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We expect the global urea market to exhibit a CAGR of around 3% during 2021-2026.
Sudden outbreak of the COVID-19 pandemic has led to the changing consumer inclination from conventional brick-and-mortar distribution channels towards online retail platforms for the purchase of urea.
Significant growth in the agriculture industry across the globe, with increasing utilization of urea as a fertilizer and animal feed additive, represent some of the factors catalyzing the global urea market.
Based on the grade, the global urea market can be segmented into fertilizers grade, feed grade and technical grade. Currently, feed grade holds the majority of the market share.
Based on the end-use industry, the global urea market can be segregated into agriculture, chemical, automotive, medical, and others. Currently, the agriculture sector represents the largest segment
Some of the major players in the global urea market include Acron, BASF SE, BIP (Oldbury) Limited, EuroChem, Jiangsu Sanmu Group Co. Ltd., Koch Fertilizer LLC, OCI Nitrogen, Petrobras, Qatar Fertiliser Company, SABIC, Yara International ASA, etc.
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