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Growing Demand for Improved Crop Yields to Boost the Growth of Granular Urea Market

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Mia Yates
Growing Demand for Improved Crop Yields to Boost the Growth of Granular Urea Market

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 Overview:

Granular urea is a nitrogen-rich fertilizer used to enhance soil fertility and boost crop production. It contains 46% nitrogen, which acts as a readily available plant nutrient. Granular urea provides nitrogen to plants in a form that can be directly absorbed and utilized. It dissolves quickly in soil and water to release ammonium and nitrate ions which promotes vigorous plant growth. Being cost effective and easy to transport and apply, granular urea is a widely used nitrogen fertilizer across the globe for crops like corn, wheat, rice and vegetables.


Market key trends:

One of the key trends in the Granular Urea Market Size is growing preference for enhanced fertilizers among farmers to maximize crop yields. In order to sustainively increase agricultural productivity on limited arable land, adoption of high-efficiency fertilizers is growing. Granular urea coated with polymers and resins show controlled release of nitrogen nutrients, improving fertilizer use efficiency and crop nutrition. They help optimize nitrogen uptake and reduce losses from leaching or volatilization. Led by increasing global demand for food, supported by favorable government policies and initiatives, the granular urea market is expected to witness significant growth over the forecast period.

Porter's Analysis


Threat of new entrants: Low - High capital requirements and economies of scale create barriers for new players.


Bargaining power of buyers: High - Large number of buyers and availability of substitutes increase buyer power.


Bargaining power of suppliers: Moderate - Power is moderate due to limited supplier base and reliance on a few raw materials.


Threat of new substitutes: Moderate - Threat from other substitutes like granular urea coating products is moderate.


Competitive rivalry: High - Large number of players leads to intense competition on pricing and product innovation.


Key Takeaways


The global Granular Urea market is expected to witness high growth, exhibiting CAGR of 4.9% over the forecast period, due to increasing demand for nitrogen rich fertilizers from the agricultural industry. The market size for 2023 is estimated to be US$ 40.95 Mn.


Regionally, Asia Pacific dominates the global market due to growth in population and extension of agricultural land. China accounts for over half of the global nitrogen fertilizer demand. North America and Europe also offer lucrative opportunities owing to advancement in farming practices.


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, Luxi Chemical Group Co.,Ltd., and Coromandel International Ltd. Bunge and EuroChem focuses on expanding production facilities to cater to the rising demand. Nutrien targets developing nations by promoting sustainable agriculture.

Read More: https://www.ukwebwire.com/granular-urea-market-size-share-value-and-regional-outlook/

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