Research Nester published a report titled “Granular Urea Market: Global Demand Analysis & Opportunity Outlook 2031,” which delivers a detailed overview of the global granular urea market in terms of market segmentation by product type, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with a detailed discussion on current and future market trends that are associated with the growth of the market.
The global granular urea market is expected to rise at a CAGR of ~3.5% over the forecast period of 2022-2031. The global granular urea market is segmented by application into agriculture, chemical, and construction, out of which, the agricultural segment is predicted to acquire an enormous share during the forecast period on account of the high efficiency of urea to promote crop production, and improve yield.
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The global granular urea market is expected to grow on account of increasing crop production worldwide. In pursuit of getting a good yield, farmers are using granular urea as fertilizer. Furthermore, it was observed that the total factor productivity was recorded to be 1.3% in 2019-2020, which should at least touch 1.7% in order to meet the demand for food. Hence, governments across the globe, are gearing up to obtain adequate productivity in the agriculture field, by subsidizing fertilizers, such as, urea. Measures, such as, enriching the soil with the help of granular urea are standard practices adopted by farmers, which is estimated to act as the major factor for the growth of the global granular urea market over the forecast period.
Regionally, the global granular urea market is segmented into five major regions including Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa region. The market in the Asia Pacific region is estimated to capture a significant share over the forecast period on the back of the flexible regulatory guidelines by the government regarding granular urea fertilizer, along with the growing food demand in the Asia Pacific region. On the other hand, the global granular urea market in the North America region is also estimated to thrive significantly over the forecast period owing to the rising demand for fertilizer in the area. The farmers in the North America region are comparatively rich and take appropriate measures for good crop yield. Utilizing fertilizers is one of the most efficient ways to increase productivity. Hence, the global granular urea market is expected to grow significantly over the forecast period in the North America region.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Rising Demand for Fertilizer in the Agriculture Sector to boost the Market Growth
Granular urea contains a significant amount of nitrogen, which is essential for crops. Hence the demand for granular urea is increasing amongst farmers worldwide, in order to increase their crop yield. This is one of the major factors projected to boost the growth of the global granular urea market.
However, the severe health hazards and environmental impact of the usage of granular urea are expected to operate as key restraints to the growth of the global granular urea market over the forecast period.
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This report also provides the existing competitive scenario of some of the key players in the global granular urea market, which includes company profiling of CF Industries Holdings, Inc., Saudi Basic Industries Corporation (SABIC), Yara International ASA, Nutrien Ltd., EuroChem Group, Ostchem, Bunge Limited, Coromandel International Ltd, Notore Chemical Industry Plc. and Indian Farmers Fertilizers Cooperative Limited. The profiling enfolds key information of the companies, which encompasses business overview, products and services, key financials, and recent news and developments. On the whole, the report depicts detailed overview of the global granular urea marketthat will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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