Nitrogenous Fertilizers Market By Product (Urea, Ammonium Nitrate, Ammonium Sulphate, Calcium Ammonium Nitrate), By Crop Type (Cereals and Grains, Oilseeds and Pulses, Fruits and Vegetables), By Application (Fertigation, Soil, Foliar) and Geography (North America, Latin America, Europe, Middle East and Africa, Asia Pacific)

 

Nitrogenous Fertilizers Market size was valued at USD 69.2 billion in 2022 and is poised to grow at a CAGR of 7.2% from 2023-2029. Nitrogenous fertilizers are mineral and organic compounds, utilized to provide plants with nitrogen nourishment. Nitrogen is one of the essential nutrients required for plant growth. It is naturally present in the atmosphere, few plants can absorb it. According to research, in agricultural farming, the nitrogen utilization efficiency varies from 30.2% to 53.2% thus the field must be provided with double the quantity of nitrogen fertilizer than required. Nitrogenous fertilizers are mostly provided as nitrates, ammonium fertilizers, and amide fertilizers and are crucial for the growth and development of several crop varieties. The increasing cultivation of high-value crops and increased occurrence of nitrogen-deficient symptoms like chlorosis and shriveling of leaves are expected to drive the market. The demand for nourishing, secure, and inexpensive food to feed the expanding population is predicted to grow, driving the global market for nitrogenous fertilizer. Significant Investment in Research & Development, and Investment by Major companies to create more effective and sustainable nitrogenous fertilizers and Digital Farming have provided several opportunities for the upsurge of the market. For instance, in May 2022, ReMo Energy launched its first commercial product, a nitrogen fertilizer produced directly from renewable sources without carbon emission.

Based on type, Urea is dominating the global marketplace. The demand for urea fertilizer is expected to remain high in the worldwide plant nutrition market due to its distinctive qualities. Among other nitrogenous fertilizers, urea is one of the least expensive and readily soluble in water. According to a research article, in the last four decades, urea use has expanded more than 100-fold globally, accounting for more than half of all nitrogenous fertilizer consumption with China and India leading the market. But nitrogenous fertilizers may be washed into waterways and leach into the groundwater causing serious environmental and financial harm. For instance, Nitrogen and phosphorus fertilizers combined account for 78% of the global marine and freshwater eutrophication, which results in excessive algae growth, oxygen depletion, and biodiversity loss declining the value of the market. However, owing to increased demand for agricultural commodities for increased population, increased key competitor companies and increased government investments for providing subsidy on fertilizers are leading to the surge of market and is expected to burgeon in the forecast period.

Nitrogenous Fertilizers Market Key Development:

• In March 2023, AGROFERT acquired Borealis AG, a nitrogen business to compete in the production and sale of nitrogen fertilizers.
• In January 2021, Indorama India acquired Indo Gulf Fertilizes with the approval of the Competition Commission of India (CCI).
• In March 2021, Koch Fertilizer, LLC., invested approximately $150 million at its Enid, Oklahoma, nitrogen production facility. This investment is supposed to increase urea production and enhance the reliability of existing production units and will be able to supply up to 1.8 million tons of ammonia products annually.