“Global nitrogenous fertilizers market is projected to grow at a CAGR of 2.33%”
The nitrogenous fertilizers market is projected to reach a value of USD 127.0 billion by 2022, at a CAGR of 2.33% from 2016. The market is driven by factors such as need to increase productivity and level yield and fertilizer intensity gaps across regions, rise in awareness regarding soil profile, and nutritional balance backed by state support.
“The urea segment is projected to dominate the market during the forecast period”
Urea is the most commonly used nitrogenous fertilizer around the globe. The segment accounted for more than 60% of the global nitrogenous fertilizers in 2015. Since the last decade, urea has emerged as a substitute for ammonium nitrate and is used widely as farmers have identified it as economical and easy to use.
“The fertigation mode of application is projected to be the fastest-growing from 2016 to 2022”
The fertigation mode of application is preferred for nitrogenous fertilizers due to its ease of application. It is also cost-effective and time efficient. Along with this, farmers around the globe are also shifting from traditional farming to technological farming, which in turn leads to the adoption of fertigation as a mode of application. This is few of the major reasons increasing the use of fertigation mode of amongst the farmers which is driving the market for nitrogenous fertilizers.
“Asia-Pacific was the largest market in 2015 whereas, South America is projected to be the fastest-growing from 2016 to 2022”
The Asia-Pacific region is the largest consumer of nitrogenous fertilizers, with a market share of more than 63% in 2015. The growing agricultural practices and requirement of high-quality agricultural produce are expected to drive the nitrogenous fertilizers market growth in this region. The demand for nitrogenous fertilizers is driven by the increase in awareness about the modern agricultural practices. Maximum growth is witnessed in countries such as China due to the rise in awareness among the farmers about the impact of deficiencies in soil.
The breakdown of the primaries on the basis of company, designation, and region conducted during the research study, are as follows:
By Company Type: Tier 1 – 20%, Tier 2 – 45%, and Tier 3 – 35%
By Designation: Director Level – 22%, C Level – 28%, and Others– 50%
By Region: North America – 10%, Europe – 20, Asia-Pacific – 40%, and MEA – 30%
Major players are as follows:
• Yara International ASA (Norway)
• Agrium Inc. (Canada)
• Coromandel International Limited (India)
• Potash Corp. Of Saskatchewan Inc. (Canada)
• Koch Industries Inc. (U.S.)
Other players that also have a strong presence in this market are as follows:
• CVR Partners LP (U.S.)
• Sinofert Holdings Limited (China)
• Bunge Limited (Netherlands)
• CF Industries Holdings Inc. (U.S.)
• Eurochem Group AG (Switzerland)
This report categorizes the global market for nitrogenous fertilizers on the basis of type, crop type, mode of application, form, and region. In terms of insights, this research report has focused on industry analyses and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging & high-growth segments of the global nitrogenous fertilizers market; high-growth regions, countries, and their respective regulatory policies; government initiatives; and drivers, restraints, and opportunities.
Key benefits of buying this report
? Analyses of the global nitrogenous fertilizers market, with region-specific assessment and competition analysis
? Market definition along with the identification of key drivers and restraints
? Identification of factors instrumental in changing the market scenarios, rising prospective opportunities, and key companies that can influence this market on a global and regional scale
? Extensively researched competitive landscape section with profiles of major companies
? Identification and analysis of the macroeconomic indicators that affect the nitrogenous fertilizers market on global and regional levels
? A comprehensive list of key market players, along with the analysis of their current strategic interests and key financial information