Nitrogen Nutrients Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1610
Global Nitrogen Nutrients Market size is likely to witness a prominent CAGR in the forecast period. Nitrogen nutrients are essential micronutrients required for plant growth. It is usually available in soil, for which it is also called as soil nutrients.
The prime factor responsible for propelling nitrogen nutrients market size in future is the substantial development in fertilizers and agrochemicals segment across the globe. Continuous farming weakens the soil and reduces its chief vitamins & nutrients required for plant growth. The use of agrochemicals, fertilizers and soil conditioners enables the soil to regain its strength by replenishing the essential nitrogen nutrients in the soil and thus repairing the soil’s fertility. This improves the plant growth and provides high yield of crops. Increasing population is pushing the demand for food, which is turn is increasing pressure on agricultural land and soil. This factor will boost the product demand and will subsequently fuel the nitrogen nutrients market size in the coming years.
The major challenges to nitrogen nutrients market growth in future is the excessive cost associated with new product development and limited applications of nitrogen due to its inert nature. Lack of awareness among consumers about the product benefits will be the major restraining factor in nitrogen nutrients market size in the future. Also, excess of nitrogen in soil slows down root growth and stimulates abrupt shoot growth, resulting in depletion of plant carbohydrates reserves. Thus, it is always advised to feed the soil with optimum amount of nutrients to nurture their growth.
In recent years, cereal harvest was largely affected due to unconducive climatic conditions, which resulted in low prices for the yield. Such uncertain weather patterns also directly impact the fertilizers and agrochemicals market and eventually the nitrogen nutrients market size globally. However, improved pasture production around the globe and favorable inclination towards fertilizers consumption for ensuring enhanced crop productivity are likely to open new growth avenues for nitrogen nutrients market size by 2024 across the globe.
Based on type of product, nitrogen nutrients market is classified into natural and synthetic sources. Natural source includes both plant and animal derived materials, whereas synthetic source includes processed mineral salts such as chilean nitrate. Natural is forecast to exhibit maximum gains over the forecast timeframe on account of its easy availability along with low cost.
The nitrogen nutrients market, based on product form is segmented into liquid and dry. The liquid segment held a major chunk of global market in 2016 owing to its easy availability and solubility in water.
The product is primarily used in agricultural industry in fertilizers, supplements and soil amendments applications. Approximately 70% of product demand for plants is met by fertilizers across the globe. Thus, it accounted for largest share in global nitrogen nutrients market in 2016 in terms of revenue. Soil amendment chemicals include soil softeners and conditioners that improve texture, fertility and other physical qualities of soil.
North America accounted for largest chunk of nitrogen nutrients market share in 2016 owing to the increased use of modernized technologies for agriculture and farming. The agricultural methods and practices have also transformed in this region, which are supportive for better product yield and thus, boost the overall product demand in the coming years. Both, Europe and North America are likely to witness considerable production capacity expansion over the forecast period.
Asia Pacific shall witness a sluggish growth owing to the major alterations in government policies regarding fertilizers production and use. For instance, China adopted zero-growth strategy that limits nutrients & fertilizers consumption up to 1% per year only, thereby affecting a widespread Asia Pacific nitrogen nutrients market share. It also recently seized its ammonia production units, amounting to 15 million tons, which ultimately had a major blow on nitrogen nutrients market in Asia Pacific.
The prominent nitrogen nutrients market share contributors functional are PotashCorp, K+S AKTIENGESELLSCHAFT, Mosaic, CF Industries, Belaruskali, Conklin Company Partners Inc. and Agro-Culture Liquid Fertilizers, The Scotts Miracle-Gro Company, Alpine Solutions Corporation, Grassland Agro Limited, Yara International ASA, Miller Seed Company, Nachurs Alpine Solutions Corp, StollerUsa Inc. and EC Grow. Product manufacturers are conducting research & development so as to make farmers aware regarding the usage of the product in soil enhancement.
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