The worldwide urea market is predicted to register a compound annual development charge of 5.38%. the details. Largest by Kind – Direct: Typical urea is essentially the most extensively consumed fertilizer globally, as nitrogen is essentially the most yield-limiting nutrient for crop development, and farmers are extremely adaptive to its use.
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Bigger by Coating Kind – Polymer Coated: Polymer coated fertilizers launch vitamins for longer and scale back fertilizer leaching losses into the soil. It additionally reduces the applying charge.
Largest by Crop Kind – Area Crops: Area crops are extensively cultivated all around the world and are a staple meals in lots of elements of the world. It represents the utmost share by space in most agricultural nations.
Main market traits
Area crops are the most important phase by sort of crop.
Area crops require, on common, extra nitrogen than different kinds of crops. Area crop cultivation dominates the worldwide agricultural panorama, accounting for greater than 95.0% of all farmland. Rice, wheat and maize are a very powerful area crops on the earth, accounting for about 38.0% of the full agricultural land. The worldwide urea market is dominated by area crops, accounting for about 86.1% of the market worth, and reaching roughly USD 39.27 billion in 2021. The Asia Pacific area dominates the sphere crops market.
Horticultural crops accounted for about 10.7% of the full market worth of urea fertilizer, which was about $4.96 billion in 2021. There may be an rising demand for vegatables and fruits all around the world, particularly after the pandemic. The urea fertilizer marketplace for horticultural crops is dominated by the Asia Pacific area, primarily because of the intensive cultivation of horticultural crops within the area.
North America dominates the urea fertilizer marketplace for garden and decorative crops. Garden and decorative crops accounted for about 60.9% of the full market worth, which amounted to about $786.4 million in 2021. The presence of a lot of golf programs, sports activities golf equipment and personal garden areas contributes to the dominance of the area when it comes to share. Garden grass, for instance, covers about 15.0 million hectares of land in the US, which incorporates all playgrounds, lawns, and gardens.
By way of area and horticultural crops, the Asia Pacific area is predicted to develop at a sooner charge because of the availability of enormous farmland. The grass and decorative phase grows in areas of North America and Europe.
Asia Pacific is the most important sector by area.
The worldwide urea fertilizer market was valued at USD 45.52 billion in 2021, recording a consumption quantity of 114.6 million metric tons.
The area’s urea market holds the most important share, accounting for 63% of the market in 2021. It’s estimated to register a CAGR of 5.25% in the course of the forecast interval. With the rise in inhabitants, developments in agro-industries are occurring at a regional stage, which has led to elevated consumption, thus driving the market.
By nation, China and India accounted for 53.8% and 19.5% of the market in 2021. The consumption development is principally pushed by the demand for urea as a direct utility fertilizer, which accounts for greater than 90% of the full urea consumption in these nations. Therefore, the urea market in these areas is predicted to develop considerably over the forecast interval.
North America accounts for 8.8% of the full world urea market. Urea consumption in 2021 was 8.9 million metric tons, up from 8.4 million metric tons in 2017. Regardless of the lower in cultivated space, there was a rise in urea consumption from 46.6 million hectares in 2017 to 45.7 million hectares. in 2021. This development was noticed because of the increased use of fertilizers to extend the yield and productiveness of the crop within the out there land space.
Primarily based on the above components and the necessity to improve productiveness to feed the rising inhabitants, the demand for urea is predicted to extend, thus boosting the market considerably in the course of the forecast interval.
The worldwide urea market is segmented, with the highest 5 corporations occupying 18.90%. The main gamers on this market are CF Industries Holdings Inc, EuroChem Group, IFFCO, Nutrien Restricted, and Yara (in alphabetical order).
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