Technavio has announced the release of their research report on the global nitrogenous fertilizer market for the forecast period 2019-2023.
Global nitrogenous fertilizer market size will grow by 9.99 million t during 2019-2023, at a compound annual growth rate (CAGR) of nearly 2%. Asia consumes more than half of the world’s nitrogenous fertilizer produce. The growing population and the increasing per capita income, particularly in China and India, have driven the demand for food and agricultural products. The two countries are the major contributors to the growth of the nitrogenous fertilizer market. China is witnessing strong demand for fertilizers to cater to the food requirement. Nearly half of the Indian population depend on agriculture for a living. The Indian government also supports the agriculture sector by providing subsidies and incentive schemes, and the country recently increased its expenditure on the agriculture sector. Such factors will drive global nitrogenous fertilizer market growth over the forecast period.
Decreasing arable land
The decline in the size of arable land is challenging the global food requirement. This is because of the constant increase in industrialisation and urbanisation. Developing countries such as India, China, and Brazil will require additional farmlands by 2030 to meet the need for food grains. The shrinkage in arable land will increase the demand for fertilizers such as nitrogenous fertilizer for high crop yields. This is expected to drive the growth of the global nitrogenous fertilizer market during the forecast period.
“Leading nitrogenous fertilizers consumers such as India, China, Pakistan, and Indonesia are present in APAC. Also, the rise in population, growth in per capita income, and reduction in arable land will increase the demand for nitrogenous fertilizers in the region. In North America, the US is one of the leading consumers of nitrogenous fertilizers. Canada and Mexico are other major contributors. The demand for food is increasing the region due to the increasing population. These factors are expected to boost the growth of global nitrogenous fertilizer market”, said an analyst at Technavio.
Leading vendors such as Yara and CF Industries are increasing their ammonia production because of the strong demand in the fertilizers market. Recently, Yara opened an ammonia plant in Freeport, Texas, the US with an annual production capacity of 750 000 t. CF Industries is also expanding its ammonia production facility based near Medicine Hat, Alberta. Such developments are expected to drive the growth of the market.
Read the article online at: https://www.worldfertilizer.com/nitrogen/16042019/global-nitrogenous-fertilizer-market-to-grow-by-nearly-10-million-t-during-2019-2023/