Published Date : 30 Jun 2022
The global nitrogenous fertilizer market was valued at US$ 57.80 billion in 2021 and is projected to hit around US$ 92 billion by 2030 with a CAGR of 5.3% over the forecast period 2022 to 2030.
The Asian countries like China, India have large accessible area for crop cultivation and high rural population. These regions also have favorable climate conditions for the growth of the crops. So there's expected to be a boost in the utilization of the nitrogen fertilizers in this region. Increased adoption of innovating marketing approaches by the market players in this region and launching programs in order to educate the farmers about the usage of nitrogen fertilizers and the benefits provided by the use of such fertilizers will help in the growth of the market. The existing policies and subsidies that are offered in association with the fertilizer industry in these developing nations, the market for the nitrogen fertilizer is expected to grow in these countries.
North American region has the second position in the global market. The adoption of effective nutrition products and increase in the people shifting to agriculture will lead in the growth of the fertilizer market. South American region is also a region which has growth potential. The cultivated crops like wheat, corn, and sugar cane are high in this region.
The increasing demand for crop production due to this population triggers the use of nitrogenous fertilizers. In the global marketplace in order to provide safe and affordable food to the exploding population across many nations across the globe has increased use of nitrogenous fertilizers. The correct use of nitrogen fertilizers will help in yielding high number of crops. As a reduction in the accessible land for farming and shortage of water in many regions the fertilizer market will help in generating high number of crops in short patches of land. Nitrogen is very important for maintaining and restoring the nutrients in the soil. Nitrogen is a commercial fertilizer, which is very good for the plants. The use of nitrogen fertilizer in a proper manner is important for healthy growth of the plants and it is profitable for the farm business. Hence the market is expected to grow.
The use of nitrogen fertilizers during rainfall could reach the ground waters or it could be washed into the water bodies of public. It could cause a severe economical or environmental damage. In order to overcome these issues various governments are recommending that nitrogenous fertilizers should not be used near drains or streams. Also, the governments are suggesting that the excessive use of nitrogenous fertilizers should be avoided.
Extensive research and growing development due to investments from major companies, in order to produce nitrogenous fertilizers are driving the market growth. The research and development activities are expected to provide opportunities in the future. There's a growing demand for nitrate based fertilizers. Hence this fertilizer provides an opportunity for growth during the future.
Water soluble nitrate is flushed in the soils; it pollutes the groundwater, streams and coastal oceans. And it also renders the drinking water unusable. Acid rain and greenhouse effect out the downsides of the nitrogen based fertilizers and they pose a great challenge for the growth of this market. Increased use of nitrogen could also lead to loss of certain plant species. It could lead to death of aquatic organisms and it would also deplete the soil nutrients.
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