Nitro Compound Fertilizers Market - Forecast(2023 - 2028)

Nitro compound fertilizers market size is forecast to reach $XX billion by 2025, after growing at a CAGR of XX% during 2020-2025, owing to the vital role of nitro compound fertilizers in controlling the diseases, insects and weeds that harm or destroy the food crops and threaten public health. With growing global populations that constantly challenge food production, nitro compound fertilizers offer a means towards meeting the challenge of more food from less land. Increase in concerns related to soil profile & nutritional equilibrium is expected to drive the nitro compound fertilizers market. They are being extensively used to destroy or suppress the growth of harmful microorganisms such as bacteria, viruses, or fungi on the crops. Thus, the extensive usage of nitro compound fertilizers as a crop care product is anticipated to drive the nitro compound fertilizers market substantially during the forecast period.

The report: “Nitro Compound Fertilizers Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the nitro compound fertilizers Industry. 

By Form: Liquid, and Solid

By Crop Type: Food Crops, Cash Crops, Horticulture Crops, Plantation Crops, and Others

By Application: Agriculture, and Horticulture

By Geography: North-America, South-America, Europe, Asia Pacific, and RoW

The liquid segment held the largest share in the nitro compound fertilizers market in 2019, owing to its superior characteristics such as convenience to use and comparatively cheaper than the other alternatives. Also, the nitro compound fertilizers in liquid form are easy available and soluble in nature. The liquid form based nitro compound fertilizers are being extensively used in the agricultural farms to improve crop productivity and in horticulture to supply sufficient amount of nutrients at each stage of crop growth. Thus, the extensive usage of liquid based nitro compound fertilizer is anticipated to propel the nitro compound fertilizers market during the forecast period. 

The food crop held the largest share in the nitro compound fertilizers market in 2019 and is growing at a CAGR of XX%, owing to the increasing demand of food crops such as wheat, rice, pulses and others. There is an increasing demand for food crops as they are a staple food in various regions especially in the Asian countries. The global use of rice for livestock feed has steadily increased over the past several decades. According to the Food and Agriculture Organization (FAO) the global use of rice for feed in 2013 was 33.6 million mt and that feed use has been growing by 0.5 million mt per year since 2003, an average growth rate of 1.7 percent. According to United States Department of Agriculture (USDA) rice consumption in 2019-20 is estimated at 102 million tonnes, an increase of 3% and the rice consumption is expected to increase further in 2020-21 to 108 million tonnes with the government pushing more subsidized rice. Thus, the increasing food crop production will require more nitro compound fertilizers, which is anticipated to drive the nitro compound fertilizers market in the food crop sector during the forecast period.

Asia Pacific region held the largest share in the nitro compound fertilizers market in 2019 up to 30%, owing to the increasing agricultural investments by the government in the region. The governments are spending heavily on initiatives and investments in the field of agriculture as it is one of the most effective ways of reducing hunger and poverty, promoting agricultural productivity and enhancing environmental sustainability for the increasing population. In 2016, according to China’s Ministry of Agriculture, over 1,300 Chinese enterprises had overseas investments in agriculture, forestry, and fisheries valued at $26 billion. The total quantum of private investment in India is projected to increase (with added investment of Rs. 78,424 crore) from Rs. 61,000 crore in 2015-16 to Rs. 139,424 crore by 2022-23. The Indian government introduced Pradhan Mantri Samman Nidhi Yojana under Budget 2019-20, in which a minimum fixed pension of Rs 3000 (US$ 42.92) is to be provided to the eligible small and marginal farmers, on attaining the age of 60 years. In Japan, a digital farming technology has been developed to help experienced farmers to use water and fertilizers more efficiently. According to Food and Agriculture Organization of the United Nations, Asia Pacific accounts for more than 90 percent of world rice production and consumption and some developing countries in Asia Pacific will need to increase their food production by up to 77 percent to feed their people by 2050. Thus, such government initiatives are increasing the demand of agricultural crops which is further increasing the nitro compound fertilizers demand. The increasing demand of nitro compound fertilizers for easy production of crop is anticipated to drive the nitro compound fertilizers market in APAC during the forecast period.

The governments are spending heavily on initiatives and investments in the field of agriculture as it is one of the most effective ways of reducing hunger and poverty, promoting agricultural productivity and enhancing environmental sustainability. The United States Department of Agriculture took an initiative – “The Agriculture and Food Research Initiative (AFRI)” to ensure food safety and security and train the next generation of the agricultural workforce. In 2020, the Canadian government invested a total of $560,000 on the Canadian Federation of Agriculture (CFA) to develop the Canadian Agri-Food Sustainability Initiative. The European government has take initiatives such as Common Agricultural Policy (CAP) and Young Farmers. The 2010- 2013 National Strategy for France’s Sustainable Development aimed to develop a more sustainable food production and support green economy and business innovation, and during the tenure it achieved a higher domestic organic production and consumption. Moreover, United Nations “Zero Hunger Vision by 2030” which aims to end hunger and double the agricultural productivity and incomes of small-scale food producers is likely to increase the demand of nitro compound fertilizers. Thus, due to the various initiatives by the government the agricultural production is also increasing in the various regions, which acts as a driver for the nitro compound fertilizers market during the forecast period.

Organic fertilizers are obtained from animal sources such as animal manure or plant sources like green manure. The continuous usage of inorganic fertilizer affects soil structure. Hence, organic fertilizers can serve as an alternative to the inorganic fertilizers for improving soil structure and microbial biomass. The Government is promoting use of organic / ecological fertilizers by providing financial assistance for setting up of production units of organic fertilizers under following schemes National Project on Organic Farming (NPOF) and National Horticulture Mission (NHM). Under National Project on Management of Soil Health and Fertility (NPMSHF) there is provision for promotion of organic fertilizer up to Rs. 500/- per hectare. Assistance is also available for organic fertilizers under Rashtriya Krishi Vikas Yojana (RKVY). These increasing government initiatives are resulting in the adoption of organic fertilizers which hinder with the nitro compound market growth during the forecast period.

The production of vegetables, fruits, wine, and crops requires extensive crop care such as seed treatment, soil management, crop protection, and more for which nitro compound fertilizers are extensively used. However, over the coming month due to the COVID – 19 outbreaks, the production in these sectors is expecting to experience difficulties like untimely crop care and pesticide product deliveries, trade and deliveries issues, and more. Also the governments banned export and import of certain commodities such as on March 31, 2020, the Eurasian Economic Commission (EEC), banned number of food products, most notably sunflower seeds and soy beans. These import and export restrictions are limiting the nitro compound fertilizers market growth during the pandemic. 

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the nitro compound fertilizers market. In 2019, the market of nitro compound fertilizers has been consolidated by the top five players accounting for xx% of the share. Major players in the nitro compound fertilizers market are Agrium Inc., Georgia-Pacific Chemicals LLC, Growth Products Ltd., Hanfeng Evergreen, Helena Chemical Company, Kingenta Ecological Engineering Group Co. Ltd., Kugler Company, Lebanon Seaboard Corporation, LUXI Group, and Sinochem Fertilizer Company Limited.