The global nitrogenous fertilizers market was valued at USD 68 Billion in 2020 and is anticipated to grow at USD 111 Billion till 2027 recording a CAGR of 7.2% during the forecast period 2021-2027. The report provides in-depth analysis of the impact of COVID-19 on the market, along with revised market numbers due to the effects of the coronavirus.
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Nitrogen is the crucial nutrient hugely needed for the growth of plants. Nitrogen hugely helps in growing crops fast. It provides best texture, color and also increases the agricultural productivity. Haber Bosch process is used for producing nitrogenous fertilizer. These fertilizers can also be attained from animal manure as well as compost. These nitrogenous fertilizers regulate the growth of the plant for faster yield. There are several factors that affect greatly on the growth of Nitrogenous Fertilizers Market such as huge preference towards eco-friendly agricultural practices, increasing demand for high efficiency fertilizers and shrinking farmland and agriculture productivity are driving the market. On the other hand, high manufacturing price and regulatory ecological restraints for coated products can hinder the market growth.
The nitrogen fertilizers market is anticipated to obtain grip over the forecast duration owing to high productivity and numerous advantages of nitrogenous fertilizers. Several of the key players are fascinated towards regions such as Asia Pacific and Latin America, which are the biggest corn and rice producers. These players are also focusing more on new product launchings, acquisitions, investments and expansions to retain their position in the market.
Nitrogenous fertilizers market is classified into major regions such as North America, Europe, Asia Pacific, Middle East, Africa and Latin America. North America is experiencing considerable revenue share in the market due to the growing adoption of eco-friendly farming practices. A few other factors that are projected to foster the market over the forecast period in North America are growing fruits and vegetables production and increasing demand for healthy food products in U.S. Market in Europe is witnessing unprecedented CAGR owing to the factors such as huge adoption of agricultural technologies by farmers, increasing research and development activities and increase in preference towards nitrogenous fertilizers. But, Asia pacific Nitrogenous Fertilizers market is anticipated to impel the market growth hugely due to the better availability of the products and growing population demanding for farming.
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Some of the major key players are Agrium Inc. (Canada), The Dow Chemical Company (U.S.), Yara International ASA (Norway), Bayer CropScience AG (Germany), Coromandel International Limited (India), DuPont (U.S.), Koch Industries Inc. (U.S.A.), Syngenta AG (Switzerland), (Canada), Monsanto Company (U.S.) and INCOTEC Group BV (Netherlands).
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