logo
logo
Sign in

The Global Granular Urea Market Growth Accelerated By Growing Agricultural Industry

avatar
Dhanesha Patil
The Global Granular Urea Market Growth Accelerated By Growing Agricultural Industry

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.

Segment Analysis

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.

Get more insights on this topic: https://www.newsstatix.com/granular-urea-fertilizer-market-size-demand/

collect
0
avatar
Dhanesha Patil
guide
Zupyak is the world’s largest content marketing community, with over 400 000 members and 3 million articles. Explore and get your content discovered.
Read more