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Urea is an inexpensive state of nitrogen fertilisers, which helps in increasing agriculture production. The main function of urea fertilizers is to provide the nitrogen to promote the leafy growth of the plant. Urea fertilizer productions and utilization has witnessed an increase over the decade due to the land shortage and an increase in the demand for agricultural products. The urea fertilizer is expected to gain a rapid demand among the consumers in the future, owing to the growing purchasing power of crop producers and increased accessibility.
The increase in the rapid growth of the food and food services sectors among the population are majorly encouraging the farmers and buyers to use urea fertilizers in their farming process to increased the productivity of crops. The farmers and buyers are mandated to increase in their crop production at a certain time and land availability, to fulfil the demand from the raw material processors in the urea fertilizers market. In agriculture-based economies, the government of the respective countries are also taking part to encourage farmers to promote domestic production. It is also expected that the growth in the utilization of urea fertilizers will increase in the upcoming years, due to an increase in its popularity and benefits among the consumers.
Key Market Driver -
Increased Awareness of its Benefits among the Farmers and Rising Population Across the World
Key Market Restraint -
Less Awareness about the Usage of Urea Fertilizers are Expected to Restrain the Market Growth
The rising awareness of consumers about the use and benefits of urea fertilizers in crop production has led to an increase in its consumption. The rising governmental subsidies are encouraging manufacturers to invest in the fertilizer industries. The increase in the population across the world is also acting as a major market driver to increase the food and beverage sector. The sector is the major consumer of plant-based and agricultural products, and hence the farmers are using urea fertilizers to cater to the demand from this sector.
The awareness about the usage of urea fertilizer is low among the farmers, which impacts in excessive use of urea fertilizers. It results in the generation of excessive ammonia in the soil and makes the soil acidic in nature and retards the fertility of soil, which is expected to serve as a restraint in the global urea fertilizers market.
Some of the leading manufacturers and suppliers of urea fertilizers in the global market are Coromandel International Limited, Nagarjuna Fertilisers and Chemicals Limited, OSTCHEM Holding AG, CRISIL Limited, National Fertiliser Limited, Koch Agronomic Services, Haifa Group, Yingkou Magnesite Chemical Ind Group Co. Ltd., and Accela ChemBio Inc. The manufacturers are focusing on facilities expansion and development in their product portfolio to utilize the opportunity of increased fertilizer demand in the market.
Among the product type, conventional urea fertilizers are dominating the market across the world. The conventional urea fertilizers are manufactured by using a natural source of nutrients which is beneficial to grow leafy properties for all the crops. The product is easily available in the market at an affordable cost to the buyers. Whereas, the function of specialty urea fertilizers is also the same as conventional, in terms of growth and nutritional properties. It is specially manufactured urea fertilizers applied in the special condition of soil and plants, such as drought, salt fermentation in soil, climatic fluctuations, and others. The high price and low availability of specialty urea fertilizers are an opportunity for conventional urea to dominate the market.
Asia-Pacific is one of the leading consumers of urea fertilizer in the world. As the economies of the region are majorly dependent on agriculture, the utility of fertilizers are high in countries such as India, China, and Australia. India is one of the biggest producers and consumers of agricultural products in the region. The demand for such plant-based products, cereals, fruits, and others is increasing from the food and beverage sector in the region. The farmers of the country are rapidly utilizing the urea fertilizers for an immense growth of the crop, as The Indian Govt. is also helping them by creating product awareness and providing subsidies on the purchase of fertilizers. China has also adopted the use of fertilizers in crop production.
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According to The Food and Agriculture Organization of the United Nations (FAO), The North-America has a 12.8% share of total world consumption of nitrogen in fertilizers. The utility of urea fertilizers is also getting a huge response from the farmers in the U.S. and other countries. The rising usage of urea fertilizers in the various region indicates the increase in the sale of urea fertilizer in the upcoming years, across the globe.
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