Global Nitrogenous Fertilizer Market 2019-2023
About this market
The growing demand for fertilizers is one of the critical factors expected to propel the nitrogenous fertilizer market growth during the forecast period. Agricultural activities are increasingly rising for catering the rapidly rising population, which, will further surge the demand during the forecast period. As a result, with the rising shrinkage of arable land amid constant urbanization and industrialization, the demand for nitrogenous fertilizers will ramp up for enhancing agricultural yield per hectare. Technavio’s analysts have predicted that the nitrogenous fertilizer market will register a CAGR of almost 2% by 2023.
Decreasing arable land
One of the growth drivers of the global nitrogenous fertilizer market is the decreasing arable land. The shrinkage in arable land is expected to see strong demand for high crop yields from the arable land available, and this will raise the need for fertilizers such as nitrogenous fertilizers during the forecast period.
Increasing consumption of organic food
One of the challenges in the growth of the global nitrogenous fertilizer market is the increasing consumption of organic food. The growing demand for organic farming foods is expected to reduce the use of urea during forecast period, which would be restrict the growth of the market.
For the detailed list of factors that will drive and challenge the growth of the nitrogenous fertilizer market during 019-2023, view our report.
The market appears to be fragmented and with the presence of several market players. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Technavio Announces the Publication of its Research Report – Global Nitrogenous Fertilizer Market 2019-2023
Technavio recognizes the following companies as the key players in the global nitrogenous fertilizer market: CF Industries Holdings, Inc., EuroChem, Nutrien Ltd., OCI NV, SABIC, and Yara.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the adoption of precision farming.”
According to the report, one of the major drivers for this market is the increasing demand for nitrogenous fertilizers in China and India.
Further, the report states that one of the major factors hindering the growth of this market is the increasing consumption of organic food.
CF Industries Holdings, Inc.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook