The nitrogenous fertilizers market is projected to grow at a CAGR of 2.33% from 2016, to reach a projected value of USD 126.96 billion by 2022. The growing need to increase the productivity, level yield, and fertilizer intensity gaps across regions, as well as increasing awareness regarding soil profile and nutritional balance backed by government support, are the major drivers for the market.
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Dry nitrogenous fertilizers are widely used as they are easily available and inexpensive as compared to the liquid nitrogenous fertilizers. In addition, farmers are becoming aware of the advantages of liquid nitrogenous fertilizers, which include their stability and enhanced efficiency for absorption by crops. This has led to an increase in the demand for liquid nitrogenous fertilizers.
The Asia Pacific region accounted for the largest share of the total nitrogenous fertilizers market in 2015, due to the presence of several leading players producing nitrogenous fertilizers for various applications in the region. South America is expected to grow at the highest CAGR, due to the growing awareness about the advantages of other forms of nitrogenous fertilizers among farmers in the region.
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Farmers across the globe use some amount of synthetic or chemical fertilizers to boost productivity. However, the growing trend of preference for organic food that is produced without any synthetic or chemical components or is produced mainly with natural components or biofertilizers has been witnessed in recent years. This is due to growing health awareness, environment protection, food safety, and other related concerns and is made affordable by rising income levels. This, in turn, is projected to impact the nitrogenous fertilizers market during the forecast period.
Over the past years, competition in the nitrogenous fertilizers market has intensified. Yara International ASA (Norway), CF Industries Holdings Inc. (US), Agrium Inc. (Canada), Potash Corp. of Saskatchewan Inc. (Canada), and EuroChem Group AG (Switzerland) are some of the major players dominating the market. Growth in the market for nitrogenous fertilizers is largely driven by strategies such as expansions, acquisitions, and investments & divestments, which improved the product offerings and catered to the demand for nitrogenous fertilizers in various regions.
Target Audience:
- Supply-side stakeholders: fertilizer producers, suppliers, distributors, importers, and exporters
- Demand-side stakeholders: Large contract-scale farming companies, farmers and researchers
- Regulatory-side stakeholders: Concerned government authorities and other regulatory bodies
- Other related associations, research organizations and industry bodies: Food and Agriculture Organization (FAO), International Fertilizer Industry Association (IFA), International Fertilizer Society (IFS) and Organization for Economic Co-operation and Development (OECD)
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