The size of the international market for nitrogenous fertilizer was estimated at USD 113.70 billion in 2018 and is anticipated to grow to USD 140.51 billion by 2026, registering a CAGR of 2.73% over that period.
It’s important to note that the odds of a short-term COVID-19 pandemic-related global economic recovery were hampered by the Russia-Ukraine war.
The primary drivers of market development include the increasing need to reduce regional inequalities in productivity, fertilizer intensity, and level yield, as well as the growing government support for nutritional balance and profile. Chemical or synthetic fertilizers are used in some capacity by farmers all over the world to boost production.
However, in recent years, an increasing trend of preference for food that is produced without the use of any chemicals or synthetic ingredients, or that is produced primarily with the use of natural ingredients or biofertilizers, has been noted.
This is caused by growing concerns about food safety, environmental protection, health awareness, and other related issues, which are made understandable by rising income levels. According to estimates, this will have an impact on how quickly the market for nitrogenous fertilizers grows in the years to come.
The most widely used nitrogenous fertilizer, urea, accounts for over 90% of the market growth for nitrogen-based fertilizers. It is also the most widely available. Farmers prefer using urea as an alternative to ammonium nitrate since it is both convenient and cost-effective, and they use it widely.
Because plants quickly absorb nitrate compounds with little loss of nutrients compared to other nitrogenous fertilizers, ammonium nitrate is expected to experience substantial growth in the next years due to an increase in demand.
Nitrogenous fertilizers are now seeing a lot of momentum as specialty and slow-release fertilizers combined with nitrogen stabilizers are being used to reduce further fertilizer loss.
Asia Pacific, Latin America, the Middle East & Africa, North America, and Europe are the different geographic segments of the worldwide nitrogenous fertilizers market.
Due to the presence of multiple well-known manufacturers who produce nitrogenous fertilizers for a variety of uses in the Asia Pacific region, the region accounted for the largest share of the global market for nitrogenous fertilizers.
Potash Corp. of Saskatchewan Inc., EuroChem Group AG, and Agrium Inc. are just a few of the major companies operating in the nitrogen fertilizers sector.
