Nitrogenous Fertilizer Market Size Is USD 68.45 Billion At a CAGR Of 4.5% by 2028

The global Nitrogenous Fertilizer Market size was valued at USD 68.45 billion in 2020 and is projected to reach USD 77.99 billion by 2028, registering a CAGR of 4.5% during the forecast period.

The demand for nitrogen fertilisers is expected to increase, largely because of the need to improve agricultural productivity. Recent estimates by the United Nations Food and Agriculture Organization (FAO) indicate that chronic hunger, which continues to affect more than 800 million people, will only grow as the global population exceeds 9 billion by 2050. Feeding that would enable several individuals to increase total food production by some 60 percent by 2050. Agricultural intensification using fertilisers and best management practises are the best way possible to do this without agricultural extensification, which requires increased conversion of natural ecosystems to agriculture, loss of biodiversity, and a large rise in greenhouse gas emissions.

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Top Leading Players: Yara International ASA, Nutrien Ltd., EuroChem Group AG., CF Industries Holdings Inc., PJSC Togliattiazot, Koch Fertilizers, LLC, OCI Nitrogen, Sinofert Holdings Limited, Coromandel International Ltd., and URALCHEM Holding Plc.

Further Key Finding from the Report Suggestion:

·         EuroChem Group AG, one of the world's leading producers of mineral fertilisers, announced in December 2018 the opening of Russia's first Urea Ammonium Sulfate (UAS) plant at the Novomoskovskiy Azot Plant with a capacity of 400 tonnes per day of urea and 600 tonnes per day of UAS.

·         In November 2019, Nutrien Ltd., one of the producers and distributors of potash, nitrogen and phosphate fertiliser products, announced the acquisition of Ruralco Holdings Ltd., the largest agricultural services business in Australia. This acquisition is expected to enable Nutrien Ltd. to compete in the global market and improve the delivery of products and services to Australian farmers.

·         The urea segment is expected to register the highest growth on the basis of the product due to its lower environmental impact.

·         The high demand for ammonium nitrate from North America and Europe is expected to have a positive effect on the market.

·         The demand for nitrogen fertilisers in cereal production is expected to increase in order to feed the rapidly growing global population.

·         The application of nitrogen-based fertilisers is expected to grow at the fastest rate in the fruit and vegetable market.

·         Consumption of nitrogen fertilisers is expected to rise at a slower pace over the next few years in mature markets such as North America and Western Europe.

·         In South America and Latin America, especially in Brazil, the high production of sugar cane, maize and wheat is expected to have a positive impact on market growth in this region.

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