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Nitrogenous Fertilizers Market - Global Growth, Trends, and Forecast-2023
Nitrogen is the common necessary nutrient needed for the plants for their growth and development. Though available in plenty in the environment, it is not promptly received by all plants.
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Nitrogenous fertilizers are inorganic in nature and are typically used in the agriculture industry. It consists of nitrous complexes such as Calcium Nitrate, ammonium sulfate, calcium ammonium nitrate and other compounds in tiny amounts. Fertility of soil and the variety of crop practiced are the circumstances that decide the number of nitrogenous fertilizers required.
Nitrogenous Fertilizers Market Report (2018-2023)
The Global Nitrogenous Fertilizers Market was worth 115.19 billion in 2018 and expected to be growing at a CAGR of 3.40%, to touch 136.15 billion by 2023.
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Nitrogenous Fertilizers Market Segmentation
The growth of the Global Nitrogenous Fertilizers market is majorly encouraged by factors such as the globally rising population, growing disposable income, and huge productivity of nitrogenous fertilizers. However, different regulatory structures, unstable economies, and different environmental and health hazards associated with nitrogen-based fertilizers are the major controlling factors for the market. Also, an accretion in the cost of raw materials is a major challenge for companies in the market.
The Global Nitrogenous Fertilizers market is categorized based on Ingredient, and Application. The market for Nitrogenous Fertilizers, based on Ingredients, is divided into Urea, Sodium Nitrate, Ammonium Nitrate, Ammonium Chloride, Ammonium Sulphate, Calcium Nitrate, Calcium Ammonium Nitrate (CAN), and Other Nitrogenous Fertilizers. Based on Application, the global Nitrogenous Fertilizers market is classified into Crop-Based and Non-Crop Based. The crop-based division is further sub-segmented into Fruits & Vegetables, Oilseeds, Grains & Cereals, whereas Non-Crop Based section is further sub-segmented into Turf & Ornamental Grass and others. Urea-based nitrogenous fertilizers are influencing the ingredient division in terms of consumption. However, Ammonium nitrate is predicted to be the active growing segment during the prediction period. By application, Grains such as rice and corn drive the global market for nitrogenous fertilizer and this trend is expected to remain through the forecast period.
Geographic Segment
Geographically the Global Nitrogenous Fertilizers market is segmented into North America, Asia-Pacific, Europe, and the Rest of the World. Asia Pacific has been driving the global nitrogenous fertilizer market and this trend is predicted to stay in the near future. North America is the second main consumer of nitrogenous fertilizers, followed by Europe. The market for nitrogenous fertilizer in North America and Europe is anticipated to grow at a moderate rate mainly due to market overload. A growing market for nitrogenous fertilizer in South America is expected to offer tremendous growth outlook for the market.
The global market for Nitrogenous fertilizers is much consolidated and streamlined owed to the existence of only a few companies.
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Major Players
The major companies dominating this market include
Yara International ASA,
Agrium Inc.,
CF Industries Holdings Inc.,
Coromandel International Ltd.,
Potash Corp.,
KOCH Industries Inc.,
CVR Partners, Lp.,
Bunge Ltd.,
Sinofert Holdings Ltd., and
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