The global nitrogenous fertilizers market is expected to grow at a CAGR of around 2.5% during 2019-2024. Nitrogenous fertilizers are inorganic nitrous compounds which are primarily utilized to improve the growth rate, texture, color and quality of crops. Nitrogen acts as a primary building block for protoplasm and is involved in the process of photosynthesis. These fertilizers majorly contain varying quantities of ammonium nitrate, ammonium sulfate, calcium ammonium nitrate, urea and other substances, which are mixed with animal manure. When used in specific amounts, they aid in enhanced flower differentiation, rapid shoot growth, production of healthy flower buds and improved quality of fruit.
The rising population and decreasing arable land across the globe are among the key factors driving the growth of the market. Furthermore, the implementation of favorable government policies promoting the usage of advanced fertilizers for higher yield is another major growth-inducing factor. There has been a significant increase in the crop demand also to cater to the rapidly increasing global population, which has consequently led to the growing adoption of these fertilizers for improved soil fertility and enhanced yield of crops, such as corn, rice and sugarcane. In addition to this, the shortage of arable land, owing to growing urbanization and industrialization, is augmenting the utilization of these fertilizers for maximizing productivity. Other factors, including increasing demand for grain-based biofuels coupled with extensive research and development (R&D) activities to develop more efficient and eco-friendly variants, are projected to create a positive outlook for the market.
IMARC Group’s latest report provides a deep insight into the global nitrogenous fertilizers market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the nitrogenous fertilizers market in any manner.
The report has also analysed the competitive landscape of the market with some of the key players being Yara International, Bunge, CF Industries, TogliattiAzot, Nutrien, EuroChem, OCI, URALCHEM, ICL Specialty Fertilizers, SABIC, Indian Farmers Fertiliser Cooperative, Coromandel International, Koch Industries, Hellagrolip, Sinofert, CVR Partners, Agrium, etc.
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