The latest report by IMARC Group, titled “Nitrogenous Fertilizers Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global nitrogenous fertilizers market reached a value of US$ 65.4 Billion in 2021. Nitrogenous fertilizers are inorganic nitrous compounds that are applied directly to the soil, plants, and aqueous solutions to maintain soil fertility. These fertilizers consist of ammonium nitrate, ammonium sulfate, calcium ammonium nitrate, and urea, which are mixed with animal manure. Nitrogen is an important nutrient required for the healthy development of foliage and fruits as it is involved in the process of photosynthesis. It also improves the growth, yield, color, and quality of crops.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Nitrogenous Fertilizers Market Trends:
The market is primarily driven by the increasing demand for food due to rapid population growth and the rising need to increase productivity and fertilizer intensity gaps. In addition to this, the growing awareness about nutritional balance and soil profile is also fueling the market growth. Moreover, the continuous decrease in arable land has increased the demand for nitrogenous fertilizer to improve soil fertility and enhance the yield of crops. Along with this, various advancements in technology, such as the development of efficient and eco-friendly variants of the fertilizer, are also significantly impacting the market growth. Furthermore, favorable government schemes and subsidized policies across emerging economies are promoting the use of cost-effective nitrogenous fertilizers in agricultural activities. Looking forward, the market is expected to reach a value of US$ 85.6 Billion by 2027, exhibiting a CAGR of 4.6% during the forecast period (2022-2027).
- Based on the type, the market has been segmented into urea, ammonium nitrate, ammonium sulfate, calcium ammonium nitrate (CAN), and others.
- On the basis of the crop type, the market has been classified into cereals and grains, oilseeds and pulses, fruits and vegetables, and others.
- The market has been categorized based on the form into liquid, dry, and others.
- On the basis of the mode of application, the market has been segregated into soil, foliar, fertigation, and others.
- Region-wise, the market has been divided into Asia Pacific, North America, Europe, Middle East, and Africa, and Latin America.
- The competitive landscape of the market has been examined, with some of the key players being Yara International ASA, Bunge Limited, CF Industries Holdings, Inc., PJSC TogliattiAzot, Nutrien Limited, EuroChem Group, OCI N.V., URALCHEM JSC, ICL Specialty Fertilizers, SABIC, Indian Farmers Fertiliser Cooperative Limited, Coromandel International Limited, Koch Industries, Hellagrolip SA, Sinofert Holdings Limited, and CVR Partners, LP.
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