by Granular urea is an important fertilizer that provides nitrogen to crops, pastures and non-agricultural plants. It is produced both naturally and synthetically to raise deficiencies in soils and provide nitrogen for plant growth. Urea acts as a crucial fertilizer for staple crops such as corn, wheat, rice and other cereals to enhance their yield. With rapid growth in global population, the demand for food is increasing exponentially. This has propelled the usage of fertilizers in the agriculture sector to maximize crop production. Granular urea finds wide usage as nitrogenous fertilizer for a variety of crops. Its high nitrogen content of 46% makes it favorable for farmers to boost agricultural yields.
The global granular urea market is estimated to be valued at US$ 47.18 Bn in 2024 and is expected to exhibit a CAGR of 13.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The rising demand for nitrogenous fertilizers from the agriculture sector remains the key growth driver for the granular urea market. According to the Food and Agriculture Organization (FAO) of the United Nations, fertilizer consumption needs to increase by 13% until 2030 and 80% until 2050 compared to 2020 levels to sustainably increase global crop production and meet the needs of a growing world population. Granular urea emerges as a preferred source of nitrogen due to its higher nitrogen content and easy handling features.
Segment Analysis
The global granular urea market is dominated by the agricultural segment. Agricultural segment accounts for over 85% share of the total granular urea market. Granular urea is majorly used as nitrogen fertilizer for ammonia production and agriculture. The agricultural sub-segment dominates the market owing to high demand for nitrogen rich fertilizers to increase crop yield.
PEST Analysis
Political: Governments of various countries are supporting fertilizer subsidies and infrastructure development to increase the agricultural output. This is positively impacting the granular urea market.
Economic: Rise in population and decreasing per capita agricultural land is increasing the demand for high yield seeds and fertilizers. Robust economic growth in developing countries is also fueling market growth.
Social: Growing demand for food due to rising population is driving the use of fertilizers. Granular urea enhances soil fertility and ensures food security.
Technological: Manufacturers are focusing on developing cost effective and eco-friendly production technologies to cater to the growing demand in a sustainable manner. Use of automation and robots in production process is also gaining traction.
Key Takeaways
Granular Urea Market Size is expected to witness high growth during the forecast period.
The Asia Pacific region dominates the market and is expected to maintain its lead position till 2031. China accounts for over 30% share of the global granular urea consumption owing to large scale fertilizer usage.
Key players operating in the granular urea market are Thales Group, Infineon Technologies AG, Ingenico Group, Wirecard, VeriFone, Inc., Giesecke+Devrient GmbH, IDEMIA, Track Innovations LTD., Identiv, Inc., CPI Card Group Inc., Setomatic Systems, Valitor, PAX, PINPAD, Mobeewave, alcineo, and Paycor, Inc. Key players arefocused on developing innovative and sustainable production technologies to cater to the rising demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
