Research Nester released a report titled “Bio-Ammonia Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the global bio-ammonia market in terms of market segmentation by application, end-user and region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The bio-ammonia market is projected to grow with a moderate CAGR during the forecast period, i.e., 2021-2029 on account of increasing awareness related to the ecological and green products along with extensive research associated with bio-based products. The growth of the market can also be attributed to factors such as the increasing government and climate change initiatives on a global level. According to the data collected United States Environmental protection Agency, in 2019, greenhouse gas emissions from agriculture come from livestock, such as cows, along with agricultural soils, and rice production, and account for 10 percent of the total emissions.
The market is segmented based on application into fertilizer and fuel, out of which, the fertilizer segment is anticipated to grab the largest share by the end of 2021, owing to a rise in the demand for fertilizers in the agriculture sector. Moreover, shortage of raw materials, across the globe and increasing dependency on imports are likely to increase the volatility in the prices of fertilizers. Additionally, rise in initiatives by the government is estimated to stabilize the volatility in the prices of raw materials in the near future. This, in turn, is projected to offer significant opportunity to the bio-ammonia market by the end of the forecast period.
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On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, out of which, the bio-ammonia market in the Asia Pacific is projected to grow at the highest CAGR throughout the forecast period. Currently, the market in North America holds the largest share. This can be attributed to increasing demand for nitrogen fertilizers and rising awareness regarding environment-friendly solutions in the region.
Increasing Demand for Eco-friendly Agriculture Products to Fuel Market Growth
Increasing consciousness about sustainable agriculture and use of biological and green agriculture products alongside increasing governmental and environmentally friendly activities, are expected to fuel the growth of this market. Since bio-ammonia release less amount of greenhouse gases, the use of this product is encouraged in various verticals. This report also provides the existing competitive scenario of some of the key players of the global bio-ammonia market which includes company profiling of SynGest Inc. (U.S), BioNitrogen Corp (OTCMKTS: BIONQ), Agrebon Inc. (U.S), and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global bio-ammonia market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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