SEATTLE, April 03, 2020 (GLOBE NEWSWIRE) -- The global granular urea market was valued at US$ 36.6 Bn in 2018, and is expected to exhibit a CAGR of 3.3% over the forecast period (2019-2027), in terms of revenue.

Market Trends

The granular urea market is expected to witness significant growth over the forecast period, owing to increasing demand for fertilizers from agriculture sector. The increasing demand for fertilizers is attributed to increasing crop production across the globe. For instance, according to the Food and Agriculture Organization of the United Nations, the global rice production in 2016 was pegged at 501.2 million tons, which is expected to reach 510.6 million tons by 2019.

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Key initiatives taken by governments in emerging economies for promotion of urea production is expected to drive the market growth of granular urea. For instance, in July 2019, Ministry for Chemicals and Fertilizers, India announced plans to open its five closed fertilizer plants located in Odisha, Andhra Pradesh, Uttar Pradesh, Jharkhand, and Bihar. The plants will help to increase urea production in the country and will reduce its dependency on imports. After commissioning of these plants, India’s urea production will be increased by 63.5 lakh tons.

However, harmful environmental effects of granular urea has shifted focus of the companies to launch environment friendly products, which in turn is expected to hamper growth of the granular urea market. For instance, in November 2019, Indian Farmers Fertilizer Cooperative Limited (India-based fertilizer manufacturer) launched its nano-technology-based fertilizer products  such as nano zinc, nano nitrogen, and nano copper, in order to reduce demand of chemical fertilizers. Nano-nitrogen which is an alternative to granular urea, which is expected to cut requirement of urea by 50%.

Key Market Takeaways:

• The global granular urea market is expected to exhibit a CAGR of 3.3% during the forecast period in terms of revenue. The global granular area market is expected to be fueled by increasing global population and subsequently increasing demand for food grains. Moreover, rampant urbanization in the recent past has led to a steep decline in farm lands. For instance, according to 2017 Census of Agriculture, the total area covered by farm lands in the U.S. declined to 900,217,576 acres in 2017 from 914,527,657 acres in 2012. Such factors are expected to increase adoption of dual cultivation, in which various fertilizers are used to maintain the fertility of the soil, and pesticides to improve crop yield, thereby expected to drive the market growth. For instance, according to the Food and Agriculture Organization (FAO) of the United Nations forecast, global cereal production in 2019, was pegged at around 2,708 million tons, higher from 55.4 million tons (2.1%) in 2018.
• Among regions, Asia Pacific accounted for the largest market share, in terms of revenue, in the global granular urea in 2018. This is attributed to increasing demand for food grain, increasing awareness among farmers, and need for better land use efficiency are expected to drive market growth of granular urea in the region. For instance, according to the India Brand Equity Foundation, India’s agricultural exports reached US$ 38.54 billion in 2018 and Government of India is planning to increase India’s agricultural exports to US$ 60 billion by 2022.
• Prominent players operating in the granular urea are focused on adopting strategies such as capacity expansion to strengthen their position in the global market. For instance, in June 2019, EuroChem Group AG opened its third fertilizer plant in Brazil. The new plant will have a production capacity of 6,000 tons per day. The new plant will help EuroChem Group to meet the increasing demand of fertilizers in Brazil.

Key companies operating in the global granular urea include—

CF Industries Holdings, Inc., Yara International ASA, Saudi Arabian Fertilizer Company, Nutrien Ltd., Ostchem Holding, EuroChem Group, Bunge Limited, CVR Partners LP, Luxi Chemical Group Co., Ltd., and Coromandel International Ltd.

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Market Segmentation:

• Global Granular Urea Market, By Product Type:
  • Fertilizer Grade
  • Feed Grade
  • Technical Grade
• Global Granular Urea Market, By Application:
  • Agriculture
  • Chemical
  • Building and Construction
  • Others
• Global Granular Urea Market, By Region:
  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • ASEAN
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East
    • GCC
    • Israel
    • Rest of Middle East
  • Africa
    • North Africa
    • Central Africa
    • South Africa