Expanding global population and demand to augment crop production to drive market growth
Market Size – USD 68.45 billion in 2020 Market Growth – 4.5% Market Trends – higher efficiency of nitrogenous fertilizer in better crop yield
The global nitrogenous fertilizer market size was valued at USD 68.45 billion in 2020 and is projected to reach USD 77.99 billion by 2028, registering a CAGR of 4.5% during the forecast period.
The nitrogenous fertilizer market is expected to expand mainly due to the need to boost agricultural productivity. The latest projections by the Food and Agriculture Organization of the United Nations (FAO) show that persistent hunger which still affects more than 800 million people will only increase as global population reaches 9 billion people by 2050. Feeding that many people would require raising overall food production by some 60% by 2050. To achieve this without agricultural extensification– which involves increased conversion of natural habitats to farmland, loss of biodiversity, and significant increase in greenhouse gas emissions, agricultural intensification using fertilizer and best management practices is the best means possible.
Some of the leading players in the nitrogenous fertilizer market include Yara International ASA, Nutrien Ltd., EuroChem Group AG., CF Industries Holdings Inc., ICL Fertilizers, Hellagrolip SA, PJSC Togliattiazot, Koch Fertilizers, LLC, OCI Nitrogen, Sinofert Holdings Limited, Coromandel International Ltd., and URALCHEM Holding Plc.
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The companies operating in the global nitrogenous fertilizer market are focused on R&D and new product launches, which are more efficient and have the least effect on the environment. For instance, In December 2018, DuPont de Nemours, Inc.’s Agricultural Division, Corteva Agriscience, launched a new PinnitMax above-ground nitrogen stabiliser. The product will prevent urea and UAN applications from volatilizing and ensure that the nitrogen gets into the root zone for ideal crop uptake.
One of the constraints for the nitric acid market will be the effect nitric acid has on human bodies. Nitric acid contact can result in burns to the throat, mouth, and stomach and can occasionally prove to be lethal. Moreover, as nitric acid derivatives are used in fertilizers, large amount of nitric acid has also been found in the soil and groundwater which can prove to be considerably harmful for humans as well as the environment. Strict environmental regulations in North American and Europe has already curbed on the use of nitrogenous fertilizers. Such regulations are expected to restrain nitric acid market growth in the coming years.
Segments Covered in the Report
This report forecasts revenue growth at global, regional & country levels and provides an analysis of the industry trends in each of the sub-segments from 2018 to 2028. For this study, Reports and Data has segmented the global nitrogenous fertilizer market report based on product, application, and region:
Product Outlook (Volume, Thousand Tons; Revenue, USD Million, 2018 – 2028)
- Ammonium Nitrate
- Ammonium Sulfate
- Calcium Ammonium Nitrate (CAN)
Application Outlook (Volume, Thousand Tons; Revenue, USD Million, 2018 – 2028)
- Cereals & Grains
- Oilseeds & Pulses
- Fruits & Vegetables
Regional Outlook (Volume, Thousand Tons; Revenue, USD Million, 2018 – 2028)
- North America
- The U.K.
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
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Key Highlights from the Report:
- EuroChem Group AG, one of the world’s leading producers of mineral fertilisers, announced in December 2018 the opening of Russia’s first Urea Ammonium Sulfate (UAS) plant at the Novomoskovskiy Azot Plant with a capacity of 400 tonnes per day of urea and 600 tonnes per day of UAS.
- In November 2019, one of the manufacturers and distributors of potash, nitrogen and phosphate fertiliser products, Nutrien Ltd., announced the acquisition of Ruralco Holdings Ltd., Australia’s leading agri services firm. This acquisition is expected to enable Nutrien Ltd. to compete in the global market and to reinforce the distribution to Australian farmers of goods and services.
- On the basis of product, the urea segment is expected to register fastest growth owing to its lower environmental impact.
- The high demand for ammonium nitrate from North America and Europe is projected to influence the market positively.
- To feed the rapidly expanding global population the demand for nitrogenous fertilizers across cereals production is expected to rise.
- The application of nitrogen-based fertilizers in fruits and vegetables segment is expected to grow at the fastest pace.
- Consumption of nitrogenous fertilizers in mature markets like North America and Western Europe is forecast to grow at a slower pace over the next few years.
- The high production of sugarcane, corn, and wheat in South America and Latin America, especially in Brazil is anticipated to influence market growth in this region positively.
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Table of Content –
Chapter 1 Methodology and Scope
1.1 Research methodology
1.2 Research scope and assumptions
1.3 List to data sources
Chapter 2 Executive Summary
2.1 Market summary
Chapter 3 Market Variables, Trends & Scope
3.1 Market lineage outlook
3.1.1 Global fertilizers market outlook
3.1.2 Global nitrogenous fertilizers market outlook
3.2 Market size and growth prospects, 2018 – 2028
3.3 Value chain analysis, 2018 – 2028
3.3.1 Raw material analysis
22.214.171.124 Natural gas
3.3.2 Price trend analysis, 2018 – 2028
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