Nitrogen Nutrients Market Innovation Trends and Current Business Trends by 2024: Global Market Insights Inc.
Global Nitrogen Nutrients Market size is likely to witness a prominent CAGR in the forecast period. Nitrogen nutrients are essential micronutrients required for plant growth. It is usually available in soil, for which it is also called as soil nutrients. The prime factor responsible for propelling nitrogen nutrients market size in future is the substantial development in fertilizers and agrochemicals segment across the globe. Continuous farming weakens the soil and reduces its chief vitamins & nutrients required for plant growth. The use of agrochemicals, fertilizers and soil conditioners enables the soil to regain its strength by replenishing the essential nitrogen nutrients in the soil and thus repairing the soil’s fertility. This improves the plant growth and provides high yield of crops. Increasing population is pushing the demand for food, which is turn is increasing pressure on agricultural land and soil. This factor will boost the product demand and will subsequently fuel the nitrogen nutrients market size in the coming years.
The major challenges to nitrogen nutrients market growth in future is the excessive cost associated with new product development and limited applications of nitrogen due to its inert nature. Lack of awareness among consumers about the product benefits will be the major restraining factor in nitrogen nutrients market size in the future. Also, excess of nitrogen in soil slows down root growth and stimulates abrupt shoot growth, resulting in depletion of plant carbohydrates reserves. Thus, it is always advised to feed the soil with optimum amount of nutrients to nurture their growth. In recent years, cereal harvest was largely affected due to unconducive climatic conditions, which resulted in low prices for the yield. Such uncertain weather patterns also directly impact the fertilizers and agrochemicals market and eventually the nitrogen nutrients market size globally. However, improved pasture production around the globe and favorable inclination towards fertilizers consumption for ensuring enhanced crop productivity are likely to open new growth avenues for nitrogen nutrients market size by 2024 across the globe. Based on type of product, nitrogen nutrients market is classified into natural and synthetic sources. Natural source includes both plant and animal derived materials, whereas synthetic source includes processed mineral salts such as chilean nitrate.
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