Global NPK fertilizers market size 2024, Forecast To 2033

The NPK fertilizers market has demonstrated strong growth, progressing from $3.67 billion in 2023 to $3.92 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6.8%. The growth in the historical period can be attributed to factors such as the expansion of agriculture, population growth, soil nutrient depletion, intensified crop cultivation, and government subsidies. Expecting continued growth, the NPK fertilizers market is projected to reach $5.36 billion in 2028, with a compound annual growth rate (CAGR) of 8.1%. The anticipated growth in the forecast period is linked to factors like climate change impacts, sustained government subsidies, the rise of organic agriculture, regulatory changes, and advancements in mechanization and modern farming practices. Major trends in the forecast period include the adoption of precision agriculture, the promotion of sustainable farming practices, innovations in fertilizer formulations, the rise of urban agriculture, and the integration of water-saving technologies.