Nitrogenous fertilizers market to reach $127.00 Billion by 2022

Date:02-16-2017

The market for nitrogenous fertilizers is projected to reach USD 127.00 Billion by 2022, at a CAGR of around 2.33% from 2016. The global nitrogenous fertilizers market has grown exponentially in the last few years. Need to increase productivity and level yield and fertilizer intensity gaps across regions, rise in awareness regarding soil profile, and nutritional balance backed by state support are the major drivers for the market.

On the basis of type, the nitrogenous fertilizers market is segmented into urea, ammonium nitrate, ammonium sulfate, calcium ammonium nitrate (CAN), and other nitrogenous fertilizers (NPK blends, potassium nitrate, diammonium phosphate (DAP), monoammonium phosphate (MAP), and other nitrogen & phosphate compounds). The urea segment accounted for the largest in 2015, followed by ammonium sulfate. The ammonium nitrate segment is projected to be the fastest-growing segment during the forecast period.

The fruits & vegetables segment, on the basis of crop type, is projected to grow at a significant rate during the forecast period. As fruits & vegetables are sensitive crops, their growth can be affected due to the nutrient deficiencies in soil. Awareness regarding the importance of nutrients for these crops and demand for increased production drives the demand for nitrogenous fertilizers.

On the basis of mode of application, the nitrogenous fertilizers market is segmented into soil, foliar, and fertigation. The fertigation segment is projected to grow at the highest CAGR during the forecast period. Farmers around the globe are also shifting from traditional farming to technological farming, which in turn leads to the adoption of fertigation as a mode of application.

On the basis of form, the dry segment accounted for the largest segment in 2015 and is also projected to grow at the fastest-growing rate during the forecast period. Dry nitrogenous fertilizers are easy to handle and apply and cost-effective, which are the major factors driving the market for the dry segment.

The South American market is projected to grow at the highest CAGR during the forecast period, owing to the increase in awareness about the modern agricultural practices. The growth in demand for food is also driving the market. Growth is majorly witnessed in Brazil and Argentina, owing to the rise in awareness and adoption of modern agricultural practices.

The major restraints of the nitrogenous fertilizers market are the trend toward organic food and non-food consumption, which in turn, is driving the demand for biofertilizers. The nitrogenous fertilizers market has a number of large- and small-scale firms. Acquisitions and expansions were the key strategies adopted by market players to ensure their growth. Major players in the market include Yara International ASA (Norway), Agrium Inc. (Canada), Coromandel International Limited (India), Potash Corp. Of Saskatchewan Inc. (Canada), and Koch Industries Inc. (U.S.A.).