The global urea market is expected to register a compound annual growth rate of 5.38%. the main points. Largest by Type – Direct: Conventional urea is the most widely consumed fertilizer globally, as nitrogen is the most yield-limiting nutrient for crop growth, and farmers are highly adaptive to its use.
NEW YORK, Jan. 17, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Urea Market – SIZE, SHARE, COVID-19 Impact & Enecstations up to 2028” — https://www.reportlinker.com/p06381435/?utm_source=GNW
Larger by Coating Type – Polymer Coated: Polymer coated fertilizers release nutrients for longer and reduce fertilizer leaching losses into the soil. It also reduces the application rate.
Largest by Crop Type – Field Crops: Field crops are widely cultivated all over the world and are a staple food in many parts of the world. It represents the maximum share by area in most agricultural countries.
Major market trends
Field crops are the largest segment by type of crop.
Field crops require, on average, more nitrogen than other types of crops. Field crop cultivation dominates the global agricultural landscape, accounting for more than 95.0% of all farmland. Rice, wheat and maize are the most important field crops in the world, accounting for about 38.0% of the total agricultural land. The global urea market is dominated by field crops, accounting for approximately 86.1% of the market value, and reaching approximately USD 39.27 billion in 2021. The Asia Pacific region dominates the field crops market.
Horticultural crops accounted for about 10.7% of the total market value of urea fertilizer, which was about $4.96 billion in 2021. There is an increasing demand for fruits and vegetables all over the world, especially after the pandemic. The urea fertilizer market for horticultural crops is dominated by the Asia Pacific region, mainly due to the intensive cultivation of horticultural crops in the region.
North America dominates the urea fertilizer market for lawn and ornamental crops. Lawn and ornamental crops accounted for about 60.9% of the total market value, which amounted to about $786.4 million in 2021. The presence of a large number of golf courses, sports clubs and private lawn areas contributes to the dominance of the region in terms of share. Lawn grass, for example, covers about 15.0 million hectares of land in the United States, which includes all playgrounds, lawns, and gardens.
In terms of field and horticultural crops, the Asia Pacific region is expected to grow at a faster rate due to the availability of large farmland. The grass and ornamental segment grows in regions of North America and Europe.
Asia Pacific is the largest sector by region.
The global urea fertilizer market was valued at USD 45.52 billion in 2021, recording a consumption volume of 114.6 million metric tons.
The region’s urea market holds the largest share, accounting for 63% of the market in 2021. It is estimated to register a CAGR of 5.25% during the forecast period. With the increase in population, developments in agro-industries are occurring at a regional level, which has led to increased consumption, thus driving the market.
By country, China and India accounted for 53.8% and 19.5% of the market in 2021. The consumption growth is mainly driven by the demand for urea as a direct application fertilizer, which accounts for more than 90% of the total urea consumption in these countries. Hence, the urea market in these regions is expected to grow significantly over the forecast period.
North America accounts for 8.8% of the total global urea market. Urea consumption in 2021 was 8.9 million metric tons, up from 8.4 million metric tons in 2017. Despite the decrease in cultivated area, there was an increase in urea consumption from 46.6 million hectares in 2017 to 45.7 million hectares. in 2021. This trend was observed due to the higher use of fertilizers to increase the yield and productivity of the crop in the available land area.
Based on the above factors and the need to enhance productivity to feed the growing population, the demand for urea is expected to increase, thus boosting the market significantly during the forecast period.
The global urea market is segmented, with the top five companies occupying 18.90%. The major players in this market are CF Industries Holdings Inc, EuroChem Group, IFFCO, Nutrien Limited, and Yara (in alphabetical order).
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