The World Urea Market is projected to register a CAGR of 5.38%. Key Highlights. Largest By Kind – Straight : Typical urea is probably the most consumed fertilizer globally, as nitrogen is probably the most yield-limiting nutrient for crop development, and farmers are extremely tailored to its utilization.
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Largest by Coating Kind – Polymer Coated : The polymer-coated fertilizers launch the vitamins for an extended length and reduce the leaching losses of fertilizers within the soil. In addition they scale back the appliance fee.
Largest By Crop Kind – Discipline Crops : Discipline crops are broadly cultivated worldwide and are a staple meals in lots of components of the world. They account for a most share by space in most agricultural international locations.
Key Market Traits
Discipline Crops is the biggest phase by Crop Kind.
Discipline crops, on common, require extra nitrogen than different crop sorts. Discipline crop cultivation dominates the worldwide agricultural panorama, accounting for greater than 95.0% of all agricultural land. Rice, wheat, and corn are the world’s most essential discipline crops, accounting for about 38.0% of whole agricultural land. Discipline crops dominate the worldwide urea market, accounting for about 86.1% of the market worth, amounting to round USD 39.27 billion in 2021. The Asia-Pacific area dominates the marketplace for discipline crops.
Horticultural crops accounted for about 10.7% of the full market worth of urea fertilizers, amounting to round USD 4.96 billion in 2021. There may be an rising demand for vegetables and fruit all over the world, notably after the pandemic. The Asia-Pacific area dominates the urea fertilizer marketplace for horticultural crops, primarily as a result of intensive cultivation of horticultural crops within the area.
North America dominates the urea fertilizer market in turf and decorative crops. Turf and decorative crops accounted for about 60.9% of the full market worth, amounting to round USD 786.4 million in 2021. The presence of numerous golf programs, sports activities golf equipment, and personal garden areas contributes to the area’s dominance by share. Turf grass, for instance, covers about 15.0 million hectares of land in america, which incorporates all stadiums, lawns, and parks.
When it comes to discipline and horticultural crops, the Asia-Pacific area is anticipated to develop at a quicker fee as a result of massive availability of agricultural land. The turf and the decorative phase is rising within the North American and European areas.
Asia-Pacific is the biggest phase by Area.
The worldwide urea fertilizers market was valued at USD 45.52 billion in 2021, recording a quantity consumption of 114.6 million metric tons.
The urea market within the area occupies the biggest 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 within the agriculture industries are happening regionally, leading to a rise in consumption, thereby driving the market.
By nation, China and India accounted for 53.8% and 19.5% of the market in 2021. Consumption development is especially pushed by the demand for urea as a direct utility fertilizer, accounting for greater than 90% of the full urea consumption in these international locations. Therefore, the urea market in these areas is anticipated to develop considerably in the course of the forecast interval.
North America accounted for 8.8% of the full international urea market. The consumption of urea in 2021 was 8.9 million metric tons, which elevated from 8.4 million metric tons in 2017. Regardless of the lower within the space below cultivation, there was a rise within the consumption of urea from 46.6 million hectares in 2017 to 45.7 million hectares in 2021. This development was noticed as a result of larger utilization of fertilizers to extend the yield and productiveness of the crop within the out there land space.
Primarily based on the aforementioned components and the necessity for enhanced productiveness to feed the rising inhabitants, the demand for urea is predicted to extend, thereby boosting the market considerably in the course of the forecast interval.
The World Urea Market is fragmented, with the highest 5 firms occupying 18.90%. The foremost gamers on this market are CF Industries Holdings Inc, EuroChem Group, IFFCO, Nutrien Restricted and Yara (sorted alphabetically).
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