Nitrogen, phosphorus, and potassium (NPK) fertilizers market is anticipated to grow at a CAGR of 4.3% during the forecast period (2024-2031). The growing population globally has increased the demand for food and agricultural productivity. This increased demand for food productivity has been driving the global NPK fertilizer market. Government subsidies and support to promote NPK fertilizer use and economic factors and trade liberalization that facilitate international trade are also making significant contributions to global market growth.
The global phosphate and compound fertilizer market is estimated to grow at a moderate CAGR during the forecast period. Basic fertilizer components such as NH3, ammonium phosphate, urea, S, and K salts are used to make compound fertilizer.