New York, March 29, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Nitrogenous Fertilizer Market Global Market Report 2023" - https://www.reportlinker.com/p06325412/?utm_source=GNW
, Sinofert Holdings Limited, Hellagrolip SA, Coromandal International Limited, Haifa Group, Notore Chemical Industries PLC., and TogliattiAzot.
The global nitrogenous fertilizer market grew from $67.21 billion in 2022 to $71.02 billion in 2023 at a compound annual growth rate (CAGR) of 5.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The nitrogenous fertilizer market is expected to grow to $88.68 billion in 2027 at a CAGR of 5.7%.
The nitrogenous fertilizer market consists of sales of calcium nitrate, calcium nitrate and anhydrous ammonia for use as fertilizers.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Nitrogenous fertilizer refer to mineral and organic substances utilized as a source of nitrogen nutrition for plants.It comprises a chemical composition in which nitrogen makes up a higher percentage than any other nutrient.
Nitrogen is present in fertilizers frequently used in crop production as nitrate, ammonia, ammonium, or urea.
Asia-Pacific was the largest region in the nitrogenous fertilizers market in 2022, and it is expected to be the fastest-growing region in the forecast period. The regions covered in the nitrogenous fertilizers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of nitrogenous fertilizers are urea, ammonium nitrate, ammonium sulfate, calcium ammonium nitrate (CAN), and other types.The urea segment of nitrogenous fertilizer refers to a chemical compound containing nitrogen used for fertilizers and feed supplements.
Urea is the most important nitrogenous fertilizer as it contains high N content (46%N).The nitrogenous fertilizer is used in the production of cereals and grains, oilseeds and pulses, fruits and vegetables, and others crops.
Both dry and liquid nitrogenous fertilizers are used in different applications including soil, foliar, fertigation, and other applications.
The increasing demand for fertilizers is driving the nitrogenous fertilizers market.Fertilizers are a substance that contains chemical components that help plants grow and produce more.
The demand for fertilizers is constantly increasing, as it has potential to restore chemical elements that previous crops removed from the soil or increase the land’s inherent fertility.Nitrogenous fertilizers are the most commonly used source of plant nitrogen nutrition.
For instance, in 2022, according to the United Nations Environment Program’s report on "Environmental and health impacts of pesticides and fertilizers and ways of minimizing them," over the past few decades, pesticide and fertilizer demand, production, and consumption have increased significantly globally. By 2025, combined global sales are anticipated to expand around 4.1%, totaling USD 309 billion. Therefore, the rise in demand for fertilizers is expected to boost the demand for nitrogenous fertilizers during the forecast period.
Nanotechnology is a key trend gaining popularity in the nitrogen fertilizers market.Nanotechnology is the study of science, engineering, and technology at the nanoscale, or between 1 and 100 nanometers.
The companies operating in nitrogenous fertilizers are focused on utilizing nutrient-rich nanoparticles for development and manufacturing of nanoscale nitrogenous fertilizers.Nano fertilizers provide several advantages over conventional fertilizers, including increased soil fertility yield and crop quality parameters, nontoxicity and reduced risk to humans and the environment, reduced cost, and increased profitability.
In June 2021, the Indian Farmers Fertiliser Cooperative Limited (IFFCO) introduced the Nano Urea Liquid as a substitute for regular urea to deliver nitrogen to plants. It is the only nano fertilizer recognized by the Indian government and listed in the Fertilizer Control Order (FCO).
In September 2021, Yara, a Norway-based chemical company that produces nitrates, ammonia, urea, and other nitrogen-based chemicals, acquired Ecolan for an undisclosed amount.The acquisition aims at using the knowledge and skills of Yara and Ecolan to develop recycled fertilizers and supply organic fertilizers to markets outside of Finland.
Ecolan is a Finland-based company involved in producing agricultural fertilizer and groundworks products.
The countries covered in the nitrogenous fertilizers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The nitrogenous fertilizer market research report is one of a series of new reports that provides nitrogenous fertilizer market statistics, including nitrogenous fertilizer industry global market size, regional shares, competitors with a nitrogenous fertilizer market share, detailed nitrogenous fertilizer market segments, market trends and opportunities, and any further data you may need to thrive in the nitrogenous fertilizer industry. This nitrogenous fertilizer market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06325412/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
