Nitrogenous Fertilizer Market 2023 Industry Growth and Product Scope 2030 | Top Players as Aquasol Nutri, Bunge Ltd.

As per the report published by The Brainy Insights, the global nitrogenous fertilizer market is expected to grow from USD 64.6 billion in 2020 to USD 105.23 billion by 2030, at a CAGR of 5% during the forecast period 2021-2030. Asia Pacific region emerged as the largest market for the global nitrogenous fertilizer market with a 44.2% share of the market revenue in 2020.

Nitrogenous Fertilizer Market Size by Product (Urea, Ammonium Nitrate, Ammonium Sulfate, Calcium Ammonium Nitrate, Ammonia, Others), By Application (Oil Seeds & Pulses, Cereals & Grain, Fruits & Vegetables, Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2021 to 2030

𝐆𝐫𝐚𝐛 𝐭𝐡𝐞 𝐬𝐚𝐦𝐩𝐥𝐞 𝐫𝐞𝐩𝐨𝐫𝐭- https://www.thebrainyinsights.com/enquiry/sample-request/12645

Leading companies in the industry include Aquasol Nutri, Bunge Ltd., CF Industries Holdings Inc., Coromandal International Limited, Eurochem Group AG, Haifa Group, Hellagrolip SA, ICL Fertilizers, Koch Fertilizer, LLC, Kynoch Fertilizer, Notore Chemical Industries Plc, Nutrien Ltd., OCI Nitrogen, Omnia Holdings Limited, Rolfes Agri (Pty) Ltd., Sasol, Sorfertp, TriomfSA and Yara among others which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.

The product segment is divided into ammonium nitrate, urea, ammonium sulfate, calcium ammonium nitrate, ammonia, others. The urea segment led the market with a market share of around 29% in 2020. The special features of urea fertilizer are expected to continue to boost demand in the worldwide plant nutrition business. Urea is a nitrogenous fertilizer that is easily soluble in water and is one of the most cost-effective. The world's main producers and consumers of urea are China and India. Sugarcane, wheat, rice, and other crops cultivated in China and India respond well to the application of urea. The application segment is divided into oil seeds & pulses, cereals & grain, fruits & vegetables, others. In 2020, the oilseeds and pulses segment was the second-largest application segment, with revenue expected to grow at a significant CAGR during the forecast period. This is due to the need to increase seed germination rates and ensure optimal formation of dense pulse canopies. Oilseeds and pulses are key crops that help humans meet their daily nutritional needs for essential minerals, vitamins, and proteins. Appropriate nitrogen fertilizer application to farms growing oil seeds and pulses leads to increased crop yields and the preservation of optimum soil conditions.

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One of the primary factors driving the market's growth is the world's growing population and limited arable land. Another key growth-inducing aspect is the implementation of favourable government policies encouraging the use of sophisticated fertilizers for increased yield. The expanding usage of these fertilizers for enhanced soil fertility and increased yield of crops like rice, corn, and sugarcane has resulted from a large increase in crop demand to meet the fast-increasing global population. Furthermore, the scarcity of arable land because of increasing industrialization and urbanization is increasing the use of these fertilizers to maximize productivity. Other factors, such as rising demand for grain-based biofuels and intensive research and development operations to develop more efficient and environmentally friendly variations, are expected to boost the market's opportunities.

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