Report : Nitrogenous Fertilizer Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type (Urea, Ammonium Nitrate, Ammonium Sulfate, Ammonia, Calcium Ammonium Nitrate, and others), Form (Dry and Liquid), Crop Type (Cereals and Grains, Oilseeds and Pulses, Fruits and Vegetables, and Others), Mode of Application (Soil, Foliar, and Fertigation), and Geography
Surging Demand to Boost Agricultural Productivity in Developing countries To Drive Nitrogenous Fertilizer Market Growth at CAGR of 3.7% During 2019-2027
According to our latest market study on “COVID-19 Impact and Global Nitrogenous Fertilizer Market to 2027 - Analysis and Forecast by Type (Urea, Ammonium Nitrate, Ammonium Sulfate, Ammonia, Calcium Ammonium Nitrate, and others), Form (Dry and Liquid), Crop Type (Cereals and Grains, Oilseeds and Pulses, Fruits and Vegetables, and Others), Mode of Application (Soil, Foliar, and Fertigation), and Geography,” the market was valued at US$ 72,537.6 million in 2018 and is projected to reach US$ 1,00,304.4 million by 2027; it is expected to grow at a CAGR of 3.7% from 2019 to 2027. The report highlights key factors driving the market growth, and prominent players along with their developments in the market.
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Nitrogen fertilizer is one of the most regular fertilizer categories produced with different chemical combinations of nitrogen; the fertilizers are commonly available in three forms—ammonia, nitrate, and urea. Once applied to the fields the fertilizers are absorbed by plants are converted into various other forms through chemical reactions. Their application helps confer better texture and color to plants, thus improving agricultural productivity. In developing regions, there is strong focus on improvising and strengthening the agricultural facilities through increased investments and supportive government measures. The urge for food security to support the growing rate of population, along with the surging need to boost other crop yield, has propelled the adoption of mineral-based fertilizers, such as nitrogenous fertilizers, in developing regions.
The agricultural facilities in Africa are still at developing phase, wherein the crops are generally deprived off certain nutrients. Also, the region has limited access to nitrogen fertilizers, generally due to their high costs. In East Africa, farmers use biomass as affordable fertilizers to supplement the demand of essential nitrogen in the plants. However, the increasing government investments on the agriculture sector, along with increasing penetration of manufacturers in the region, is expected to boost the utilization of such fertilizers in the coming years. Further, the demand for nitrogenous fertilizers is also rising from developing Asia Pacific economies. Rapid urbanization, along with growing need for food security, has propelled the utilization of such fertilizers to boost the agricultural productivity. Further, the rise in production of sugarcane and corn in South America is expected to drive the demand for nitrogenous fertilizers in this region during the forecast period.
The COVID-19 outbreak has been affecting economies and industries in various countries such as the US, China, Russia, India, Italy, Iran, and Spain. Chemicals and materials is one the world’s major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this outbreak. China is the global manufacturing hub and is the largest raw material supplier for various industries; it is also one of the worst-affected countries by the COVID-19 pandemic. The lockdown of various plants and factories in China is affecting the global supply chains and adversely impacting the manufacturing and sales of various chemical and materials. These factors are anticipated to hinder the growth of the chemical and materials industry, thus restraining the growth of various markets related to this industry in the coming months.
Bunge Limited, CF Industries Holdings, Inc., EuroChem Group, Koch Fertilizer, LLC, Nutrien Ltd, OCI Nitrogen, SABIC Group, Sinofert, Togliattiazot (TOAZ), and Yara International ASA are among the well-established players present in the global nitrogenous fertilizer market.
The report includes the segmentation of the global nitrogenous fertilizer market as follows:
Nitrogenous Fertilizer Market, by Product Type
Nitrogenous Fertilizer Market, by Form
Nitrogenous Fertilizer Market, by Crop Type
Nitrogenous Fertilizer Market, by Mode of Application