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Fertilizers Market to see lucrative gains over 2020-2026, Latin America dominated the regional landscape

Author : Ravi Chawat | Published Date : 2020-09-14 

Latin America accounts for a major share of the global fertilizers market and is estimated to grow substantially over 2020-2026, with increasing demand for food in the region. Latin America possesses expansive inadequate cultivable land and sustaining growing population demand for foods adds more stress on the system to produce more crops.

This is resulting in increased demand for organic fertilizers from the region to boost its annual crop yield. Organic fertilizers does not only improves food production rates but also enhances soil fertility. Expansion of croplands along with increased government support towards effective use of fertilizers will positively foster regional fertilizers market growth.

Fertilizers Market growth will be driven by rising awareness pertaining to food security, primarily in emerging economies is resulting in increased consumption of product. As per Food & Agriculture Organization (UN), Asia Pacific region is the largest consumer of fertilizer in the world and relies on imports. On the other hand, West Asia continues to supply an important surplus of phosphate, potash and nitrogen for fertilizers.

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The use of fertilizers in agriculture helps replenish nutrients stripped off from the soil by harvested crops. These chemicals also increase biomass in nutrient-deficit soils and encourage the adoption of high-yielding varieties. Global Market Insights, Inc., predicts that global fertilizers market size will be worth over US$230 billion by 2026.

A growing population combined with rising per capita income in these regions is anticipated to further accelerate food demand. In addition, a significant shift in dietary preferences, such as increased consumption of protein and high-nutrition foods, along with lifestyle trends observed in recent years, highlights the need to boost crop production.

The fertilizers market from agriculture industry is slated to witness numerous challenges in the forthcoming years. In addition to population upsurge, several other factors ranging from changing climatic conditions, to urbanization and lack of investment, will make it challenging for the industry to produce enough food.

Growing focus on increasing crop yield, end product quality while maintaining integrity of the land is fueling the demand of high quality fertilizers. Moreover, shifting trends towards organic food production due to consumer preference for chemical free food will favor fertilizers market growth.

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About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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