Alltech (US), PhosAgro (Russia), Haifa Chemicals (Israel), Aditya Birla Chemicals (India), SKW Stickstoffwerke Piesteritz (Germany). The study includes an in-depth competitive analysis of these players in the NPK fertilizers (feed-grade and food-grade) market, with their company profiles, recent developments, and the key market strategies.
The report analyzes the NPK fertilizers (food-grade) market along with NPK fertilizers (feed-grade) market across different types and regions. It aims at estimating the market size and future growth potential of this market across different segments such as type (food-grade), form (feed- and food-grade), application (food-grade), livestock (feed-grade), and region (feed- and food-grade). The report also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall NPK fertilizers (feed-grade and food-grade) market and subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report will also help the stakeholders to understand the pulse of the market and will provide them with information on key market drivers, restraints, challenges, and opportunities.