Granular urea is a compound organic fertilizer containing 46% nitrogen. It releases its nitrogen content slowly into the soil for efficient uptake by crops. Granular urea has a higher nitrogen content compared to other nitrogen fertilizers and is less prone to nitrogen losses through leaching, volatilization, and runoff. As a result, it is the most commonly used nitrogen fertilizer worldwide.
Global Granular Urea Fertilizer Market is estimated to be valued at US$ 42.96 Bn in 2024 and is expected to exhibit a CAGR of 4.9% over the forecast period.
Key Takeaways
Key players operating in the granular urea fertilizer 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.
The Granular Urea Market Size of the agricultural sector, which is supporting the sales of granular urea fertilizer. Some of the leading players in the market are focusing on geographic expansion and capacity addition to cater to the rising demand for granular urea fertilizer globally.
Market Key Trends
Rising requirement for high-yield crops to meet the growing demand for food is a major trend boosting the granular urea fertilizer market. Granular urea provides consistent and reliable nutrient supply to crops, helping farmers increase their productivity and crop yield. It ensures maximum yield with minimal nitrogen loss compared to other fertilizers. This has increased its popularity among farmers worldwide. The market is also benefitting from initiatives of governments and international organizations to promote the usage of fertilizers to enhance agricultural output.
Porter’s Analysis
Threat of new entrants: The Granular Urea Companies is moderately concentrated with presence of large players. New entrants face high capital requirements for establishing production facilities.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute fertilizer products. However, demand for granular urea is consistent from agriculture industry.
Bargaining power of suppliers: A few major players dominate the supply of raw materials for granular urea production. This gives them significant influence over prices of raw materials.
Threat of new substitutes: Technological advancements have led to emergence of alternative substitute fertilizers. However, granular urea remains the most widely used nitrogen-based fertilizer.
Competitive rivalry: The market is characterized by stiff competition among existing players. Companies compete based on product quality, price, and production capacity.
Geographical Regions
Asia Pacific accounts for the largest share of the global granular urea market, both in terms of production and consumption. China is the leading producer as well as consumer of granular urea worldwide. India is another major market in the region owing to huge requirements from the agriculture sector.
North America is projected to witness the fastest growth during the forecast period. Growing farming activities and shifting preferences towards efficient fertilizers are factors driving the regional market. Government support and initiatives to enhance farm output would further aid the market expansion.
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