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Future of Nitrogen Fertilizer Market: Size, Share & Forecasts to 2029
Nitrogen Fertilizer
What Is the Projected Market Size Valuation of the Nitrogen Fertilizer Market by 2025?
The market size of nitrogen fertilizers has exhibited substantial growth over the past few years. It is projected to rise from $121.21 billion in 2024 to $129.36 billion in 2025, signifying a compound annual growth rate (CAGR) of 6.7%. Factors such as population growth and the corresponding increase in food demand, modernization of farming practices, supportive government subsidies and regulations, climatic and weather fluctuations, as well as global trading and supply chain variations have catalyzed growth in the historic period.
What Is the Estimated Market Growth Value for the Nitrogen Fertilizer Industry in 2029?
In the upcoming years, we anticipate vigorous expansion in the nitrogen fertilizer market, which is predicted to escalate to $170.95 billion by 2029, reflecting a compound annual growth rate (CAGR) of 7.2%. This projected growth within the forecast period can be ascribed to considerations such as environmental regulations, sustainability initiatives, increased focus on food security, use of bio-based nitrogen fertilizers, strategies adapting to climate change, and awareness surrounding soil health. Foreseen trends within the forecast period encompass advancements in fertilizer technology, the proliferation of digital agriculture platforms, precision farming technologies, breakthroughs in fertilizer production, and a heightened demand for urea-based fertilizers.
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What Are the Growth Drivers and Opportunities in the Nitrogen Fertilizer Market?
The growth in demand for fertilizers is being driven by international governments allocating resources towards the enhancement of the agricultural industry. As an illustration, the government in India declared that urea factories in operation for over 30 years will be granted an extra fixed cost of $6.77 (Rs 500). Furthermore, they proclaimed that 30 urea production venues will incur fixed costs at $4.74 (Rs 350) per metric ton. Annually, India brings in over 50 lakh ton of urea, equating to more than a billion dollars. The aim of these measures put forth by the government is to stimulate local urea production and decrease the number of imports. As such, these various initiatives worldwide are projected to bolster the agricultural industry and, in turn, the fertilizer market.
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What Are the Primary Segments Covered in the Global Nitrogen Fertilizer Market Report?
The nitrogen fertilizer market covered in this report is segmented -
1) By Type: Urea, Calcium Ammonium Nitrate (CAN), Ammonium Nitrate, Ammonium Sulphate, Ammonia, Other Nitrogenous Fertilizers
2) By Form: Liquid, Dry, Other Forms
3) By Treatment: Soil, Foliar, Fertigation, Other Treatments
4) By Application: Cereals And Grains, Oilseeds And Pulses, Fruits And Vegetables, Other Applications
Subsegments:
1) By Urea: Granular Urea, Prilled Urea, Liquid Urea
2) By Calcium Ammonium Nitrate (CAN): Granular CAN, Liquid CAN
3) By Ammonium Nitrate: Granular Ammonium Nitrate, Solution Ammonium Nitrate
4) By Ammonium Sulphate: Granular Ammonium Sulphate, Liquid Ammonium Sulphate
5) By Ammonia: Anhydrous Ammonia, Ammonium Hydroxide
6) By Other Nitrogenous Fertilizers: Nitro-Phosphate Fertilizers, Urease Inhibitors, Other Blended Nitrogen Fertilizers
What Are the Top Growth Trends in the Nitrogen Fertilizer Market?
The growth of the nitrogen fertilizers market is poised to rise due to the continued expansion of agricultural initiatives. The escalated boost in agricultural activities ties back to an increasing population, concerns about food security, and the introduction of climate-smart agriculture. Nitrogen fertilizers play an integral role in encouraging the progression of agricultural tasks by fostering strong crop development and enhanced yields, enabling farmers to maximize their land use and satisfy the growing need for food worldwide. For example, in May 2023, the National Bank of Agricultural and Rural Development of India estimated the real agricultural GVA for FY2023 to be about ₹22.3 lakh crore, or $265 billion, indicating a growth rate of 4% compared to the 3.5% in FY2022. Consequently, the uptick in agricultural activities is set to stimulate the nitrogen fertilizers market.
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Which Companies Are Shaping the Future of the Nitrogen Fertilizer Market?
Major companies operating in the nitrogen fertilizer market include Koch Industries Inc., BASF SE, Bunge Limited, Dow Chemical Company, Saudi Basic Industries Corporation, Nutrien Inc., Potash Corp., Yara International ASA, Sumitomo Chemical Co. Ltd., Sinofert Holdings Limited, The Mosaic Co., DuPont de Nemours Inc., Sinochem Group Co. Ltd., CF Industries Holdings Inc., Sociedad Química y Minera de Chile, EuroChem Group AG, Israel Chemicals Ltd., OCI NV, Uralkali PJSC, Wilbur-Ellis Company LLC, Indian Farmers Fertiliser Cooperative Limited, TogliattiAzot JSC, CVR Partners LP, Haifa Group Ltd., Terra Nitrogen Company LP, Agrium Inc., Coromandel International Ltd.
Which Region Holds the Largest Market Share in the Nitrogen Fertilizer Industry?
Asia-Pacific was the largest region in the nitrogen fertilizer market in 2024. North America was the second-largest region in the global nitrogen fertilizer market. The regions covered in the nitrogen fertilizer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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