by The global Granular Urea Market is estimated to be valued at US$ 39.04 billion in 2022 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Granular Urea is a type of nitrogen fertilizer used extensively in agriculture to enhance crop yield. It is a cost-effective and efficient source of nitrogen, which is essential for plant growth and development. Granular urea is highly soluble in water, making it easy to apply to the soil. It provides a controlled release of nitrogen, allowing for sustained nutrient availability to the plants. This fertilizer is widely used in crops such as cereals, vegetables, fruits, and oilseeds. Granular urea is an important product in the agriculture industry, contributing to the overall growth of the sector.
B) Market Dynamics:
1. Increasing Population: The world population is rapidly increasing, leading to an increased demand for food products. This necessitates higher crop yields, which in turn drives the demand for fertilizers like granular urea in Granular Urea Market Growth . The growing population puts pressure on the agricultural sector to produce more food, fueling the demand for fertilizers.
2. Growing Demand for Agricultural Products: With changing dietary habits and an increasing focus on healthy eating, the demand for high-quality agricultural products is rising. Granular urea helps in maximizing crop yields and enhancing the quality of agricultural produce. This drives the demand for granular urea in the market.
C) Segment Analysis:
The granular urea market can be segmented based on application and region. Based on application, the market is dominated by the agriculture segment. This segment is expected to witness high growth due to the increasing demand for agricultural products and the need for higher crop yields. The agriculture segment is further sub-segmented into cereals, oilseeds, fruits and vegetables, and others. Among these, the cereals sub-segment dominates the market due to the extensive cultivation of cereal crops globally.
D) PEST Analysis:
– Political: The political landscape plays a crucial role in the growth of the granular urea market. Government policies, regulations, and subsidies related to agriculture and fertilizers impact the market dynamics.
– Economic: Economic factors such as GDP growth, income levels, and fluctuations in commodity prices affect the purchasing power and affordability of farmers, thereby influencing the demand for granular urea.
– Social: Changing dietary preferences, population growth, and increasing awareness about the benefits of fertilizers drive the demand for granular urea.
– Technological: Advances in technology, such as precision agriculture and the development of advanced fertilizer application techniques, are expected to propel the growth of the granular urea market.
E) Key Takeaways:
– The global granular urea market is expected to witness high growth, exhibiting a CAGR of 4.9% over the forecast period, due to increasing population and the growing demand for agricultural products.
– In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the granular urea market. The region has a large agricultural sector, and countries like China and India have high population densities and significant agricultural activities. North America and Europe are also significant markets for granular urea.
– Key players operating in the global granular urea market include CF Industries Holdings, Inc., Yara International ASA, Saudi Arabian Fertilizer Company, Nutrien Ltd., Ostchem Holding, EuroChem Group, Bunge Limited, CVR Partners LP, Luxi Chemical Group Co.,Ltd., and Coromandel International Ltd.
In conclusion, the global granular urea market is expected to experience substantial growth in the coming years. The increasing population and growing demand for agricultural products are driving the demand for granular urea. With advancements in technology and supportive government policies, the market is poised for expansion. Asia Pacific is the fastest-growing region, while key players in the market hold significant market shares.
