Granular Urea Market Projected to Reach $57.07 Billion by 2030, Says Coherent Market Insights (CMI)

Burlingame, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled, global granular urea market is estimated to be valued at US$ 39.04 b illion in 2022 and is expected to exhibit a CAGR of 4.9 % during the forecast period (2022-2030). Growing agriculture activities across developed countries as well as emerging economies around the globe are prime factors fuelling growth of the granular urea market growth. Additionally, growing research and development activities and government initiatives to improve agricultural productivity are again driving the market growth. Furthermore, increasing population growth and growing focus on food security are further expected to fueling the market demand.

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Key Trends and Analysis of the Global granular urea Market:

Growing popularity of nitrogen-based fertilizers is expected to propel granular urea market growth. For instance, in June 2021, the Indian Farmers Fertiliser Cooperative Limited (IFFCO) has launched the Nano Urea Liquid, a nutrient to provide nitrogen to plants as an alternative to the conventional urea. IFFCO Nano Urea Liquid is developed to replace conventional urea and it can curtail the requirement of the same by at least 50%

Global granular urea Market - Drivers

Growing investment by key players to propel market growth

Key players are investing heavily in the global granular urea market and this factor is expected to augment the market growth. For instance, in November 2022, OCI NV invested US$ 5 billion to expand its East Texas complex. The company plans to add a plant that uses ammonia and carbon dioxide to make 2,200 metric tons of urea daily.

Increasing population with growing demand for food is fuelling demand for fertilizer

Increasing population is creating demand for quality food crops and this is boosting sale of fertilizer, thereby fuelling market growth. According to the United nation, the global human population reached 8.0 billion in mid-November 2022 from an estimated 2.5 billion people in 1950, adding 1 billion people since 2010 and 2 billion since 1998.

Granular Urea Market Report Coverage

Global granular urea Market – Restrain

Fluctuating price of raw materials to hamper market growth

Volatile price of raw materials and availability of substitute are expected to hamper the market growth.

Global granular urea Market – Opportunities

Growing focus on increasing production capacity to provide significant market growth opportunities

Key players in the market are focusing on increasing production capacity of granular urea in order to meet the growing demand. For instance, in March 2022, Egypt-based Misr Fertilizers Production Company (MOPCO) announced plans to improve its overall annual carbamide production capacity to 70 kilo tons. The company also announced investment to build a new melamine plant. With this investment, MOPCO aimed to strengthen its position in Egypt and overseas markets.

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Global granular urea Market - Key Developments

In Aprul 2023, Perdaman Chemicals and Fertilisers has signed an exclusive offtake agreement with Incitec Pivot Limited. This partnership will entail the supply of up to 2.3 million tonnes of granular urea annually for a duration of 20 years to Incitec Fertilizers.

Key Market Takeaways:

Global granular urea market is expected to exhibit a CAGR of 4.9 % during the forecast period, owing to growing agricultural activities worldwide coupled with the growing population.

On the basis of Application , agriculture segment is expected to hold a dominant position, owing to the growing demand for nitrogen-based fertilizers due to the increasing crop production worldwide.

On the basis of Product Type , fertilizer grade segment is expected to hold a dominant position, owing to the high use of fertilizers in crop production.

On the basis of region , Asia Pacific is expected to hold a dominant position over the forecast period, due to the strong presence of agriculture sector coupled with the growing government initiatives to improve the agriculture sector.

Competitive Landscape:

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.

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Detailed Segmentation:

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