Market Size in 2022 | Market Forecast in 2030 | CAGR (in %) | Base Year |
---|---|---|---|
USD 114 Billion | USD 145 Billion | 5.4% | 2022 |
The global nitrogenous fertilizers market size was evaluated at $114 billion in 2022 and is slated to hit $145 billion by the end of 2030 with a CAGR of nearly 5.4% between 2023 and 2030.
Nitrogen is a key nutrient necessary for plant & crop growth and is naturally available in the atmosphere, though only some of the plants absorb it. Furthermore, it is synthetically supplied to plants or crops in the form of supplements referred to as nitrogenous fertilizers. The latter is available in various forms such as ammonia, calcium ammonium nitrate, and ammonium sulfate having key nutrients in required proportions, thereby helping crops & plants yield faster with an improved texture.
Huge demand for crop yield due to surging population to boost the global market trends
An increase in the farmer’s understanding of soil nutrition will drive the growth of the nitrogenous fertilizers market across the globe. Escalating demand for food caused by a surging populace and low availability of cultivable land globally is likely to steer the global market trends. Humungous demand for organic foods harvested without the use of bio-fertilizers and synthetic chemicals will enhance the demand for nitrogenous fertilizers in the ensuing years.
Apart from this, the growing necessity of food safety and growing environmental concerns will prop up the expansion of the global market. New product launches will contribute majorly towards the global market proceeds in the ensuing years. For instance, in the first half of 2022, Corteva Inc., a U.S.-based agricultural chemical & seed firm, declared the launching of PinnitMax® TG nitrogen stabilizer, a new above-the-ground nitrogen stabilizer, which helps protect urea and UAN applications from volatilization for nearly up to a fortnight. Moreover, it helps nitrogen get into the root zone to gain optimum yield.
Surging health concerns to put brakes on the global industry expansion over forecasting timeline
Growing concerns over health hazards caused by the use of nitrogenous fertilizers along with the toxic nature of the product can restrict the expansion of the nitrogenous fertilizers industry globally. For instance, nitrogenous fertilizers leach into groundwater and are washed into waterways, thereby causing severe environmental damage. Moreover, a rise in product costs can further hamper the expansion of the global industry.
Rise in the fund allocation for digital farming activities to generate new growth avenues for the global market
A surge in investment in digital farming and extensive research activities is predicted to generate new growth avenues for the global nitrogenous fertilizers market. A prominent rise in the research & development activities for launching new products will contribute notably towards the global market size. A rise in precision farming activities will embellish the market growth across the globe.
Stringent legislation over product usage can prove to be a huge challenge for the global industry in the coming years
Strict government laws related to the use of the product can prove to be a huge impediment to the global nitrogenous fertilizers industry. Furthermore, emissions caused by Nitrogen and the growing use of green products have severely curtailed the demand for the product in the coming years.
The global nitrogenous fertilizers market is sectored into type, form, application, crop type, and region.
In type terms, the global nitrogenous fertilizers market is segregated into calcium ammonium nitrate (CAN), ammonium nitrate, ammonium sulfate, urea, and others segments. Furthermore, the urea segment, which acquired approximately three-fourths of the global market share in 2022, is prognosis to record the fastest rate of growth in the next few years. The growth of the segment during the assessment timeline can be credited to a humungous proportion of nitrogen in urea along with low prices of urea.
Based on the crop type, the global nitrogenous fertilizers industry is sectored into fruits & vegetables, oilseeds & pulses, cereals & grains, and others segments. Moreover, the cereals & grains segment, which accumulated the largest share of the global industry in 2022, is anticipated to lead the segmental space in the ensuing years. The expansion of the segment in the upcoming years can be owing to the growing use of nitrogenous fertilizers in cereal & grain crops for high crop yield, thereby generating profitability for the farmers. A rise in the use of products in farming activities will steer the segmental surge.
Based on the form, the global nitrogenous fertilizers market is sectored into dry and liquid segments. Furthermore, the dry segment, which garnered nearly two-thirds of the global market share in 2022, is prognosis to register the fastest rate of growth in the next eight years. The growth of the segment during the assessment timeframe can be credited to cost-effectiveness and easy availability of products in comparison to liquid nitrogenous fertilizers. In addition to this, an enormous requirement of growing stability and increased crop absorbing efficacy will boost the penetration of dry products in farming activities.
Based on the application, the nitrogenous fertilizers industry globally is bifurcated into fertigation, foliar, and soil segments.
Report Attributes | Report Details |
---|---|
Report Name | Nitrogenous Fertilizers Market |
Market Size in 2022 | USD 114 Billion |
Market Forecast in 2030 | USD 145 Billion |
Growth Rate | CAGR of 5.4% |
Number of Pages | 231 |
Key Companies Covered | Kynoch Fertilizer, Yara International ASA, Sorfert Algerie SPA, Sasol Limited, Sologistics Group SA, Aquasol Nutri Private Limited, Bunge Ltd., Omnia Holdings Limited, OCI Nitrogen, Rolfes Agri (Pty) Ltd., Nutrien Ltd., ICL Specialty Fertilizers, Hellagrolip SA, Koch Fertilizer LLC, Eurochem Group AG, Haifa Group, Notore Chemical Industries Plc., Coromandel International Limited, CF Industries Holdings Inc., and others. |
Segments Covered | By Type, By Crop Type, By Application, By Form, and By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
Base Year | 2022 |
Historical Year | 2017 to 2021 |
Forecast Year | 2023 - 2030 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
Asia-Pacific is predicted to maintain its dominant position in the global nitrogenous fertilizers market over the prognosis timeframe
Asia-Pacific, which amassed nearly 55% of the global nitrogenous fertilizers market revenue share in 2022, is predicted to dominate the regional sphere in the next couple of years. Additionally, the regional market expansion in the coming years can be credited to the huge availability of area for cultivating crops, favorable climate, and higher rural populace. Key manufacturers are setting up new production units in the countries of Asia due to their surging focus on food security. For the record, China is the highest consumer of products and garners nearly 33% of the overall product consumption. Additionally, rise in the cultivation of food crops such as potatoes, barley, millets, rice, cotton, soybean, tea, tomatoes, wheat, and peanuts. An increase in subsidies on various kinds of fertilizers to farmers by various governments in the region will bolster the elevation of the market size in the region.
The European nitrogenous fertilizers industry is set to register the highest CAGR in the next eight years subject to the thriving mass of land occupied by agriculture and grass in the continent. An increase in the exports of the product has contributed notably towards the GDP of the countries in the continent. Upgrading of nitrate units in Europe will contribute majorly to the regional industry in the upcoming years. Rapid urbanization and industrialization in the countries of Europe will steer the regional industry growth in the coming years.
North America is likely to contribute lucratively towards the global market revenue in the next eight years. The growth of the market in the sub-continent can be credited to the rise in the production of nitrogenous fertilizers along with their export to other emerging economies of Latin America and Europe.
The global nitrogenous fertilizers market profiles key players such as:
By Type
By Crop Type
By Application
By Form
FrequentlyAsked Questions
Nitrogen is a key nutrient necessary for plant & crop growth and is naturally available in the atmosphere, though only some of the plants absorb it. Furthermore, it is synthetically supplied to plants or crops in the form of supplements referred to as nitrogenous fertilizers.
The global nitrogenous fertilizers market growth over the forecast period can be owing to the growing necessity of food safety and surging environmental concerns.
According to a study, the global nitrogenous fertilizers industry size was $114 billion in 2022 and is projected to reach $145 billion by the end of 2030.
The global nitrogenous fertilizers market is anticipated to record a CAGR of nearly 5.4% from 2023 to 2030.
The European nitrogenous fertilizers industry is set to register the fastest CAGR over the forecasting timeline subject to the thriving mass of land occupied by agriculture and grass in the continent. An increase in the exports of the product has contributed notably towards the GDP of the countries in the continent.
The global nitrogenous fertilizers market is led by players such as Kynoch Fertilizer, Yara International ASA, Sorfert Algerie SPA, Sasol Limited, Sologistics Group SA, Aquasol Nutri Private Limited, Bunge Ltd., Omnia Holdings Limited, OCI Nitrogen, Rolfes Agri (Pty) Ltd., Nutrien Ltd., ICL Specialty Fertilizers, Hellagrolip SA, Koch Fertilizer, LLC, Eurochem Group AG, Haifa Group, Notore Chemical Industries Plc., Coromandel International Limited, and CF Industries Holdings Inc.
The nitrogenous fertilizers market report covers the geographical market along with a comprehensive competitive landscape analysis. It also includes cash flow analysis, profit ratio analysis, market basket analysis, market attractiveness analysis, sentiment analysis, PESTEL analysis, trend analysis, SWOT analysis, trade area analysis, demand & supply analysis, Porter’s five force analysis, and value chain analysis.
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