The Global Granular Urea Market Growth Accelerated By Growing Agricultural Industry
GranularUrea Market
Granular
urea is water-soluble synthetic nitrogen fertilizer widely used in agriculture
to improve crop nutrition and productivity. It slowly releases nutrient
nitrogen into the soil and is easy to transport and apply. Rising global food
demand and focus on boosting agricultural yields have increased the consumption
of granular urea.
The global
Granular Urea Market is estimated to be valued at US$ 40.95 Mn in 2023 and is
expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as
highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing agricultural industry has accelerated the demand for granular
urea over the forecast period. Increasing population and shrinking arable land
have intensified the need to produce more food with limited resources. Farmers
around the world are using advanced fertilizers like granular urea to maximize
crop output. Rising incomes in developing nations are also driving consumption
of fertilizers for higher value agricultural produce. Technological
advancements have made granular urea application more efficient. Continuous
research aims to develop crop varieties tailored to specific nutritive
compositions to boost yields from the existing farmland. These factors are
expected to support the positive growth trend of the granular urea market.
The global granular urea market is dominated by agriculture sub-segment. Granular urea is widely used as nitrogen fertilizer for various crops cultivation. It is the most commonly used nitrogen fertilizer across the globe due to its availability and low cost. Granular urea provides nitrogen to the soil in a readily plant available form which can be utilized by most of the crops for their growth.
Key Takeaways
The global Granular Urea Market Scope is expected to witness high over the forecast period of 2023 to 2030. Rapid growth in agriculture sector to meet rising global food demand is expected to boost market growth.
Asia Pacific region dominates the global market and is expected to continue its dominance over the forecast period. Increasing cultivation of rice, wheat and other cereals in countries like China and India due to large population is propelling market growth. Additionally, government support for use of fertilizers is also driving market in the region.
Key players operating in the granular urea market are CF Industries Holdings, Inc., Yara International ASA, Saudi Arabian Fertilizer Company, Nutrien Ltd., Ostchem Holding, EuroChem Group, Bunge Limited, CVR Partners LP, and Coromandel International Ltd. CF Industries Holdings, Inc. and Yara International ASA capture over 40% of global market share owing to their large production capacities and internationalpresence.
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