The Asia-Pacific nitrogenous fertilizers market is expected to reach USD 46.28 billion in 2024 and reach USD 55.33 billion by 2029, estimated to be growing at a CAGR of 3.64% from 2024 to 2029.
Nitrogen aids in rapid growth and imparts better texture and colour to plants and thus enhances agricultural output. Despite the 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 sulfate, Calcium Nitrate, calcium ammonium nitrate, and other compounds in tiny amounts.
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.
The Asia-Pacific Nitrogenous fertilizers market is segmented and sub-segmented into the following categories:
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.
Asia-Pacific Nitrogenous Fertilizers Market – By Country:
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.
KEY MARKET PLAYERS:
Yara International ASA, Agrium Inc, Coromandel International Ltd, Potash Corp, KOCH Industries Inc, CF Industries Holdings Inc, CVR Partners, Lp, Bunge Ltd, Sinofert Holdings Ltd, Eurochem. Are some of the market players dominating the Asia Pacific nitrogenous fertilizer market.
Frequently Asked Questions
India is a significant player in the market, with its vast agricultural land and the government's push towards increasing agricultural productivity. The demand for nitrogenous fertilizers in India is consistently high.
Urea, ammonium nitrate, ammonium sulfate, and calcium ammonium nitrate are widely used in the region, with urea being the most preferred due to its high nitrogen content and affordability.
Challenges include environmental regulations, the need for sustainable farming practices, price volatility of raw materials, and the impact of climate change on agricultural productivity.
The pandemic has affected supply chains and disrupted manufacturing activities. However, as agriculture is essential, the market is relatively resilient, with fluctuations in demand expected to stabilize.
Major players include Yara International, CF Industries Holdings, Inc., Sinofert Holdings Limited, and Uralchem Holding P.L.C., among others operating regionally and globally.
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