COVID-19 Impact on NPK Fertilizers Market to Grow at a CAGR of 1.8% through 2021
by Mit K. SEOThe 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.
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By nutrient type,
nitrogenous fertilizers segment to dominate the NPK fertilizers market between
2020 and 2025
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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Impact on NPK Fertilizers Market"
21 – Tables
18 – Figures
67 - Pages
By crop type, fruits
& vegetables segment to witness the highest CAGR during the forecast period.
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.
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.
Some of the major players in the NPK fertilizers market are
Nutrien Ltd. (Canada), Yara International ASA (Norway), and ICL (Israel). As
the COVID-19 pandemic spreads across the world, the fertilizer industry's
supply chain focuses on keeping employees and consumers safe while still
providing raw materials for fertilizer production.
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Created on Jun 8th 2021 07:46. Viewed 185 times.