Nitrogenous Fertilizers Market


Posted November 27, 2020 by prashanth9573

Nitrogenous Fertilizers Market was worth 115.19 billion in 2020 and estimated to be growing at a CAGR of 3.40%, to reach 136.15 billion by 2025.
 
The Global Nitrogenous Fertilizer Market was assessed at USD 113.69 billion in 2018 and is projected to reach USD 140.52 billion by 2025, expanding at a CAGR of 2.72% from 2019 to 2025.

The use of liquid fertilizers allows the farmer to reduce costs through the simultaneous application of multiple crop protection and production products instead of performing several separate applications. Ammonium nitrate and urea solutions are widely used as a nitrogen source for plants due to their regular and uniform application than non-liquid forms of nitrogenous fertilizers.

Recent developments:

In December 2018, EuroChem Group AG, one of the world's leading producers of mineral fertilizers, announced the opening of Russia's first ammonium urea sulfate (UAS) plant in Novomoskovskiy Azot d 'EuroChem with a daily capacity of 400 tonnes of urea and 600 tons of UAS per day.

In November 2019, Nutrien Ltd., a leading producer and distributor of potassium, nitrogen and phosphate fertilizers, announced the acquisition of Ruralco Holdings Ltd., one of Australia's leading agricultural services companies. This acquisition should allow Nutrien Ltd. to be competitive in the world market and strengthen the distribution of products and services to Australian farmers.

Market Drivers and Restrains:

Increasing demand to provide nutritious, safe and affordable food to the growing population is expected to boost the global nitrogenous fertilizers market. The use of optimal fertilizers should unlock the high yield potential of the crop. Reducing agricultural land and increasing acreage in precision agriculture such as drip and sprinkler irrigation are expected to act as a growth factor for this market. Maintaining and restoring soil nutrients, such as nitrogen, is essential to increase crop yield and growth. The nitrogen used in commercial fertilizers is particularly soluble so that it is easily absorbed and assimilated by the plant. Furthermore, nitrogenous fertilization using the green manure technique aims to improve the quality of soil fertility by incorporating nitrogen into the soil of any field, while the cultivated plant is still in the stage of green vegetables. Proper management of nitrogenous fertilizers is essential to growing healthy plants, good yields, and a profitable agricultural business. The most common nitrogen fertilizers used in heavy rains are supposed to leach into groundwater and be discharged into waterways, causing serious environmental and economic damage. To overcome these problems, the Western Australian government has suggested that certain recommendations, such as nitrogenous fertilizers, should not be applied near waterways or sewers. It should be applied when the grass is actively growing and you can use fertilizers and avoid excessive use of nitrogen fertilizers in winter, which should reduce the impact of excessive use of nitrogenous fertilizers.

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Market Segmentation:

The Nitrogenous Fertilizers Market can be divided based on the Type, Crop Type, Form and Application.

Based on the type, the market is divided into calcium ammonium nitrate (CAN), urea, ammonium sulfate, ammonium nitrate and others. Of these, urea segment is supposed to hold the dominion for the next ten years because of its massive agricultural usage.

By applications, the industry is sectorized in the soil, fertigation and foliar segments.

Depending on the type of crop, the nitrogenous fertilizer market is divided into fruits and vegetables, oilseeds and legumes, cereals and grains, among others.

Based on form, the global nitrogenous fertilizer industry is divided into dry and liquid.

Geographical Segmentation:

Asian countries like India, China, and others have a large area accessible for cultivation, a substantially high rural population, and favorable climatic conditions for growing crops. These factors are expected to stimulate the use of nitrogenous fertilizers in the APAC region. Furthermore, the adoption of innovative marketing approaches by key players in the area and the launch of programs to educate farmers on the benefits of using nitrogen fertilizers to stimulate crop growth are expected to help expand the size of the market in the locale. North America occupies the second position in the worldwide nitrogenous fertilizers market. The growing awareness and adoption of effective nutritional products by farmers or producers in the region is likely to foster the growth of the nitrogenous fertilizer market in North America. The presence of market players such as Nutrien Ltd., Yara International ASA and others is expected to positively influence market growth in the area. South America is the fastest growing region with immense growth potential for this market. The high production of sugarcane, corn and wheat in South America and Latin America, especially Brazil, is expected to have a positive leverage effect in this locale. Furthermore, increased innovation and advancements in crop production and agricultural techniques are estimated to further drive the growth of nitrogenous fertilizers in South America.

Key market players:

Major players in the nitrogenous fertilizer market include Yara International ASA, Coromandel International Ltd., CF Industries Holdings Inc., Potash Corp. of Saskatchewan, Agrium Inc., and Eurochem, among others.

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Scope of the report:

The report offers a comprehensive examination of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in influencing the market dynamics and trends discussed in detail at the product level. Further, the performance of the market at the regional and country-level had assessed and the prospects with huge growth potential identified and debated.

The key players in the industry are profiled giving insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategically activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry had provided. The report also provides a broad outlook of the current market along with recommendations from industry experts on the opportunities for investment activity.

What else? Apart from the syndicated report, our in-house team has an expertise and experience in designing custom reports to meet your specific research needs and assist you in making well-informed decisions.

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Last Updated November 27, 2020