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The nitrogenous fertilizer market is estimated to grow at a CAGR of 4.67% between 2022 and 2027. The size of the market is forecast to increase by 32,994.82 thousand T. The growth of the market depends on several factors, including the increase in demand from developing countries, the growth in the fertilizer industry, and the reduction in arable land.
This report extensively covers market segmentation by type (liquid, dry, and others), product (urea, NPK, CAN and AN, DAP and MAP, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Technavio categorizes the global nitrogenous fertilizer market as a part of the global commodity chemicals market within the global chemicals market. The global commodity chemicals market covers companies that primarily produce industrial and basic chemicals, including, but not limited to, plastics, synthetic fibers, films, commodity-based paints and pigments, explosives, and petrochemicals. The market excludes chemical companies that produce diversified chemicals, fertilizers and agricultural chemicals, industrial gases, and specialty chemicals. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The growth in the fertilizer industry is notably driving the market growth, although factors such as health concerns regarding the use of nitrogenous fertilizers may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Nitrogenous Fertilizer Market Driver
The increase in demand from developing countries is one of the key drivers supporting the nitrogenous fertilizer market growth. APAC is one of the major consumers of fertilizers in the world. The increasing population and rising per capita income contribute to the demand for food and agricultural products. For instance, the population of India and China reached nearly 1.41 billion and 1.41 billion, respectively, in 2021. The shift from grain-based to high protein-based diets, particularly in China and India, has increased the use of nitrogenous fertilizers to cultivate crops with high protein content.
Moreover, in India, more than half of the population depends on agriculture as the primary source of livelihood. The country was the major producer of wheat, sugarcane, rice, and fruits and vegetables in 2021. Government subsidies and incentives on fertilizers to support the agriculture sector will increase the demand for nitrogenous fertilizers. Government support and initiatives for agriculture production in APAC will increase the consumption of nitrogenous fertilizers. Hence, such factors will drive the growth of the market during the forecast period.
Significant Nitrogenous Fertilizer Market Trend
The adoption of precision farming is another factor supporting the nitrogenous fertilizer market growth. Precision farming is increasing in popularity as it is low cost, improves farming practices, and can be used on limited arable land. Their techniques improve yields and are cost-effective when compared to conventional farming practices. Furthermore, it provides farmers with information and insights regarding soil fertility, moisture content, and nutrient availability.
Moreover, precision technologies, including variable-rate input (VRT), soil and yield mapping, and tractor guidance systems using a global positioning system (GPS), help farmers adjust production practices based on information regarding changing field conditions. Such advantages will drive the growth of the market during the forecast period.
Major Nitrogenous Fertilizer Market Challenge
Health concerns regarding the use of nitrogenous fertilizers are one of the factors hindering the nitrogenous fertilizer market growth. Nitrogenous fertilizers contain different types of chemicals that are mixed to increase the yield and productivity of crops. Chemicals present in these fertilizers are absorbed by food crops. They enter the food chain and lead to severe health issues. Chemicals in fertilizers take a long time to degrade and become biodegradable in nature.
The consumption of contaminated water containing cadmium, aluminum, copper, and lead can lead to hypertension, skin diseases, and kidney failure. Also, the application of chemical fertilizers to plants can increase the risks of cancer, including leukemia, large intestine cancer, and prostate cancer. Environmental and health concerns associated with the use of nitrogenous fertilizers will impede the growth of the market during the forecast period.
Key Nitrogenous Fertilizer Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Nitrogenous Fertilizer Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
lsbindustries.com - The company offers nitrogenous fertilizer and other related solutions such as Nitrogen Fertilizer Revamps. Also, through this segment, the company manufactures and markets chemical products for the agricultural, industrial, and mining markets.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the liquid segment will be significant during the forecast period. The liquid nitrogenous fertilizer market is constrained by high installation and storage costs, and the need for special handling and storage facilities for liquid fertilizers will restrain market expansion. However, the widespread use of bio-based liquid fertilizer will create sizeable opportunities for the market in focus. Owing to these factors, the liquid segment is expected to witness augmented demand which will drive the growth of the market during the forecast period.
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The liquid segment was valued at 48,376.21 thousand T in 2017 and continue to grow by 2021. The liquid segment is expected to register the fastest growth during the forecast period. Additionally, it was the majority share-holder type segment in 2022. The main factor driving the growth of the liquid nitrogenous fertilizer segment is the rising demand for high-efficiency fertilizers as well as the rising environmental concerns. The market for liquid nitrogen fertilizers is anticipated to grow as a result of rising demand for fertilizers with higher quality and greater productivity, as well as the simplicity of use and application of liquid fertilizers and the expanding adoption of precision farming and protected agriculture. Such factors will increase segment growth during the forecast period.
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APAC is estimated to contribute 57% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The nitrogenous fertilizer market in APAC is expected to register the highest CAGR during the forecast period. Factors such as an increase in per capita income and a reduction in arable land have contributed to the growth of the regional market for nitrogenous fertilizers. Farmers in APAC are forced to switch to nitrogenous fertilizers from conventional fertilizers due to their better efficiency and performance. The agriculture sector in China and India is under tremendous pressure due to the significant increase in population in these countries. The increased consumption of food products has prompted farmers in this region to use nitrogenous fertilizers to meet the growing demand. The above-mentioned factors will contribute to the growth of the regional market during the forecast period.
COVID-19 hindered the growth of the regional market in 2021. However, lockdowns were lifted in Q4 2020, and business activities were resumed. The initiation of vaccination programs in the region in early 2021 resulted in the control of the spread of COVID-19, which led to the reopening of nitrogenous fertilizer manufacturing plants in the region. Therefore, the regional nitrogenous fertilizer market is expected to grow during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Nitrogenous Fertilizer Market Scope |
|
Report Coverage |
Details |
Page number |
172 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.67% |
Market growth 2023-2027 |
32,994.82 thousand t |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.92 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 57% |
Key countries |
US, China, India, Germany, and Brazil |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
AB Achema, Acron Group, Agropolychim AD, CF Industries Holdings Inc., KBR Inc., LSB Industries, OCI NV, Petrokemija D.D., PhosAgro Group of Companies, PJSC Togliattiazot, Qatar Fertiliser Co., Saudi Arabian Mining Co., Saudi Basic Industries Corp., Sinochem Group Co. Ltd., The Mosaic Co., Uralchem JSC, EuroChem Group AG, Koch Industries Inc., Nutrien Ltd., and Yara International ASA |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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