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The Nitrification & Urease Market size is expected to grow at a CAGR of 2.6% during the forecast period 2022-2027 and would reach an estimated revenue of US$1,855.5 million by 2027. Nitrification and urease inhibitors such as nitrapyrin, dicyandiamide and N-(n-butyl) thiophosphorictriamide (NBPT) are used in farmlands to improve soil quality by reducing soil leaching and denitrification. The rapid increase in consumption of food items, a growing trend of following healthier diets, population growth and an improvement in living standards have boosted the agriculture production level in various countries. According to Statistics Canada, in 2021, vegetable production level reached 3.6% above the last five years' average level. Such an increase in production has accelerated the demand and usage of Nitrification and Urease Inhibitors, thereby boosting their market growth.
Nitrification and Urease Inhibitors Market: The Food Crops Segment Leads the Market
Based on the end-use industry, the Nitrification and Urease Inhibitors market can be segmented into food crops, cash crops, fiber crops and horticulture. The leading segment in the nitrification and urease market is evaluated to be the food crops segment and during the forecast period 2022-2027, it is expected to grow at a CAGR of 2.5%. Food crops consisting of primary fruits, vegetables and others form a major part of healthy nutritional diets and the growing shift towards a healthy lifestyle has increased the consumption of such crops, leading to their increased production. According to the US Department of Agriculture, in 2021, apple production stood at 10,525 million pounds, showing a 3% increase from 2020. Such an increase in production would create a surge in demand for Nitrification and Urease Inhibitors.
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Nitrification and Urease Inhibitors Market: Asia-Pacific Holds the Largest Share
Based on geography, the Nitrification and Urease Inhibitors market can be segmented into North America, South America, Europe, APAC and the Rest of the World. According to IndustryARC's analysis, in 2021, the Asia-Pacific region emerged as the most profitable region in the market and held a 44% share of the total revenue earned by the market, globally. The region is a hub for major agricultural countries such as China, India, Japan and Thailand which are experiencing a significant increase in their agriculture production due to favorable government policies and investment inflows. According to the data provided by India’s Ministry of Agriculture, in 2021, India’s total food grain production stood at 150.5 million tons which was 0.94 million tons more than Kharif foodgrain production in 2020. Also, according to the data provided by the National Bureau of Statistics, in 2021, China’s food grain production stood at 682.9 million tons, showing a 5% increase from 2020’s production. Such an increase in agriculture production has increased the demand for Nitrification and Urease Inhibitors in the Asia-Pacific region.
Nitrification and Urease Inhibitors Market: Competitive Landscape
Key companies holding a major share in the Nitrification and Urease Inhibitors market are BASF SE, DowDuPont, Solvay S.A, Evonik, National Fertilizers Limited, Nico Orgo Manures, Koch Fertilizers LLC, Dow Agrosciences, Compo Expert GmbH and Eco Agro.