Market Overview:
The global nitrogenous fertilizer market size was valued at USD 113.70 billion 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 Fertilizers Market 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,”.
Nitrogenous fertilizers 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 of the 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:
- Rising Global Population: Increasing population boosts food demand, driving the need for higher crop yields and fertilizers.
- Agricultural Intensification: Growing focus on maximizing land productivity leads to higher nitrogen fertilizer usage, especially in developing countries.
- Government Support: Subsidies and initiatives promoting fertilizer usage to enhance food security spur market growth.
- Technological Advancements: Innovations in farming practices like precision agriculture improve nitrogen efficiency, driving fertilizer adoption.
- Soil Nutrient 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 intensify crop production, further increasing fertilizer use.
Source: https://www.fortunebusinessinsights.com/nitrogenous-fertilizers-market-102532
Increasing Number of Company Collaborations Will Aid Market Growth
The report encompasses 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.
Asia Pacific Holds the Highest market Share; Growing Demand for Crop Produce Will Aid Growth
The report analyses 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.
Regional Analysis:
- North America: The U.S. leads in production and usage due to advanced farming, while environmental regulations pose challenges.
- Europe: Growth is steady, driven by precision farming in countries like France and Germany, but stringent regulations limit usage.
- Asia-Pacific: China and India dominate, fueled by large agricultural bases and food security demands. Overuse and soil degradation are concerns.
- Latin America: Brazil is a key market, driven by modern farming in soy and sugarcane production, but infrastructure challenges persist.
- Middle East & Africa: Growing agricultural activity drives demand, with government support, though economic instability and water scarcity limit growth.
Industry Developments:
- 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.