The Asia-Pacific Nitrogenous Fertilizers Market was worth USD 41.57 billion in 2021 and estimated to be growing at a CAGR of 3.64%, to reach USD 49.71 billion by 2026.
Nitrogen aids in rapid growth and imparts better texture and colour to plants and thus enhances agricultural output.In spite of abundance of nitrogen in the environment, only a few plants have the ability to absorb and use the same. Nitrogenous fertilizers are inorganic in nature and are normally employed in the agriculture industry. It comprises nitrous complexes such as ammonium sulphate, Calcium Nitrate, calcium ammonium nitrate and other compounds in tiny amounts.
Asia-Pacific Nitrogenous Fertilizers Market Drivers:
The growth of the Asia-Pacific Nitrogenous Fertilizers market is mainly driven by reasons such as increasing disposable income and high efficiency of nitrogenous fertilizers. The increasing population in this part of the world is also supporting the growth of the Asia-Pacific Nitrogenous Fertilizers market. However, volatile economies and the growing cost of raw materials are the major limiting factors for the Asia-Pacific market.
Asia-Pacific Nitrogenous Fertilizers Market - By Ingredients:
Asia-Pacific Nitrogenous Fertilizers Market - By Application:
Urea-based nitrogenous fertilizers are leading the ingredient segment in terms of consumption. However, Ammonium nitrate is projected to be the fastest-growing segment during the forecast period. By application, Grains such as rice and corn lead the market for nitrogenous fertilizer and this trend is anticipated to remain during the forecast period.
The Asia-Pacific region is geographically segmented into China, India, Japan, South Korea, and Australia. This region offers substantial opportunities for the Nitrogenous Fertilizers market, with China and India being the most populous countries in this region contributing to the increasing demand. Rice production is anticipated to lead the demand for nitrogenous fertilizers in this region. The Asia-Pacific region is expected to offer profitable growth prospects, owing to the huge population numbers, high GDP growth rates, and the rise in disposable incomes in developing economies, primarily in China and India.
The market for Nitrogenous fertilizers is extremely consolidated and streamlined owing to the existence of only a handful of companies.
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