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.
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Some of the key topics covered in the report include:
Five Forces Analysis
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