COVID-19 Impact on NPK Fertilizers Market worth $88.7 billion by 2021

by Mit K. SEO

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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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.

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.

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.

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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.