Posted on GlobalNewswire
Dublin, Feb. 11, 2020 (GLOBE NEWSWIRE) — The “Nitrogen Fertilizers Global Market Report 2020” report has been added to ResearchAndMarkets.com’s offering.
The global nitrogen fertilizers market was worth $ 54.61 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 7% and reach $70.62 billion by 2023.
Globally, governments are investing to uplift the agricultural sector, thereby contributing to the growth in demand for fertilizers. For example, in 2014, the government of India announced plans to invest INR 50,000 crore ($ 7.4 billion) to set up two new fertilizers plans and revive four fertilizers plants in different parts of the country. Also, INR 10,000 crore ($1.5 billion) was invested by the government to build a national gas grid to support the fertilizers plants with gas supply.
Similarly, in 2014, the Chinese government announced a total fund of 122.2 billion yuan ($19.7 billion) as subsidies to farmers for the production of grains and purchase of agricultural production resources such as fertilizers and pesticides. The initiatives taken by government to promote agricultural sector will drive the fertilizers market. […]
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