Global Nitrogenous Fertilizer Market is anticipated to witness an exponential growth in the forecast period. Nitrogenous fertilizers serve as an important source of nitrogen to the agricultural crops. Nitrogen is very important for the growth and development of plants. The factors that propel the growth of the market include growth in demand for micronutrient fertilizer, technological innovations in the fertilizer industry and growing demand for bio-based fertilizer. On the other hand, there are factors that may hamper the growth of the market including high production cost, low crop prices, and regulatory and environmental constraints. Globally, the market is anticipated to grow at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe.
The market may be explored by type, crop type, application, form, and geography. Market may be explored by type as Calcium ammonium nitrate (CAN), Urea, Ammonium sulfate, Ammonium nitrate, and Other nitrogenous fertilizers (potassium nitrate, NPK blends, monoammonium phosphate (MAP), diammonium phosphate (DAP), and other phosphate & nitrogen compounds). The “Urea” segment led the nitrogenous fertilizer market in 2015 and will continue to lead in the forecast period. The Urea segment is likely to be followed by ammonium sulfate during the forthcoming period.
Based on crop type, the market could span Fruits & vegetables, Cereals & Grains, Oilseeds & pulses and other crops (floriculture crops, grasslands, permanent crops, plantation crops, pastures, and other agricultural cultivation). The “Fruits & Vegetables” segment led the market in 2015 and will continue to lead in the forecast period. The key factors that may be attributed to the growth of market include increased production and high demand.
The key applications that could be explored in the nitrogenous fertilizer market include Foliar, Soil, and Fertigation. The “Fertigation” segment led the market in 2015 and will continue to lead in the forecast period. The key factor that may be attributed to the growth of market includes high acceptance of the fertigation method.
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The market could be explored based on form as Dry and Liquid. The “Dry” segment led the market in 2015 and will continue to lead in the forecast period. The key factors that may attributed to the growth of market include cost-effectiveness and easy application and handling.
Asia-Pacific accounted for the major share of the nitrogenous fertilizer market in 2016 and will continue to lead in the forecast period. The factors that could be attributed to the growth include growing agricultural sector mainly in India, increasing population, and government funding to use developed techniques and advanced fertilizers for high productivity in order to meet the growing demand.
Some of the key players that fuel the growth of the nitrogenous fertilizer market comprise Coromandel International Ltd., Yara International ASA, Eurochem and Potash Corp of Saskatchewan, CF Industries Holdings Inc., Agrium Inc., Bunge Ltd., KOCH Industries Inc., CVR Partners, and Sino Fert Holdings Ltd. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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