GLOBAL UREA MARKET - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028

A CAGR of 5.38% is predicted for the global urea market. In general, field crops need more nitrogen than other kinds of crops. More than 95.0% of all agricultural land is used for field crop cultivation, which dominates the agricultural landscape globally. The most significant field crops in the world are rice, wheat, and maize, which occupy around 38.0% of all agricultural acreage. Field crops dominate the global urea market, making up around 86.1% of the estimated $39.27 billion market value in 2021. The field crop market is dominated by the Asia-Pacific region.

About 10.7% of the market value of urea fertilisers, or about USD 4.96 billion in 2021, went to horticultural crops. Fruits and vegetables are in higher demand than ever, especially in light of the pandemic. Due to the extensive horticultural crop cultivation in the region, the Asia-Pacific region dominates the global urea fertiliser market.

Turf and decorative crop urea fertiliser sales are dominated by North America. Turf and ornamental crops made for roughly 60.9% of the market's total value in 2021, or about USD 786.4 million. The region's domination by share is a result of the abundance of golf courses, sports facilities, and private lawn spaces. For instance, turf grass, which includes all parks, lawns, and stadiums, occupies over 15.0 million hectares of land in the United States.

Major Players: CF Industries Holdings Inc, EuroChem Group, IFFCO, Nutrien Limited and Yara 

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