The Nitrogen Fertilizer market has experienced significant growth, increasing from $94.82 billion in 2023 to $101.11 billion in 2024, marking a CAGR of 6.6%. This growth is attributed to population growth, increased food demand, and advancements in agricultural practices. By 2028, the market is projected to reach $131.97 billion, with a CAGR of 6.9%. Key growth factors include environmental regulations, food security concerns, and the adoption of bio-based fertilizers. Major trends will focus on technological innovations in fertilizer production and precision agriculture technologies.
Major Driver In The Nitrogen Fertilizer Market
Globally, governments are investing in agricultural sector upliftment initiatives, thereby fueling demand for fertilizers. For instance, the Indian government's recent announcement includes additional fixed costs for aging urea factories and initiatives to bolster domestic urea production, aiming to reduce the country's significant urea imports. These governmental interventions are designed to enhance domestic agricultural productivity and decrease reliance on fertilizer imports. Such initiatives are anticipated to stimulate agricultural sector growth, consequently driving demand for fertilizers. The government's focus on domestic agricultural development underscores the significance of fertilizer markets in fostering food security and agricultural sustainability. Market analyses for 2023 highlight increasing fertilizer demand driven by governmental support for agriculture. Forecasts for 2024 and beyond anticipate sustained market growth, propelled by ongoing agricultural sector reforms and initiatives aimed at enhancing fertilizer accessibility and affordability worldwide.
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Nitrogen Fertilizer Market Competitive Landscape
Koch Industries Inc., BASF SE, Bunge Limited, Dow Chemical Company, Saudi Basic Industries Corporation, Nutrien Inc., Potash Corp., Mitsubishi Chemical Corporation, Yara International ASA, Sumitomo Chemical Co. Ltd., Sinofert Holdings Limited, The Mosaic Co., DuPont de Nemours Inc., Sinochem Group Co. Ltd., CF Industries Holdings Inc., Sociedad Química y Minera de Chile, EuroChem Group AG, Israel Chemicals Ltd., OCI NV, UBE Industries Ltd., Shandong Hualu-Hengsheng Chemical Co. Ltd., Uralkali PJSC, Wilbur-Ellis Company LLC, Indian Farmers Fertiliser Cooperative Limited, TogliattiAzot JSC, CVR Partners LP, Haifa Group Ltd., Terra Nitrogen Company LP, Agrium Inc., Coromandel International Ltd.
Key Nitrogen Fertilizer Market Trend
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.
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Nitrogen Fertilizer Market Segmentation
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
By Geography:The regions covered in the nitrogen fertilizer market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
Asia-Pacific was the largest region in the nitrogen fertilizer market in 2023.
The Nitrogen Fertilizer Global Market Report 2024 furnishes information about the global nitrogen fertilizer market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
