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Nitrogenous Water Soluble Fertilizer Global Market Report 2024 Market Overview, Outlook, Size, Share, Demand 2024-2033 |
Nitrogenous Water Soluble Fertilizer Global Market Report
According to The Business Research Company's, The nitrogenous water soluble fertilizer market size has grown strongly in recent years. It will grow from $60.97 billion in 2023 to $65.53 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to farmers' preferences and awareness, crop nutrient requirements, research and development, market competition, crop yield and quality.
The nitrogenous water soluble fertilizer market size is expected to see strong growth in the next few years. It will grow to $84.4 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to growing population and food demand, environmental sustainability, precision agriculture adoption, climate change impact, rising awareness and education. Major trends in the forecast period include market accessibility, customized fertilization programs, urban agriculture and greenhouses, hydroponics and soilless farming, focus on crop nutrition.
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Market Drivers and Trends:
The growing popularity of commercial agriculture is expected to propel the growth of the nitrogenous water-soluble fertilizer market going forward. Agriculture refers to the large-scale production of crops and livestock to sell them and generate profit. Agriculture practices often use nitrogenous water-soluble fertilizers as part of their nutrient management practices, hence driving the growth of the nitrogenous water-soluble fertilizer market. For instance, in May 2022, according to the GOV.UK, a UK-based government-operated official statistics website, 2021 highlights total crop output income increased by $11,782 million in 2021, and total livestock output income increased by $17,626 million in 2021. Therefore, the growing popularity of commercial agriculture is driving the growth of the nitrogenous water-soluble fertilizer market.
Technological innovations are a key trend gaining popularity in the nitrogenous water-soluble fertilizer market. Major companies operating in the nitrogenous water-soluble fertilizer market are innovating new technologies to sustain their position in the market. For instance, in September 2022, Yara International, a Norway-based chemical company that manufactures fertilizers, launched the YaraIrix system for nitrogen water-soluble fertilizer. The YaraIrix system comes with a free app (for Android and iOS) that users can download and use to calculate the nitrogen requirements of various crops throughout their early growth phases. The app is supported by two hardware alternatives (a smartphone clip and a Bluetooth N-Tester) for subsequent growth phases. After taking a measurement, the software immediately recommends how much fertilizer the crops require. The N-Tester Clip can be used to boost the system. The hardware accessory converts the smartphone camera into a nitrogen sensor by clipping it on.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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Major Key Players of the Market:
Israel Chemicals Ltd.; Yara International ASA; K+S AG; Coromandel International Limited; Sociedad Química y Minera de Chile; The Mosaic Company; Nutrien Ltd.; COMPO GmbH & Co. KG; EuroChem Group AG; BASF SE; Adama Agricultural Solutions Ltd.; Uralchem Group; Nufarm Limited; Qatar Fertilizer Company; Haifa Group; Koch Fertilizer LLC; CF Industries Holdings Inc.; Kugler Company; Turf Care Supply Corp.; Bunge Limited; Tessenderlo Group; Sinofert Holdings Limited; Deepak Fertilizers and Petrochemicals Corporation Limited; Zuari Agro Chemicals Ltd.; Rashtriya Chemicals & Fertilizers Ltd.; Apache Corporation; Sinochem Corporation; Mears Fertilizer Inc.; Gujarat State Fertilizers & Chemicals Ltd.; Saudi Basic Industries Corporation; Brandt Consolidated Inc.; Plant Food Company Inc.; Greenfeed Agro Sdn Bhd; Wilbur-Ellis Company LLC; Shikefeng Chemical Industry Co. Ltd.; Sapec Agro Business SA
Nitrogenous Water Soluble Fertilizer Market 2024 Key Insights:
• The nitrogenous water soluble fertilizer market will grow to $84.4 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• The Impact Of Commercial Agriculture On The Nitrogenous Water-Soluble Fertilizer Market
• Yara International's Yarairix System Sets New Standards In Nitrogenous Water-Soluble Fertilizer Technology
• Europe was the largest region in the nitrogenous water soluble fertilizer market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
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LinkedIn: https://in.linkedin.com/company/the-business-research-company
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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