The global nitrogenous fertilizers marketsize is projected to reach USD 140.51 billion by the end of 2026. The massiveinvestments in the RandD products with active ingredients will aid the growthof the market. According to a report published by Fortune Business Insights,titled"Nitrogenous Fertilizers Market Size, Share and Industry Analysis,By Type (Urea, Calcium Ammonium Nitrate, UAN, Ammonium Sulphate, and OtherNitrogenous Fertilizers), By Crop Type (Cereals, Pulses and Oilseeds, Fruitsand Vegetables, and Turf and Ornamentals), and Regional Forecast, 20192026,”the market was worth USD 113.70 billion in 2018 and will exhibit a CAGRof 2.73% during the forecast period, 2019-2026.
Nitrogenous fertilizers are products that are produced throughcombination of substances that are inclusive of nitrogen. The constantly risingglobal population has created a subsequent demand for crop produce across theworld. Recent advances in agricultural activities will emerge in favor of thecompanies operating in the market. The increasing number of agriculturalsubsidies will bode well for nitrogenous fertilizer vendors across the globe.The ability of nitrogenous fertilizers to improve the nutrient content ofagricultural crop produce will lead to a wider adoption of the product acrossthe world.
Increasing Number of Company Collaborations Will Aid Market Growth
The report encompasses several factors that have contributed tothe growth of the market in recent years. The increasing number of companymergers and acquisitions has had a massive impact on the growth of the market.Accounting to the massive demand for crop and crop produce across the world,large scale companies are looking to acquire smaller companies with a bid toestablishing a stronghold in the market. In November 2019, Nutrien Ltd.announced that it has completed the acquisition of Ruralco Holdings Ltd.Through this acquisition, the company plans to build on its existing range ofnitrogenous fertilizer products. Due to the massive global customer reach ofthe company, this acquisition will not just help the company growth, but willalso have a massive impact on the growth of the market in the coming years.
Asia Pacific Holds the Highest market Share; Growing Demand forCrop Produce Will Aid Growth
The report analyses the ongoing nitrogenous fertilizers markettrends across North America, Latin America, Asia Pacific, and the Middle Eastand Africa. Among these regions, the market in Asia Pacific holds the highestmarket share, driven by the huge demand for crop produce in several countriesacross this region. Besides Asia Pacific, the market in North America willwitness considerable growth in the coming years. As of 2018, the market inNorth America was worth USD 21.18 billion and this value is projected toincrease further in the coming years.
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https://www.fortunebusinessinsights.com/nitrogenous-fertilizers-102532
