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The global nitrogenous fertilizers market size is projected to reach USD 140.51 billion by the end of 2026. The increasing demand for crop and agricultural produce will emerge in favor of the companies operating in the market. According to a report published by Fortune Business Insights, titled " Nitrogenous Fertilizers Market Size, Share & Industry Analysis, By Type (Urea, Calcium Ammonium Nitrate, UAN, Ammonium Sulphate, and Other Nitrogenous Fertilizers), By Crop Type (Cereals, Pulses & Oilseeds, Fruits & Vegetables, and Turf & Ornamentals), and Regional Forecast, 2019 – 2026,” the market was worth USD 113.70 billion in 2018 and will exhibit a CAGR of 2.73% during the forecast period, 2019-2026.
Nitrogenous fertilizers are derived through substances that involve chemical composition of nitrogen. The increasing agricultural activities across the world, coupled with the growing demand for efficient agricultural product will provide several opportunities for growth of the companies operating in this market. The increasing number agricultural government subsidies will boost the growth of the market. The benefits offered by nitrogenous fertilizers such as high nutrient content and resistance to pests will lead to a wider adoption for the product. Accounting to the huge demand for these fertilizers, several companies are working on developing newer ways to manufacture nitrogenous fertilizers, as well as introduce newer ingredients within these products. The increasing awareness regarding early detection and prevention of crop infections and pests will open up a huge potential for the growth of the market in the forthcoming years.
Tata Fertilizers Announces Sale Completion to Yara Fertilizers
The report highlights a few of the major industry developments of recent times. The impact of these industry developments have been studies not just from the perspective of the company, but also on the global scale. Due to the massive demand for the product across the world, large scale companies are looking to extend their sales by collaborating with smaller companies. Strategies such as reselling and franchise selling have been a growing trend of late. In January 2018, Tata Fertilizers announced that it has completed the sales of its fertilizers to Yara Fertilizers. This will come as a welcoming step in the growth of the company and subsequently have a positive impact on the growth of the company in the coming years.
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Increasing Crop Production Will Create Several Growth Opportunities
Among all factors that have made an impact on the growth of the market, the increasing crop production has certainly provided a massive platform for the companies. The demand for sustainable crops and the emphasis on clean labelled products has encouraged companies to adopt standout strategies. The constantly rising global population has set a huge foundation for emerging companies as well as established companies. Besides this, the increasing number of company mergers and collaborations has also played a vital role in the growth of the market in recent years.
Fragmented Nature of the Market Has Encouraged Several Mergers
The market derives growth from the presence of several large scale companies that are based in numerous countries across the world. The demand for crops and agricultural goods has attracted newer companies at a rapid pace. Considering that several companies operate in a small region, it has been observed that large scale companies are forming collaborations in order to offer improved products to their customers.
List of the leading companies that are operating in the global nitrogenous fertilizers market include;
Further Report Findings:
The global nitrogenous fertilizers market is segmented on the basis of:
Value (USD Billion)
By Crop Type