Granular Urea Market Growth Accelerated by Rising Production of Urea Fertilizers

Granular Urea Market


Granular urea is a synthetic nitrogen fertilizer produced industrially from ammonia and carbon dioxide. It is widely used for its high nitrogen content and compatibility with modern agricultural machinery for direct application to soils. The global granular urea market demand is driven by its usage in boosting crop yields across corn, wheat and rice cultivation. The granules offer uniform distribution and prevent nutrient losses through volatilization, supporting farmers to optimize fertilizer usage.

The global granular urea market is estimated to be valued at US$ 47.18 Bn in 2023 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:
The rising production of urea fertilizers is one of the key factors augmenting the global granular urea market growth. Approximately 60% of nitrogen fertilizers consumed globally are produced in the form of urea. Urea output has increased substantially over the past few years across major producing regions such as China, India, North America and Middle East & Africa. China accounted for over 40% share of global urea production in 2021. Improved fertilizer usage, agricultural productivity and conducive government policies in developing nations are fueling investments in new urea manufacturing plants by major producers. The increasing availability of granular urea is expected to boost its adoption among farmers globally during the forecast period.

Segment Analysis

The global granular urea market is dominated by the agriculture segment. Granular urea is widely used as a nitrogen-rich fertilizer in agriculture to enhance crop yields. It dissolves slowly in soil, releasing nitrogen over an extended period of time. This sustained-release characteristic makes granular urea highly preferred over other nitrogen fertilizers for most field crops. Rising global demand for food due to the growing population has increased the consumption of fertilizers, driving the agriculture segment in the granular urea market.

Key Takeaways

The global granular urea market is expected to witness high growth over the forecast period of 2024 to 2031. It is projected to grow at a CAGR of 13% during this period and reach a Granular Urea Market Size of US$ 47.18 billion by 2024.

Regional analysis: Asia Pacific currently dominates the global granular urea market and is expected to maintain its leading position over the next few years. China, India, and South-East Asian countries have large agricultural sectors and growing fertilizer consumption. Government initiatives to boost farm output and increase crop yields are supporting market growth. Europe and North America are other major regions for granular urea.

Key players operating in the granular urea market include 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. Leading companies are focused on expanding their production capacities and global footprint through strategic investments and collaborations.

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