MarketOverview:
The globalnitrogenous fertilizer market size was valued at USD 113.70billion in 2018 and is projected to reach USD 148.57 billion by 2032,
exhibiting a CAGR of 1.90% during the forecast period based on our analysis in
the existing report. The massive investments in R&D products with active
ingredients will aid the growth of the market. According to a report published
by Fortune Business Insights, titled " Nitrogenous FertilizersMarket Size, Share & Industry Analysis, By Type (Urea, Calcium Ammonium
Nitrate, UAN, Ammonium Sulphate, and Other Nitrogenous Fertilizers), By Crop
Type (Cereals, Pulses & Oilseeds, Fruits & Vegetables, and Turf &
Ornamentals), and Regional Forecast, 2019–2032,”.
Nitrogenousfertilizers are products that are produced through a combination of substances
that are inclusive of nitrogen. The constantly rising global population has
created a subsequent demand for crop produce across the world. Recent advances
in agricultural activities will emerge in favor of the companies operating in
the market. The increasing number of agricultural subsidies will bode well for
nitrogenous fertilizer vendors across the globe. The ability of nitrogenous
fertilizers to improve the nutrient content of agricultural crop produce will
lead to wider adoption of the product across the world.
Some ofthe companies that are operating in the market include:
- Yara International ASA
- Nutrien Ltd.
- EuroChem Group AG.
- CF Industries Holdings Inc.
- PJSC Togliattiazot
- Koch Fertilizers, LLC
- OCI Nitrogen
- Sinofert Holdings Limited
- Coromandel International Ltd.
- URALCHEM Holding Plc.
Nitrogenous Fertilizer Market Key Drivers:
· RisingGlobal Population: Increasing population boosts food demand, drivingthe need for higher crop yields and fertilizers.
· AgriculturalIntensification: Growing focus on maximizing land productivity leadsto higher nitrogen fertilizer usage, especially in developing countries.
· GovernmentSupport: Subsidies and initiatives promoting fertilizer usageto enhance food security spur market growth.
· TechnologicalAdvancements: Innovations in farming practices like precisionagriculture improve nitrogen efficiency, driving fertilizer adoption.
· SoilNutrient Depletion: Continuous farming depletes soil nutrients,particularly nitrogen, increasing the demand for fertilizers to maintain crop
productivity.
· Urbanization:Expanding urban areas reduce arable land, pushing farmers to intensifycrop production, further increasing fertilizer use.
IncreasingNumber of Company Collaborations Will Aid Market Growth
The reportencompasses several factors that have contributed to the growth of the market
in recent years. The increasing number of company mergers and acquisitions has
had a massive impact on the growth of the market. Accounting to the massive
demand for crop and crop produce across the world, large scale companies are
looking to acquire smaller companies with a bid to establishing a stronghold in
the market. In November 2019, Nutrien Ltd. announced that it has completed the
acquisition of Ruralco Holdings Ltd. Through this acquisition, the company
plans to build on its existing range of nitrogenous fertilizer products. Due to
the massive global customer reach of the company, this acquisition will not
just help the company growth, but will also have a massive impact on the growth
of the market in the coming years.
AsiaPacific Holds the Highest market Share; Growing Demand for Crop Produce Will
Aid Growth
The reportanalyses the ongoing nitrogenous fertilizers market trends across North
America, Latin America, Asia Pacific, and the Middle East and Africa. Among
these regions, the market in Asia Pacific holds the highest market share,
driven by the huge demand for crop produce in several countries across this
region. Besides Asia Pacific, the market in North America will witness
considerable growth in the coming years. As of 2018, the market in North
America was worth USD 21.18 billion and this value is projected to increase
further in the coming years.
RegionalAnalysis:
· NorthAmerica: The U.S. leads in production and usage due toadvanced farming, while environmental regulations pose challenges.
· Europe:Growth is steady, driven by precision farming in countries like Franceand Germany, but stringent regulations limit usage.
· Asia-Pacific:China and India dominate, fueled by large agricultural bases and foodsecurity demands. Overuse and soil degradation are concerns.
· LatinAmerica: Brazil is a key market, driven by modern farming insoy and sugarcane production, but infrastructure challenges persist.
· MiddleEast & Africa: Growing agricultural activity drives demand, withgovernment support, though economic instability and water scarcity limit
growth.
IndustryDevelopments:
- In April 2021, Koch Fertilizer, LLC., one of the world’s major manufacturers and marketers of
fertilizers, launch an initiative to drive transformation with autonomous
drones at Koch Fertilizer’s largest production facility.
