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 driving factors 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).
Supply chain disruptions have affected the NPK fertilizers market.
Supply chain disruptions in the NPK fertilizers market have affected farmers at the very beginning of the food production process, which begins at the farm level. In some regions, lockdowns have been announced to control the spread of COVID-19, thus hampering the movement of vehicles, containers, and raw materials. Raw material price volatility is also a major challenge faced by the manufacturers of NPK fertilizers due to the COVID-19 pandemic.
Shutdowns resulting in production losses have a substantially negative impact on the NPK fertilizers market.
Countries have entirely shut down various business and trade operations to control the spread of COVID-19. These shutdowns have a direct impact on the fertilizer value chain. Currently, fertilizer manufacturers are relying on emergency stocks of raw materials, which will soon be over if the current scenario continues to persist. The shipping industry has already been reporting slowdowns due to the lockdown and port closures, along with further logistical hurdles, which are projected to disrupt the supply chains in the coming months.
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APAC expected to lead the NPK fertilizers market during the forecast period
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.