by 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 fertilizer product with several advantages like easy application, high nutrient content and lower transportation costs compared to other nitrogen fertilizers. It is widely used in agriculture to improve soil fertility and boost crop yields.
Market key trends:
One of the key trends in the Granular Urea Market Size is the growing adoption of precision farming and digital agriculture technologies. Farmers are increasingly using AI and IoT-enabled devices, drones and sensors to optimize the use of fertilizers including granular urea. This help minimize over-application and maximize crop growth. Precision farming allows site-specific application of urea only where and when it is needed by the crop. It ensures higher nutrient use efficiency while reducing production costs and waste. Digitization is also helping producers and distributors better track inventory, monitor transportation and streamline supply chain management of granular urea.
Segment Analysis
The global granular urea market is segmented on the basis of application and region. Based on application, the market is segmented into agricultural, industrial and others. The agricultural segment dominates the market and is expected to continue its dominance over the forecast period. Urea in granular form is majorly used as fertilizer in agricultural fields to increase crop yield. It is a major nitrogen-based fertilizer that enhances nitrogen content in soil to nourish the crops. This makes agricultural segment the largest consumer of granular urea.
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 nitrogenous fertilizers from the agricultural sector.
Regional analysis:
Asia Pacific dominates the global granular urea market and is expected to continue its dominance over the forecast period. This is attributed to presence of large agriculture dependent economies such as China and India in the region. Granular urea finds huge application as nitrogen fertilizer in agricultural activities in these countries.
Key players:
Key players operating in the 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. The market is highly competitive with presence of several global and regional players. However, Yara International and CF Industries are the largest manufacturers and suppliers of granular urea globally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
