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New York, Sept. 26, 2022 (GLOBE NEWSWIRE) — Research Nester has published a detailed market report on “Global Granular Urea Market” for the forecast period, i.e. 2022 – 2031 which includes the following factors:
Global Granular Urea Market Size:
Global heating oil additives market is anticipated to progress favorable at a CAGR of ~3.5% throughout the projected timeline. Food shortage is an ongoing menace which is growing worse with population upsurge. As per the report by the United Nations World Food Program, 957 million people across 93 nations were deprived of sufficient food. Countries globally are acknowledging food shortage as a humanitarian concern and therefore chalking out ways to improve agricultural production to support growing demands. Also, international agencies such as the World Bank is taking requisite measures to boost agricultural output across nations. In March 2022 the World Bank granted USD 15 million worth Agricultural & Rural Transformation Project to boost agricultural output besides increasing market access of rural communities in Solomon. The project is designed to fortify agricultural skills such as farming and livestock management among 85,000 islanders in Solomon. These developments are expected to improve fertilizer adoption such as granular urea.
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Global Granular Urea Market: Key Takeaways
To combat the challenges of food scarcity improved agricultural output is garnering tremendous attention globally. According to USDA Economic Research Service International Agricultural Productivity report, agricultural productivity has dipped significantly. Total Factor Productivity (TFP) pertaining to agricultural productivity has slipped to 2.08 in 2011-2019 from an earlier 2.68 in 2001-2010. Improved fertilizers for better yield is integral for agricultural output. Fertilizers with improved efficiency are the game changers for better agricultural yield. It is predicted that by 2051 use of granular urea in crop production would be around 135-155 million tons annually as urea is the most widely used nitrogen fertilizer that expedites production and yield besides improving the quality. Granular urea has its own advantages of cost efficiency and high yield as compared to alternatives such as prilled urea. Granular urea is preferred owing to its high resistance to wear and tear resulting from transportation. Also, granular urea is more convenient to use and store. Additionally, unlike prilled urea, granular urea can be seamlessly mixed with other fertilizer granules such as phosphates and potash for better yield.
Several agrarian countries such as Bangladesh are encouraging noteworthy initiatives to improve granular urea production for agriculture. In April 2022 Ghorashal Palash urea fertilizer factory was inaugurated to support over 11 lakh metric tons production of urea in the country.
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Global Granular Urea Market: Regional Overview
The global granular urea market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Flourishing Agriculture Outlook to Boost Granular Urea Market in Asia Pacific
The global granular urea market in the Asia Pacific region is expected to emerge as a notable growth hub throughout the forecast era. This is attributed to a plush agriculture-based economy and requisite growth initiatives encouraged by international bodies to develop agriculture in the region. In June 2022, the United Nations Food & Agricultural Organization (FAO) has garnered USD 150 million funding from the World Bank to fortify local food production in Afghanistan.
Recent statistics suggest the total share of arable land in 2018 for Afghanistan stood at roughly 59%. The same year, India and China had 61% and 57% respectively. In 2017-2018, the total food production in India stood at approximately 275 MT. Owing to natural diversity, agriculture remains crucial for the Indian economy. The government of China emphasizes on food and agricultural self reliance to ensure food sustainability. According to the USDA report, in 2019 total grain production in the country stood at 650 million MT. Therefore, these continued efforts towards agricultural sustainability in the region are expected to further leverage new growth windows for market expansion in the Asia Pacific region. Furthermore, the region of Asia Pacific also boasts of high urea production. In 2020, the region of South Asia pegged over 69 million MT in urea production.
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Initiatives towards Novel Fertilizer Manufacturing Uplifts Granular Urea Growth in North America
Simultaneously, the market in North American region is also expected to remain lucrative with substantial market share during the forecast period. This is mainly attributed to a rich agricultural economy as well as government initiatives towards fertilizer production. In March 2022, the US Dept. of Agriculture (USDA) indicated its support for improved fertilizer production in the region and has allotted USD 250 million grant to support sustainable American fertilizer production. The development is expected to also improve demands for granular urea, a key ingredient for agricultural fertilizers.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
Global Granular Urea Market, Segmentation by Application
Of these, the agriculture segment is poised to claim the largest market share during the estimated forecast span. This upward growth trend for granular urea demands in agriculture is attributed to soaring fertilizer demands globally. According to a recently released report by the International Fertilizer Association (IFA) on fertilizer outlook globally, the overall fertilizer consumption in 2020-2021 stood at 198.2 MT. Among all the fertilizer types, nitrogen fertilizer holds roughly more than 50% of the total global consumption of fertilizers. This is a favorable growth propellant for granular urea as it is a primary source of nitrogen-based fertilizers, used extensively in agricultural activities.
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Agrarian economies such as India which is also witnessing population upsurge is reckoning possibilities to remain self-dependent in terms of food production. Government is taking steps to boost agriculture and fertilizer production in the country. In January 2022, India announced the resumption plan worth USD 5 billion to revive production across multiple fertilizer plants to boost self-sufficiency in nitrogen fertilizer. This is believed to be pivotal to reduce fertilizer imports besides leveraging agriculture in the country. The development is expected to spearhead nitrogenous urea production which is the primary fertilizer ingredient used in agriculture.
Global Granular Urea Market, Segmentation by Product Type
Feed grade granular urea is expected to flourish favorable throughout the forecast era. It finds extensive applications as cattle diet supplements, mostly to expedite digestion in dry climate. It is mainly used to improve grazing feed quality with high biological value. Feed grade granular urea comprises of NPN composition; precisely, urea of almost 45% and nitrogen of roughly 290% crude protein. European Food Safety Authority has declared feed grade urea as safe for animal consumption.
Leading players have been profiled in this report on global granular urea market. Notore Chemical Industry Plc., Coromandel International Ltd., Bunge Limited, Ostchem (Group DM), EuroChem Group, Nutrien Ltd., Yara International ASA, Saudi Basic Industries Corporation (SABIC), CF Industries Holdings, Inc., and Indian Farmers Fertilisers Cooperative Limited are just a few on this list.
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Recent Developments in the Global Granular Urea Market
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