Global Nitrogenous Fertilizer Market - 2021-2028

Global Nitrogenous Fertilizer Market - 2021-2028

Market Overview

Nitrogen fertilizer is white crystalline solid containing 46% nitrogen that is commonly used in the agricultural industry. These fertilizers provide plants with essential nutrients. Plants require nitrogen as one of the essential nutrients for growth. It is naturally present in the atmosphere, but only a few plants can absorb it. As a result, it is synthetically provided to plants in nitrogenous fertilizers. Urea, ammonia, ammonium sulfate, calcium ammonium nitrate, and a few additional nitrogenous fertilizers are available in various proportions of nutritious. These nitrogenous fertilizers improve plant texture and control plant development, resulting in a higher yield. Raising farmer understanding of soil profile and nutritional balance is projected to be a major driver driving the market for nitrogenous fertilizers. Another factor projected to fuel expansion in the global nitrogenous fertilizers market is growing farmer awareness about soil nutrition. Growing demand for food products as a result of a fast-growing population and decreasing arable land is predicted to propel the market forward over the forecast period. The global nitrogenous fertilizer market is valued at USD XX million in 2020 and is forecasted to reach USD XX million by 2028, growing at a CAGR of XX% during the forecast period (2021-2028).

Market Dynamics: Increasing demand for crop production triggers the utility of nitrogenous fertilizers

One of the primary factors driving the market's growth is the world's growing population and shrinking arable land. Another key growth-inducing aspect is the establishment of favorable government policies encouraging sophisticated fertilizers for increased yield. The expanding usage of these fertilizers for improved soil fertility and increased yield of crops such as corn, rice, and sugarcane has resulted from a large increase in crop demand to meet the fast-increasing global population. Furthermore, the scarcity of arable land due to increasing urbanization and industrialization increases the use of these fertilizers to maximize output. Maintaining and restoring soil nutrients, such as nitrogen, is essential for increasing crop yield and crop growth. The nitrogen used in commercial fertilizers is particularly soluble for easy uptake and assimilation by plants. Nitrogen fertilization using green manure techniques aims to improve soil quality by incorporating nitrogen into the soil of any field while the cultivated plant is still at the green vegetable stage.

Additionally, major companies' extensive research, development, and investment activities to develop more efficient nitrogenous fertilizers and digital farming drive the market growth. The companies operating in the nitrogen fertilizer are focused on researching and developing new product launches, which are more efficient and have the least environmental impact.

Market Segmentation: Urea segment is anticipated to expand at a CAGR of XX%

Urea is the most frequently used nitrogenous fertilizer in agriculture, accounting for over XX percent of the market's increase over the last decade. The demand for nitrate-based fertilizers is expected to grow quickly during the forecast years. Urea fertilizer"" s unique properties are projected to continue to drive the demand for the product. Urea is easily soluble in water and is one of the most cost-effective nitrogen fertilizers available. Farmers have discovered urea as a cost-effective and simple-to-use alternative to ammonium nitrate, and it is frequently utilized as such.

The cereals and grains segment had the highest revenue share based on the crop type. This is due to the extreme care that these crops require to produce high yields and maximize profitability for farmers and the agriculture industry as a whole. Cereals and grains benefit from fertilizers such as anhydrous ammonia, ammonium nitrate, and urea. The quantity of nitrogenous fertilizers required is lower to ensure an appropriate supply of nitrogen for optimal plant growth. Crop demand is being driven by the expanding global population, particularly for grains, which are consumed as staples all over the world. The growing world population is driving the demand for crops, especially cereals, as they are consumed as staples across the globe. The substantial use of nitrogen fertilizer for cereal crop growth and improved yield is expected to drive the utilization of nitrogenous fertilizers in this segment.

Geographical Penetration: Asia Pacific is expected to dominate the global nitrogenous fertilizer market

In 2020, Asia Pacific dominated the market, accounting for more than XX% of total revenue. This is due to the enormous amount of land accessible for cultivation, the big rural population, and the good climatic circumstances. Due to expanding demand and a growing focus on food security, nitrogen fertilizer manufacturers have established production facilities in Asian countries. China is the world's greatest consumer of nitrogen fertilizer, accounting for one-third of global usage. These fertilizers contribute significantly to the country's food security by allowing for huge increases in grain and non-grain yields. The country's main crops are rice, wheat, barley, millets, soybeans, tomatoes, potatoes, peanuts, tea, and cotton.

In terms of revenue, Europe was the second-largest geographical category in 2020, and it is expected to increase at a CAGR of XX percent in the next years. This is due to the region's bigger area, which is dominated by agriculture and grasslands. In Nitrogen fertilizers, EU has 9% share of global production, while in phosphate it is 3%, and potash: 7%. The European fertilizer sector has modernized its nitrate plants with catalysts to reduce greenhouse gas emissions and achieve emissions that are much lower than the finest urea plants.

Competitive Landscape:

The global nitrogenous fertilizer is fragmented. The global nitrogenous fertilizer market is competitive and comprises numerous regional and international competitors. Market participants concentrate their efforts on developing novel nitrogenous fertilizers with long-term viability. Local market participants focus on their unique strengths and keep clients by providing farmers with customized services. Players are also concentrating their efforts on raising their investments to expand their production capabilities to meet the growing global demand. Yara International ASA completed the acquisition of Tata Chemicals' urea business in India in June 2018, marking a big step forward in the company's India expansion plans. The acquired factory produces approximately 0.7 million ammonia and 1.2 million urea per year. Yara increased its production capacity due to this acquisition to meet expanding demand.

COVID-19 Impact: Global nitrogenous fertilizers was resilient to covid-19 impact

Global nitrogenous fertilizer market was resilient to covid-19 impact as agricultural services were considered essential during the pandemic. Nitrogenous fertilizers are widely used for cereal crops, cotton and oilseeds among others. The acreage of these crops remained unchanged during the pandemic; thus, the consumption of fertilizers was also not impacted. Hence, the overall nitrogenous fertilizers market remained unchanged. For instance, according to the U.S. Department of Agriculture’s Prospective Plantings Report, U.S. cotton acreage was projected to be nearly unchanged at approximately 13.7 million acres in 2020 after a decline in 2019. Similarly, in 2020, the area harvested for vegetables was 2.33 million acres in 2020, down by only 1 percent from 2019. According to FAO, the world demand of nitrogen for fertilizer use increased from 107,424 thousand tons in 2019 to 110,193 thousand tons in 2021. It is further predicted to increase to 111, 591 thousand tons in 2022

Why Purchase the Report?
Understand the current market scenario and viability of global nitrogenous fertilizer over the forecast period
Visualize the composition of the global nitrogenous fertilizers market in terms of type, form, crop type and application to identify major players, growth potential, and market strategies
Identify the key regulations prevailing in the market and understand their impact on the market over the forecast period
Understand the key business factors such as market competition, product pricing, new product developments, and patent filings pertaining in the market

What we offer?
PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study
Excel data sheet with valuable data points of the global nitrogenous fertilizers market – Regional and Country level segmentation
Product mapping in excel for the key products of all major market players
Market Share Analysis covering business revenues ($) and revenue share (%) of key market players

The global nitrogenous fertilizer market report would provide an access to approximately 45 market data tables, 45 figures and 180 pages

Target Audience:
Agrochemicals Manufacturers
Farming Communities
Industry Investors
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Research Professionals