Nitrogenous Fertilizer Market to grow by 32.99 million tons from 2022 to 2027 | Increase in demand from developing countries to boost the market- Technavio
NEW YORK, Aug. 23, 2023 /PRNewswire/ — The nitrogenous fertilizer market is estimated to grow by 3,2994.82 thousand tons from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 4.67%. The growth momentum will progress during the forecast period. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 57%. The region’s market growth is driven by rising per capita income and decreasing arable land. Rising food consumption has led farmers in the region to use nitrogen fertilizers to meet growing demand. In the region, farmers are turning to nitrogen fertilizers from traditional fertilizers to improve efficiency and yield. Furthermore, the agricultural sectors in China and India are struggling due to the increasing population, forced to use nitrogen fertilizers to meet the increased demand. Hence, the above-mentioned factors are expected to drive market growth in the region during the forecast period. For more insights on the historical period (2017 to 2021) and forecast market size (2023 to 2027) – Request a sample report
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Nitrogenous Fertilizer Market – Segmentation Assessment
Technavio has segmented the market based on type (liquid, dry, and others), product (urea, NPK, CAN and AN, DAP and MAP, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America).
- The market share growth by the liquid segment will be significant during the forecast period. The key factor for the expansion of the liquid nitrogen fertilizer segment is the growing need for efficient fertilizers coupled with increasing environmental awareness. Demand for high-quality and high-yield fertilizers is expected to drive the liquid nitrogen fertilizer market. In addition, ease of adoption, adoption of precision agriculture, and protected agricultural practices further contributed to its growth. Hence, these factors are expected to drive segment growth during the forecast period.
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Nitrogenous Fertilizer Market – Market Dynamics
The increase in demand from developing countries is a key factor driving market growth. Population growth and per capita income increase the demand for food and agricultural products. For example, India and China’s populations will be about 1.41 billion each by 2021. The transition from grain-based diets to high-protein diets, especially in China and India, has increased the use of nitrogen-containing fertilizers to grow protein-rich crops. Crops. Furthermore, government-supported fertilizer subsidies and incentives to support the agricultural sector will increase the demand for nitrogenous fertilizers. Government initiatives in the APAC region to boost agricultural production and continue to increase nitrogen fertilizer consumption. Hence, these factors are expected to drive market growth during the forecast period.
The adoption of precision farming is a major trend in the market.
Health concerns regarding the use of nitrogenous fertilizers are a significant challenge restricting market growth.
Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021), and forecast period(2023 to 2027)- Request a sample report!
What are the key data covered in this Nitrogenous Fertilizer Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the nitrogenous fertilizer market between 2023 and 2027
- Precise estimation of the size of the nitrogenous fertilizer market and its contribution to the market with a focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the nitrogenous fertilizer market across APAC, North America, Europe, Middle East and Africa, and South America
- A thorough analysis of the market’s competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of nitrogenous fertilizer market companies
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Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
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