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Global Nitrogenous Fertilizer Market 2019-2023 | 2% CAGR Projection Through 2023 | Technavio

The global nitrogenous fertilizer market is expected to post a CAGR of almost 2% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report

Factors such as rapid urbanization and industrialization have reduced the available arable land across the world. In addition, the growing demand for food in developing countries such as China, India, and Brazil has necessitated the need to achieve higher crop yield from the available arable land. These factors are increasing the use of nitrogenous fertilizers in agricultural lands, which is driving the growth of the market.

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As per Technavio, the increasing ammonia production capacity will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.

Global Nitrogenous Fertilizer Market: Increasing Ammonia Production Capacity

Prominent vendors operating in the global ammonia market are increasing their ammonia production to cater to the growing demand from the fertilizer segment. For instance, in 2018, Yara opened its new ammonia production facility in Freeport, Texas, the US, with an annual production capacity of 750,000 metric tons. The rise in the number of many such ammonia production capacities will have a positive impact on the growth of the global nitrogenous fertilizer market during the forecast period.

"Adoption of precision farming and shortage of labor in agriculture are other factors that are expected to boost the demand for nitrogenous fertilizers leading to market growth during the forecast period", says a senior analyst at Technavio.

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Global Nitrogenous Fertilizer Market: Segmentation Analysis

This market report segments the global nitrogenous fertilizer market by product (urea, NPK, CAN and AN, DAP and MAP, and others) and geography (APAC, Europe, MEA, North America, and South America).

The APAC region led the market in 2018, followed by North America, Europe, MEA, and South America respectively. During the forecast period, the APAC region is expected to maintain its dominance over the market. This is due to factors such as rising population, growth in per capita income, and the reduction in arable land.

Technavio's sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.

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Some of the key topics covered in the report include:

Market Landscape

Market Sizing

Five Forces Analysis

Market Segmentation

Customer Landscape

Geographical Segmentation

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

Vendor Analysis

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

News published on 4 december 2019 at 20:05 and distributed by: