Granular urea is an essential nitrogen fertilizer used for improving soil fertility and enhancing crop yields. It is a highly concentrated source of nitrogen which is released slowly into the soil to nourish crops. The global granular urea market offers practical and cost-effective fertilization solutions for farmers.
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 key trends:
Rising agricultural production across major economies has been a key driver boosting the demand for granular urea. Crop cultivation is expanding in countries such as China, India, the United States, Brazil and others to meet the growing needs of the rising global population. As granular urea effectively enhances soil fertility and raises crop yields, its consumption is increasing amongst farmers to maximize agricultural output. The growth in worldwide food demand is thereby propelling the granular urea market forward.
SWOT Analysis
Strength: Granular urea has higher nutrient content and lower costs of production and transportation compared to conventional urea. It readily dissolves in water and soil to provide nitrogen to crops.
Weakness: Granular urea requires special storage and handling to prevent caking and dust creation during production and transportation. Sudden changes in weather can reduce its effectiveness once applied to soil.
Opportunity: Increasing global population is raising global food demand, driving the need for higher agricultural yields through efficient fertilizer use. Granular urea’s user-friendly application methods make it well-suited for this purpose.
Threats: Strict environmental regulations on nitrogen run-off from excessive fertilizer use pose challenges. Alternative fertilizers may gain popularity if they prove more sustainable.
Key Takeaways
The global granular urea market is expected to witness high growth over the forecast period of 2024 to 2031. Granular Urea Market Size for 2024 is estimated to be US$ 47.18 billion.
Regional analysis comprises Granular urea demand in Asia Pacific is projected to dominate the global market due to the large fan agricultural sector and population in countries such as China and India. North America and Europe are other major markets driven by advanced agricultural practices.
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. These companies are focusing on developing highly efficient and eco-friendly granular urea production technologies to strengthen their positions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
