Global Nitric Acid and Ammonium Nitrate Based Fertilizer Products Market: By Product Type: Nitric Acid, Ammonium Nitrate, Others; By Application: Agriculture, Horticulture, Turf and Ornamental, Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 2024-2032

Global Nitric Acid and Ammonium Nitrate Based Fertilizer Products Market Size

The global nitric acid and ammonium nitrate-based fertilizer products market reached approximately 21.40 million tons in 2023. The market is projected to grow at a CAGR of 3.7% between 2024 and 2032, reaching a value of around 29.55 million tons by 2032.

Global Nitric Acid and Ammonium Nitrate Based Fertilizer Products Market Outlook

The global nitric acid and ammonium nitrate-based fertilizer products market value is increasing amid the growing emphasis of developing countries on boosting self-sufficiency in foodgrain production. Nitrogenous fertilizer products ensure a steady supply of nitrogen to plants, which is critical to produce proteins, amino acids, and DNA.

With the growing trend of sustainability, an increasing number of farmers are turning away from chemical fertilisers and seeking natural methods of nitrogen fixation for plants to facilitate their growth. As per the World Bank, over 200 million people worldwide are facing a condition of acute food insecurity due to war and famine-like conditions. Government initiatives to supply these products at a subsidised rate to boost crop cultivation are expected to drive nitric acid and ammonium nitrate-based fertilizer products demand in the forecast period.

Rising Sales of Water-Soluble and Controlled Release Fertilizers are Some of the Crucial Nitric Acid and Ammonium Nitrate Based Fertilizer Products Market Trends

• The market is segmented by product type, with nitric acid expected to lead the market with a compound annual growth rate (CAGR) of 4.1%. This growth is driven by their high effectiveness in increasing crop productivity. 

• As per the nitric acid and ammonium nitrate-based fertilizer products industry analysis, ammonium nitrate products are expected to follow with a projected CAGR of 3.8%, due to increasing awareness of the harmful environmental impacts caused by chemical fertilizers, including high GHG emissions and leaching.  

• Other products are anticipated to grow at a CAGR of 3.5% to meet the increasing demand for nitrogenous fertilisers by the plastics, chemicals, and explosives industry, among others.

Increasing Population Growth and Rising Food Demand are Driving the Nitric Acid and Ammonium Nitrate Based Fertilizer Products Market Growth

• In terms of application, the agriculture segment is anticipated to dominate the market, with a CAGR of 4.0%. With the emergence of organic farming, the demand for organic fertilizers is expected to increase substantially, thereby driving the nitric acid and ammonium nitrate-based fertilizer products market revenue. 

• The horticulture segment is projected to grow at a CAGR of 3.9%, driven by technological advancements, including precision farming, aeroponics, and hydroponics that enable the commercial cultivation of flowers in urban areas. 

• The turf and ornamental segment is expected to grow at a CAGR of 3.5%, due to the growing demand of luxury consumers for maintaining clean lawns. The expansion of different cricket stadiums and sports fields is aiding the nitric acid and ammonium nitrate based fertilizer products demand. 

• Other applications of such products are expected to grow at a CAGR of 3.3%, with nitric acid and ammonium nitrate based fertilizer products being widely used in the chemical production industry.

Global Nitric Acid and Ammonium Nitrate Based Fertilizer Products Market Regional Analysis

• The market is expected to experience varied growth rates across different regions from 2024 to 2032. The Asia Pacific significantly contributes to the nitric acid and ammonium nitrate-based fertilizer products market share, growing at a CAGR of 4.7% during 2024-2032. This growth is driven by rapid industrialisation and urbanisation. 

• The Middle East and Africa are expected to grow at a CAGR of 3.9%, supported by technological advancements in crop cultivation and farm management. 

• Latin America is projected to grow at a CAGR of 3.5%, reflecting the region's ongoing efforts to enhance food security. 

• North America remains a significant market with a projected CAGR of 3.0%, driven by the demand for fresh fruits and vegetables due to the rise of vegetarianism. 

• The demand for the nitric acid and ammonium nitrate-based fertilizer products market in Europe is expected to grow at a CAGR of 2.8%, driven by the expansion of farmlands across the region.

Nitric Acid and Ammonium Nitrate Based Fertilizer Products Market Regional Insight

North America

USA: Projected to grow at a CAGR of 3.0%, driven by technological advancements and the shift towards a plant-based diet among people.

Canada: Expected to grow at a CAGR of 3.4%, reflecting efforts to combat food inflation and boost domestic self-sufficiency.

Nitric Acid and Ammonium Nitrate Based Fertilizer Products Industry Statistics in Europe

UK: Anticipated to grow at a CAGR of 3.3%, driven by strong policies promoting the shift towards organic food products and technological advancements.

Germany: Expected to grow at a CAGR of 2.7%, supported by technological advancements and increasing adoption of nitrogenous fertilisers by domestic farmers.

France: Projected to grow at a CAGR of 2.6%, reflecting stable demand and advancements in the technology for fertiliser production.

Italy: Expected to grow at a CAGR of 2.3%, driven by efforts to boost food security and prevent environmental pollution.

Asia Pacific

India: Expected to lead with the highest regional CAGR of 5.4%, reflecting rapid industrial growth and increasing government support for the adoption of nitric acid and ammonium nitrate based fertilizer products.

China: Expected to grow at a CAGR of 4.5%, driven by significant industrialisation and the expansion of its domestic farmlands.

Japan: Projected to grow at a CAGR of 2.8%, supported by technological advancements.

Australia: Expected to grow at a CAGR of 3.2%, driven by expanding urbanisation and the adoption of various government measures for boosting food security.

Latin America

The nitric acid and ammonium nitrate-based fertilizer products industry in Brazil is projected to grow at a CAGR of 4.0%, supported by the growth of the agriculture sector.

Mexico: Expected to grow at a CAGR of 3.4%, reflecting ongoing efforts to boost domestic fruit production for making wines and beers.

Middle East and Africa

Saudi Arabia: Projected to grow at a CAGR of 4.1%, reflecting significant investments in technological development and an increase in the cultivation of horticultural crops.

Key Questions Answered in This Report:

• How has the global nitric acid and ammonium nitrate-based fertilizer products market performed historically, and what are the growth expectations for the future?

• What are the primary factors influencing demand and growth in the global nitric acid and ammonium nitrate-based fertilizer products market?

• What are the key segments within the global nitric acid and ammonium nitrate-based fertilizer products market, and how are they expected to evolve over the forecast period?

• What are the major challenges and opportunities facing stakeholders in the global nitric acid and ammonium nitrate-based fertilizer products market?

• Who are the key players in the global nitric acid and ammonium nitrate-based fertilizer products market, and what strategies are they employing to maintain a competitive edge?

• What are the regulatory and policy factors influencing nitric acid and ammonium nitrate-based fertilizer products market globally or regionally?

• How competitive is the global nitric acid and ammonium nitrate-based fertilizer products market according to Porter's five forces analysis, including factors like bargaining power of buyers and suppliers?

• What are the current trends shaping the global nitric acid and ammonium nitrate-based fertilizer products market landscape, and how are they expected to evolve in the future?

• How are technological advancements impacting the global nitric acid and ammonium nitrate-based fertilizer products market, and what role do innovation and R&D play in driving growth?

• What are the consumer preferences and buying behavior trends influencing the global nitric acid and ammonium nitrate-based fertilizer products market?

• How sustainable are current growth rates in the global nitric acid and ammonium nitrate-based fertilizer products market, and what factors could potentially disrupt these trends?

• What are the regional dynamics within the global nitric acid and ammonium nitrate-based fertilizer products market, and how do they contribute to overall market growth?

• What are the economic factors influencing the global nitric acid and ammonium nitrate-based fertilizer products market, such as GDP growth, inflation rates, and currency fluctuations?

• How are demographic shifts, such as aging populations or urbanization trends, affecting demand in the global nitric acid and ammonium nitrate-based fertilizer products market?

• What are the key strategic partnerships, mergers, and acquisitions shaping the competitive landscape of the global nitric acid and ammonium nitrate-based fertilizer products market?

• What are the regulatory and legal frameworks impacting the global nitric acid and ammonium nitrate-based fertilizer products market globally or in key regions?

• How are changing consumer lifestyles and preferences influencing product or service demand within the global nitric acid and ammonium nitrate-based fertilizer products market?

• What are the emerging market trends and niche opportunities within the global nitric acid and ammonium nitrate-based fertilizer products market that stakeholders should be aware of?

• How resilient is the global nitric acid and ammonium nitrate-based fertilizer products market to external shocks or disruptions, such as geopolitical tensions or natural disasters?

• What are the potential barriers to market entry and growth for new players in the global nitric acid and ammonium nitrate-based fertilizer products market?

Key Benefits for Stakeholders:

Expert Market Research's industry report provides a comprehensive quantitative analysis of various market segments, historical and current market trends, and forecasts the dynamics of the Global nitric acid and ammonium nitrate based fertilizer products market spanning from 2018 to 2032.

The research report delivers up-to-date insights into the market drivers, challenges, and opportunities shaping the global nitric acid and ammonium nitrate based fertilizer products industry.

Stakeholders can leverage Porter's five forces analysis to assess the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. This analysis aids in evaluating the competitiveness and attractiveness of the global nitric acid and ammonium nitrate-based fertilizer products market.

The competitive landscape section enables stakeholders to gain a deep understanding of their competitive environment. It offers insights into the current market positions of key players, their strategies, and their market shares.

Additionally, the report highlights emerging trends, regulatory influences, and technological advancements that are pivotal for stakeholders navigating the global nitric acid and ammonium nitrate-based fertilizer products market landscape.

Key Highlights of the Report

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.