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Global Nitrogenous Fertilizer Market Outlook 2024: Growth Drivers, Trends, and Opportunities
Nitrogenous Fertilizer Market Outlook
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According to The Business Research Company's, The nitrogenous fertilizer market size has grown strongly in recent years. It will grow from $73.41 billion in 2023 to $79.16 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to population growth, growth in agricultral sector, farming mechanization, government subsidies, economic growth.
The nitrogenous fertilizer market size is expected to see strong growth in the next few years. It will grow to $109.37 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to rise in global food security, rising adoption of precision agriculture, rising crop rotation practices, infrastructure development. Major trends in the forecast period include customized fertilizer blends, carbon sequestration, nutrient management, organic and natural fertilizers.
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Market Drivers and Trends:
The increasing demand for fertilizers is driving the growth of the nitrogenous fertilizers market. Fertilizers are a substance that contains chemical components that help plants grow and produce more. The demand for fertilizers is constantly increasing, as it has potential to restore chemical elements that previous crops removed from the soil or increase the land's inherent fertility. Nitrogenous fertilizers are the most commonly used source of plant nitrogen nutrition. For instance, in 2022, according to the United Nations Environment Program's report on """"Environmental and health impacts of pesticides and fertilizers and ways of minimizing them,"""" over the past few decades, pesticide and fertilizer demand, production, and consumption have increased significantly globally. By 2025, combined global sales are anticipated to expand around 4.1%, totaling USD 309 billion. Therefore, the rise in demand for fertilizers is expected to boost the demand for nitrogenous fertilizers market during the forecast period.
Nanotechnology is a key trend gaining popularity in the nitrogenous fertilizers market. Nanotechnology is the study of science, engineering, and technology at the nanoscale, or between 1 and 100 nanometers. The companies operating in nitrogenous fertilizers are focused on utilizing nutrient-rich nanoparticles for development and manufacturing of nanoscale nitrogenous fertilizers. Nano fertilizers provide several advantages over conventional fertilizers, including increased soil fertility yield and crop quality parameters, nontoxicity and reduced risk to humans and the environment, reduced cost, and increased profitability. In June 2021, the Indian Farmers Fertiliser Cooperative Limited (IFFCO) introduced the Nano Urea Liquid as a substitute for regular urea to deliver nitrogen to plants. It is the only nano fertilizer recognized by the Indian government and listed in the Fertilizer Control Order (FCO).
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Major Key Players of the Market:
Sorfert Algeria Spa, OCI NV, Nutrien Ltd., Yara Fertilisers India Pvt Ltd., Central Farmers Fertilizer Company, Compo Expert Gmbh, Coromandel International Ltd., EuroChem Group AG, Indian Farmers Fertilizer Cooperative Ltd., Koch Industries Inc., Saudi Basic Industries Corp, Wilbur-Ellis LLC, Terra Nitrogen Company L.P., LSB Industries Inc., Shandong Hualu Hengsheng Chemical Co Ltd., Agrium Inc., Potash Corporation of Saskatchewan Inc., AgroLiquid, Agrofert Holding AS, Bunge Ltd., Fertiberia Sociedad Anonima, Haifa Chemicals Ltd., Israel Chemicals Ltd., Kali und Salz GmbH, The Mosaic Company, PhosAgro, Sinochem Hong Kong Holdings Ltd.
Nitrogenous Fertilizer Market 2024 Key Insights:
• The nitrogenous fertilizer market size is expected to see strong growth in the next few years. It will grow to $109.37 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%.
• Growing Demand For Fertilizers Fuels Nitrogenous Fertilizers Market
• Nanoscale For Enhanced Agricultural Benefits
• Asia-Pacific was the largest region in the nitrogenous fertilizers market in 2023, and it is expected to be the fastest-growing region in the forecast period
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