The report "NPK fertilizers (feed-grade and food-grade) Market by Application (Bakery Products, Meat & Meat Products, Dairy Products, and Beverages), Form (Powder, Liquid, and Others), Type (Nitrogen, Phosphorus, Potassium, and Others), and Region-Global Forecast to 2023" 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%. The market is driven by the rise in consumption of meat & dairy products and increasing awareness about the quality of food products.

Report Objectives:

1. Determining and projecting the size of the NPK fertilizers (food-grade) market with respect to type, form, application, and regional markets, over five years ranging from 2018 to 2023
2. Determining and projecting the size of the NPK fertilizers (feed-grade) market with respect to type, livestock, and regional markets, over five years ranging from 2018 to 2023
3. Identifying attractive opportunities in the market by determining the largest and fastest-growing segments across regions
4. Analyzing the segments and subsegments of the global NPK fertilizers (feed-grade and food-grade) market included in the report with respect to individual growth trends, prospects, and their contribution to the global market
5. Identifying and profiling the key players in the NPK fertilizers (feed-grade and food-grade) market
6. Determining the market ranking of the key players operating in the NPK fertilizers (feed-grade and food-grade) market
7. Understanding the competitive landscape and identifying the major growth strategies adopted by the players across the key regions
8. Analyzing the market dynamics and competitive situations & trends across regions and their impact on prominent market players

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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).

By application, meat and meat products are expected to grow at the fastest rate during the forecast period.

Based on application, the NPK fertilizers (food-grade) market is segmented into dairy products, bakery products, meat & meat products, and beverages. The meat & meat products segment is estimated to dominate the market in 2018 owing to the increasing demand for processed and packed meat around the world, especially from developing countries such as India, China, and Brazil.

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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.

Recent Developments:

• In January 2018, Yara Fertilizers India acquired the complete business of Tata Chemicals’ urea fertilizers business in India. With this acquisition, Yara gains a significant position in North India with access to a strong network of 650-700 dealers. It will enable the company to provide enhanced crop nutrition solutions to farmers, he said in a statement.
• In January 2018, The Mosaic Company acquired Vale Fertilizers, a Brazilian fertilizer company. Through the transaction, Mosaic also will buy the Kronau potash project in Canada and Vale Fetilizantes’ 40% stake in the Miski Mayo phosphate mine in Peru
• In August 2017, EuroChem Group AG announced the acquisition of Emerger Fertilizantes SA, a privately-owned distributor of premium and standard fertilizers in Argentina. This acquisition will further strengthen EuroChem’s footprint in Latin America, which is an important region currently accounting for 11% of the Group’s fertilizer sales.