Granular Urea Market is Estimated to Witness High Growth
SWOT Analysis
Strength: Granular urea offers high content of nitrogen which improves plant growth and development. It dissolves quickly in water and disperses uniformly which ensures even distribution of nutrients in soil. Being granular in form, it is easy to apply granular urea using common fertilizer spreaders.
Weakness: Granular urea is prone to losses due to leaching and volatilization if not applied properly or during rains. Its high solubility can also cause nutrient run-off into water bodies impacting the aquatic life. Improper usage of granular urea leads to pollution and eutrophication of water.
Opportunity: Increasing awareness about benefits of balanced fertilization is driving demand for products like granular urea. The growing organic and sustainable farming practices also provide opportunities to market bio-based and slow-release variants of granular urea. Promoting techniques to minimize losses during application can boost its adoption.
Threats: Stringent regulations pertaining to nitrogen fertilizer usage may hamper market prospects. Availability of substitute fertilizers and adoption of precision farming threatens overall demand for granular urea. Climatic uncertainties pose challenges in judicious application of urea fertilizers.
Key Takeaways
Granular Urea Market Size is expected to witness high growth over the forecast period supported by growth in global agricultural output and demand for nitrogen fertilizers. Being water soluble and cost effective, granular urea accounts for a major share of nitrogen fertilizer consumption globally.
Regional analysis: Asia Pacific dominates the global granular urea market currently and is expected to maintain its lead over the forecast period. China, India, Indonesia, Pakistan and Bangladesh are the major consumers and accounted for over 50% of the total regional consumption in 2024. Rapid population growth, urbanization and rising affordability are driving increased fertilizer usage in the region. North America and Western Europe are comparatively mature granular urea markets while Eastern Europe, Middle East and South America are lucrative emerging markets.
Key players: 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. The market is moderately consolidated with top players such as Thales Group, Ingenico Group and VeriFone dominating. These companies focus on new product development, partnerships with payment facilitators and network expansion to strengthen market position.
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