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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Urea Market Trends
In APAC countries like India, urea is subsidised for agricultural purposes. The government provides subsidies to fertiliser producers depending on the cost of production at each plant, and the manufacturers are required to sell the fertilisers at the maximum retail price (MRP) determined by the government.
As per the urea market analysis, the government has funded grants in the USA to boost fertiliser production to address price hikes caused by the Russia-Ukraine war, spur competition, and ensure food security. Further, in the Canadian Saskatchewan province, the government is committed to developing a competitive business environment with a suite of incentives to support the agricultural market and address high fertiliser prices.
A significant percentage of the population in developing countries depend on agriculture for their livelihood. Favourable agricultural policies in developing and developed countries globally, such as the Atmanirbhar Bharat Abhiyan in India, the U.S. Agricultural Policy in the USA, and the Swiss Agricultural Policy in Switzerland, have encouraged the growth of the agricultural market. Additionally, the growing population is increasing the demand for food and the need for food security.
Urea Market Report Snapshots
*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.*
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Key Questions Answered in the Report
The global market attained a volume of 177.21 MMT in 2023.
The market is projected to grow at a CAGR of 0.9% between 2024 and 2032.
The key applications include fertiliser, urea formaldehyde (UF) and melamine resins, melamine (cyanurates), animal feed, and others.
The key regional markets for urea are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The key exporters include China, South Korea, and Thailand.
The major drivers are the rising population, the increasing requirement for fertilisers amidst the demand for food, and the presence of favourable government initiatives.
The key trend includes research activities aimed at developing innovative processes and devices by using technologies like electrocatalysis for manufacturing environmentally friendly urea as one of the alternative solutions to industrial urea production, reducing energy usage.
The key players in the market include Yara International ASA, Indian Farmers Fertilisers Cooperative Limited, PT Pupuk Kalimantan Timur, Qatar Fertilizer Company, National Fertilizers Limited, EuroChem Group AG, Saudi Arabian Fertilizer Company, CF Industries Holdings, Inc, and Nutrien Ltd, among others.
The Asia Pacific region is the largest consumer of urea.
Yara International, CF Industries Holdings Inc., OCI Nitrogen, and EuroChem Group AG are some of the major suppliers.
Environmental regulations, fluctuating raw material prices, and supply chain disruptions are some major challenges.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach 192.1 MMT by 2032.
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