North America Urea Fertilizer Market is Expected to Reach $5,885.4 Million by 2019, at a CAGR of 2.8% From 2014 to 2019
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Fertilizers are used to aid the growth of crops, particularly when the soil lacks nutrients. Nitrogen is one of the key elements required for healthy crops. Crops that grow with the help of nitrogenous fertilizers usually have better and higher growth rates. This is because the nitrogen in the fertilizers assimilates into the chlorophyll, generating a better rate of photosynthesis for the plant. The use of nitrogenous fertilizers also gives crops better color and texture.
The North American urea fertilizers market is dominated by the U.S., followed by Canada. The U.S. is the biggest consumer of meat and meat products. Here, apart from consumption by humans, grains are also in demand to produce animal feed for the meat industry. The increased demand can only be met by increasing agricultural productivity, which can be achieved with the use of fertilizers for grain production.
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Urea fertilizers are the most commonly used nitrogenous fertilizers due to the ease of synthesis and the easy availability of the raw materials. Factors such as increase in demand for food grains and the growing meat consumption are driving the North American market. Several companies such as CF Industries Holdings, Inc., Yara International ASA, Agrium Inc., and PotashCorp are investing in this growing market in order to gain higher profits and increase their share in the North American urea fertilizers market.
This report includes market share and value chain analyses, along with market metrics such as drivers and restraints. In addition, it also presents a competitive landscape by country and company profiles of the key players in this market.
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Global Urea (Nitrogenous Fertilizers) Market has been pegged at $57,242m in the year 2013 growing at 1.9% annually and is projected to reach $63,010.1m by the end of the year 2018.
Ureas (Nitrogenous Fertilizers) constitute 56.1% of Global Nitrogenous Fertilizers market and are poised to grow its market share to 55.2% by the end of year 2018.
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