(I-BusinessNews.Com, January 28, 2020 ) As per the latest report by IMARC Group, titled “Nitrogenous Fertilizers Market Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global nitrogenous fertilizers market is expanding at a steady rate. Nitrogen plays a vital role in the overall growth and development of plants as it is employed in the process of photosynthesis. Although it is abundantly available in the environment, only a few of the plants can absorb it. Therefore, nitrogen is synthetically provided to the crops in the form of nitrogenous fertilizer. They are inorganic nitrous compounds that aid in rapid shoot growth, production of healthy flower buds, improvement in the quality of the fruit and enhancing flower differentiation. These fertilizers generally comprise varying quantities of ammonium sulfate, ammonium nitrate, calcium ammonium nitrate, urea and other substances, which are mixed along with animal manure.
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Global Nitrogenous Fertilizers Market Trends:
Owing to the growing global population and inflating income levels of consumers, there is a significant rise in the demand for food across the globe. This, in confluence with rapid urbanization and decreasing availability of arable land, is boosting the overall sales of nitrogenous fertilizers. However, high concentrations of nitrogen can accumulate on the edible parts of leafy vegetables and their consumption can negatively impact human health. As a result, farmers nowadays are developing suitable strategies for optimum utilization of nitrogenous fertilizers on farms. Apart from this, as nitrogenous fertilizers help in improving soil fertility and enhancing crop yield, their demand is being catalyzed around the world. Furthermore, governments of various countries are funding the utilization of advanced techniques and fertilizers to maximize productivity. On account of these factors, the market is anticipated to grow at a CAGR of around 2.5% during the forecast period (2019-2024).
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Key Market Segmentation:
Market Breakup by Type:
1. Urea
2. Ammonium Nitrate
3. Ammonium Sulfate
4. Calcium Ammonium Nitrate (CAN)
5. Others
Based on the product type, the market has been segmented into urea, ammonium nitrate, ammonium sulfate, calcium ammonium nitrate (CAN) and others.
Market Breakup by Crop Type:
1. Cereals & Grains
2. Oilseeds & Pulses
3. Fruits & Vegetables
4. Others
On the basis of the crop type, the market has been segregated into cereals and grains, oilseeds and pulses, fruits and vegetables, and others.
Market Breakup by Form:
1. Liquid
2. Dry
3. Others
The market has been classified on the basis of the form into liquid, dry and others.
Market Breakup by Mode of Application:
1. Soil
2. Foliar
3. Fertigation
4. Others
Based on the application, the market has been divided into soil, foliar, fertigation and others.
Market Breakup by Region:
1. Asia Pacific
2. North America
3. Europe
4. Middle East and Africa
5. Latin America
Region-wise, the market has been segmented into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.
Competitive Landscape:
The competitive landscape of the market has been examined, with some of the key players being Yara International ASA, Bunge Limited, CF Industries Holdings, Inc., TogliattiAzot, Nutrien Ltd., EuroChem Group, OCI Nitrogen, URALCHEM JSC, ICL Specialty Fertilizers, SABIC, Indian Farmers Fertiliser Cooperative Ltd., Coromandel International Limited., Koch Industries, Inc., Hellagrolip SA, Sinofert Holdings Limited, and CVR Partners LP.
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