The Nitrogen Fertilizer Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Nitrogen Fertilizer Global Market Report 2024, The nitrogen fertilizer market size has grown strongly in recent years. It will grow from $94.82 billion in 2023 to $101.11 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to population growth and food demand, advancements in agricultural practices, government subsidies and policies, climate and weather conditions, global trade and supply chain dynamics.
The nitrogen fertilizer market size is expected to see strong growth in the next few years. It will grow to $131.97 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to environmental regulations and sustainability initiatives, growing concerns about food security, bio-based nitrogen fertilizers, climate change adaptation strategies, soil health awareness. Major trends in the forecast period include research and development in fertilizer technology, digital agriculture platforms, precision agriculture technologies, technological innovations in fertilizer production, rising demand for urea-based fertilizers.
Globally, governments are investing to uplift the agricultural sector, thereby contributing to the growth in demand for fertilizers. For example, the Indian government announced that urea factories older than 30 years but still producing urea will receive an additional fixed cost of $6.77 (Rs 500). The government also announced 30 urea factories will get fixed costs at a rate of $4.74 (Rs 350) per metric ton. India imports more than 50 lakh ton of urea, worth more than a billion dollars every year. The government initiative aims to boost domestic production of urea and cut imports. Therefore, such initiatives in different countries are expected to promote the agricultural sector, thus driving the fertilizer market.
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The nitrogen fertilizer market covered in this report is segmented –
1) By Type: Urea, Calcium Ammonium Nitrate (CAN), Ammonium Nitrate, Ammonium Sulphate, Ammonia, Other Nitrogenous Fertilizers
2) By Form: Liquid, Dry, Other Forms
3) By Treatment: Soil, Foliar, Fertigation, Other Treatments
4) By Application: Cereals And Grains, Oilseeds And Pulses, Fruits And Vegetables, Other Applications
The urea market is witnessing rapid growth in the fertilizer market as it controls air pollution by catalytic reaction. Urea is an easily water-soluble compound that consists of 46% nitrogen and can be stored, transported, and handled easily. It increases soil productivity and soil nutrients. According to the International Fertilizers Association (IFA), global urea capacity is going to increase by a net of 17 metric tons by volume each year, and the total production is estimated at 226 metric tons by 2021. Thus, the expected increase in the production of urea promotes the sales of nitrogen fertilizer.
The nitrogen fertilizer market report table of contents includes:
1. Executive Summary
2. Nitrogen Fertilizer Market Characteristics
3. Nitrogen Fertilizer Market Trends And Strategies
4. Nitrogen Fertilizer Market – Macro Economic Scenario
5. Global Nitrogen Fertilizer Market Size and Growth
………..
32. Global Nitrogen Fertilizer Market Competitive Benchmarking
33. Global Nitrogen Fertilizer Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Nitrogen Fertilizer Market
35. Nitrogen Fertilizer Market Future Outlook and Potential Analysis
36. Appendix
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