Global Nitrogenous Fertilizer Market - Global Industry Growth, Trends and Forecasts (2018 - 2023)
The market is estimated witness at a CAGR of 3.6% over the forecast period 2018-2023 from an estimated market value of USD 89917.9 million in 2016. Asia-Pacific, with its thriving economy and rapidly expanding population, is the largest market for nitrogenous fertilizers and the regional market is expected to experience the highest consumption.
The nitrogenous fertilizer market is likely to gain growth due to increasing population and governments’ funding to use of advance techniques and fertilizer for high productivity to meet the growing demand. Europe and North America are likely to witness steady growth over the forecast period due to market saturation. While, South America and Africa are predicted to exhibit high growth in the coming years due to huge cultivation of rice, corn, and sugarcane in these regions.
Growing Demand for Bio-Based Fertilizers Drives the Market
Bio-based fertilizers can possibly fulfill crop requirements including nitrogen, phosphorus, potassium, etc. They are viewed as the future of fertilizers, as they have the ability to solve the problems of salinity of the soil and the chemical-run offs from fields. Excess use of chemical fertilizers has led to the pollution and contamination of the soil. Bio-based nitrogenous fertilizers have solved this issue, as they are comparatively low on cost inputs and are light on the pockets of the farmers and they help in increasing the crop yield by 10-25%.
Nitrogenous fertilizers provide enough nutrient support to the crop and play a vital role in increasing productivity. Farmers from almost all the regions have adopted nitrogenous fertilizers rapidly for higher production and returns. Governments in several developing countries are further supporting the fertilizer market through favorable policies and schemes to satisfy the domestic food demands in their respective countries.
Asia-Pacific Dominates the Market
Asia Pacific has been dominating the global nitrogenous fertilizer market, and this trend is expected to continue shortly. Rice production is expected to dominate the demand for nitrogenous fertilizers in Asia- Pacific. Grains and oilseeds have the highest share in total nitrogenous market. Nearly half of the market share is dominated by China and India, as they are the most populous countries in the region contributing to the increasing demand for nitrogenous fertilizers. Asia-pacific is anticipated to offer profitable growth prospects, as companies in the region have implemented business strategies such as collaborations and product development to enhance their market shares.
Major Players: AGRIUM, INC, YARA INTERNATIONAL, COROMANDEL INTERNATIONAL LTD, POTASH CORPORATION OF SASKATCHEWAN, AND NUFARM LTD, among others.
Reasons to Purchase the Report
To have an understanding of the fastest growing regions in the global nitrogenous fertilizer market and their growth trends during the forecast period
The report outlines drives, restraints and trends that are currently affecting the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The report covers in-detail insights about the competitors overview, company share analysis
Identify the latest developments, market shares and strategies employed by the major market players.
3-month analyst support, along with the Market Estimate sheet (in Excel).
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