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.
The increasing population and rising focus on food
security have made fertilizers an indispensable part of the farming system. The
use of fertilizers is also likely to increase with the expansion of farming to
less fertile areas because of competing demand for land use.
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Fertilizer manufacturers have adopted expansions
& investments as a key growth strategy to increase their share and presence
in the global NPK fertilizers market. Some of the major market players include
Nutrien Ltd. (Canada), Yara International ASA (Norway), and ICL (Israel).
Nutrien Ltd. has the largest crop nutrient product
portfolio, which is combined with a global retail distribution network that
includes more than 1,500 farm retail centers. The company specializes in crop
nutrition and is engaged in the production and distribution of potash,
nitrogen, and phosphate products for agricultural, industrial, and feed
manufacturers. Nutrien Ag Solutions, a subsidiary of Nutrien Ltd., is the
leading provider of agricultural products and services for western Canadian
growers. The company provides an extensive product line that caters to plant
nutrient demands, serving specialty markets of greenhouse, nursery, turf, and
agricultural food crops. It implemented the 4R Nutrient Stewardship guidelines
that focus on applying the right source of nutrients at the right rate, place,
and time. Further, due to the COVID-19 outbreak, the company is implementing
COVID-19 contingency plans at its manufacturing plants, storage terminal, and
agri-retail outlets across the globe to protect employees and the public and to
ensure farmers get the fertilizers they need in time for seeding.
Yara International ASA is a leading crop nutrition
company. The company’s product segment comprises ammonia, nitrates, calcium
nitrate, and NPKs, with a growing portfolio of phosphates, providing the
foundation for its crop nutrition and industrial solutions businesses. It
provides micronutrients through its crop nutrition segment. The product
offering covers both commodity and high-value crops, for which it offers
differentiated fertilizer products and services. The segment offers the most
comprehensive crop nutrition product portfolio, ranging from standard nitrogen
products to complete crop nutrition solutions.
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.
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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.
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.
