Nitro Compound Fertilizers Market: Overview
- Compound fertilizers contain multiple nutrients in each individual granule. They differ from a blend of fertilizers mixed together to achieve a desired average nutrient composition. It helps farmers to spread compound fertilizers so that each granule delivers a mixture of nutrients as it dissolves in the soil and eliminates the potential for segregation of nutrient sources during transport or application. Multiple-nutrient granules of compound fertilizers also help achieve uniform distribution of micronutrients throughout the root zone.
- Nitro compound fertilizers are products that contain rich nitrite nitrogen and ammonium nitrogen, which are easily absorbed by plants at high rates. In nitro compound fertilizers, the ammonium nitrogen provides sustainable nutrition to plants to support their rapid growth and strengthen the roots through photosynthesis.
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Key Drivers of Nitro Compound Fertilizers Market
- Increase in concerns related to soil profile & nutritional equilibrium and rise in demand for high yield are expected to drive the nitro compound fertilizers market. Growth in demand for nitro compound fertilizers in emerging economies is anticipated to create lucrative opportunities for the nitro compound fertilizers market in the near future.
- Increase in investment in the agricultural sector, especially in South Africa, is anticipated to boost the nitro compound fertilizers market during the forecast period
- Demand for food has been increasing due to the rise in population. Underdeveloped and developing countries lack proper infrastructure for storage and distribution of food grains and edible agriculture produce. Demand to improve the yield of crops is high to cater to the rise in demand for food. The usage of advanced agrochemicals is necessary to meet these needs. This is propelling the global nitro compound fertilizers market.
- Expansion in global agriculture and horticulture sectors due to the rise in population is likely to drive the nitro chemical fertilizers market during the forecast period
- Increase in concern over the pattern of usage of fertilizer with heavy reliance on nitrogenous fertilizers; poor nutrition management; lack of complementary inputs; decline in soil fertility; and weak marketing and distribution systems are acting as major restraints of the global market. These concerns have created opportunities for bio-fertilizers and micronutrient fertilizers to grow and fuel the nitro compound fertilizers market.
Regulatory and Environment Constraints Likely to Hamper Market
- Presence of organic substitutes of crops is projected to hamper the global nitro compound fertilizers market. Regulatory and environmental constraints and high production cost are likely to act as drawbacks for the nitro compound fertilizers market.
- Volatility in prices and health issues due to usage of the chemical fertilizer are other restraining factors of the market. Nitro compound fertilizers are more expensive than a physical combination or blend of primary nutrient sources, since they require additional processing.
Asia Pacific Expected to Hold Large Share of Global Nitro Compound Fertilizers Market
- Asia Pacific was a leading region of the global nitro compound fertilizers market in 2018. In terms of consumption, Asia Pacific held 60% share of the market in 2018,, with China representing approximately half of the share. Rice is a prominent nitrogen-consuming crop in Asia Pacific.
- China is the largest producer and consumer of nitro compound fertilizers in Asia Pacific. Major Asia Pacific economies, such as China, Australia, New Zealand, India, and Israel, provide immense opportunities for agriculture and horticulture sectors in the region. These emerging economies are likely to fuel the nitro compound fertilizers market in the region.
- In terms of demand, Asia Pacific was followed by North America and Europe in 2018. The U.S. dominates the market in North America. The country is also the one of the key importers of compound fertilizer.
- Consumption of fruits and vegetables in Europe is likely to stabilize during the forecast period in terms of volume. This is due to market saturation in relation to necessary food intake.. Import of horticultural products has been rising faster than production in Europe. The stability of the consumption of fruits and vegetables in Europe is anticipated to fuel the demand of the nitro compound fertilizers market.
- South Africa is the largest fruit exporter in Middle East & Africa. Nitro compound fertilizers are mostly used for the production of fruits in South Arica.
- Latin America is a key net exporter of food and agricultural commodities. It is associated with the production and export of a diverse range of agricultural commodities. Brazil leads in terms of the absolute agricultural GDP. It is the largest country in terms of land area and mouths to feed. This is is likely to boost the demand for nitro compound fertilizers.
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Key Players in Nitro Compound Fertilizers Market
The nitro compound fertilizers market is highly fragmented with top manufacturers accounting for approximately 45% to 50% share of the global market. Key players operating in the global nitro compound fertilizers market include:
- Georgia-Pacific Chemicals LLC
- Growth Products
- Hanfeng Evergreen
- Helena Agri-Enterprises, LLC
- Kingenta Ecological Engineering Group Co., Ltd.
- Kugler Company
- Lebanon Seaboard Corporation