Fertilizers Market to Grow with a CAGR of 5.47% through 2028
Rising global population and food demand are expected
to drive the North America Fertilizers Market growth in the forecast period,
2024-2028.
According to TechSci Research report, “Fertilizers Market
– North America Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the North America Fertilizers Market stood at USD
16.85 billion in 2022 and is anticipated to grow with a CAGR of 5.47% in the
forecast period, 2024-2028. The North America fertilizers market plays a
pivotal role in ensuring food security and sustainable agricultural practices.
The
world's population is steadily increasing, and with it, the demand for food is
growing at an unprecedented rate. North America, particularly the United States
and Canada, is known for its robust agricultural production, and the pressure
to meet the food demands of not only the local population but also the global
market is immense. Fertilizers are indispensable in this context, as they
enable farmers to enhance crop yields and, consequently, produce more food to
feed a burgeoning global population.
Advancements in agricultural technology are
transforming farming practices in North America. Precision agriculture
techniques, which include the use of GPS-guided machinery, remote sensing, and
data analytics, are becoming increasingly prevalent. These technologies allow
farmers to optimize fertilizer application, resulting in more efficient
nutrient use and higher crop yields. The adoption of precision agriculture is
driving the demand for fertilizers as an essential component of modern farming
practices. Environmental concerns, including soil degradation, nutrient runoff,
and water pollution, have prompted a shift towards sustainable agriculture in
North America. Farmers and agriculturalists are seeking environmentally
friendly fertilizer options, such as organic and slow-release fertilizers,
which have a reduced environmental impact compared to conventional fertilizers.
Regulatory agencies are also imposing stricter rules on nutrient management and
water quality, encouraging the development and adoption of innovative and
eco-friendly fertilizers.
Governments in North America provide various
incentives, subsidies, and support programs to the agriculture sector,
including fertilizer subsidies. These programs aim to promote agricultural
productivity, boost food security, and ensure the economic stability of rural
communities. Government support plays a crucial role in making fertilizers more
accessible and affordable for farmers, thus driving their usage.
North America is not only a significant consumer of
fertilizers but also a major player in the global fertilizer trade. The region
imports and exports fertilizers, making it sensitive to changes in
international market dynamics, such as fluctuations in fertilizer prices and
trade policies. The need to remain competitive in the global agricultural
market drives the demand for fertilizers, as farmers aim to optimize production
while managing costs efficiently.
The North America Fertilizers Market is segmented into
Origin, Mode of Application, Source, Form, Crop Type, Regional Distribution, And Company.
Based on the Crop Type, Grains &
Cereals emerged as the dominant segment in the North America market for North
America Fertilizers Market in 2022. Grains & Cereals,
including crops like corn, wheat, rice, and barley, form the staple diet for
both humans and livestock in North America. These crops are the foundation of
the region's food supply chain, addressing the dietary needs of a growing population
and a significant livestock industry. Grains & Cereals are typically
cultivated over extensive agricultural acreage in North America. The vast
farmlands dedicated to these crops result in a substantial demand for
fertilizers, as farmers strive to maximize yields and productivity. North
America is a major exporter of Grains & Cereals, contributing significantly
to the global food market. To meet export demands, farmers require high yields
and quality, necessitating the use of fertilizers to enhance crop productivity
and nutritional value. Grains & Cereals are often a critical component of
crop rotation systems, promoting soil health and preventing the buildup of
pests and diseases. This rotation practice encourages the consistent use of
fertilizers to maintain soil fertility.
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Based on the Mode of Application, the Broadcasting
segment emerged as the dominant player in the North America market for North
America Fertilizers Market in 2022. Broadcasting typically requires less specialized
equipment compared to other methods like drip irrigation or fertigation. This
lower equipment cost makes it accessible to a broader range of farmers,
including those with smaller operations. Broadcasting is well-suited for the
application of dry or granular fertilizers, which are commonly used in North
American agriculture. The region's climate and farming practices often favor
the use of these types of fertilizers. Broadcasting is generally less
labor-intensive than some other methods like foliar spraying or sowing. This
efficiency is particularly beneficial for large-scale commercial farming
operations. Broadcasting is often considered a cost-effective method of
fertilizer application, as it does not require significant investments in
specialized equipment or infrastructure. When applied correctly, broadcasting provides
reasonably uniform fertilizer distribution across the field. This uniformity is
essential for ensuring that all plants receive an adequate supply of nutrients,
contributing to consistent crop growth and yields.
Based on the Origin, the synthetic
fertilizers segment emerged as the dominant player in the North America market
for North America Fertilizers Market in 2022. Synthetic
fertilizers contain high concentrations of essential nutrients like nitrogen,
phosphorus, and potassium (NPK). These concentrated nutrients provide crops
with a rapid and easily accessible source of nutrition, promoting rapid growth
and increased yields. Synthetic fertilizers are easy to handle and apply,
making them a convenient choice for many farmers. They can be applied through
various methods, such as broadcasting, fertigation, or side-dressing, allowing
for flexibility in application. Synthetic fertilizers offer immediate results,
with nutrients being readily available to plants after application. This quick
response is valuable in modern agriculture, where timing is often crucial for
optimal crop development. Synthetic fertilizers have consistent and predictable
nutrient content, allowing farmers to accurately calculate and control the
nutrient levels applied to their crops. This precision is essential for
optimizing crop growth and avoiding over-fertilization.
United States emerged as the dominant player in the
North America Fertilizers Market in 2022, holding the largest market share.
The United
States boasts an extensive agricultural landscape, encompassing diverse
climates and soil types across various states. This vast land area is dedicated
to the cultivation of a wide range of crops, including grains, cereals,
oilseeds, fruits, vegetables, and more. The sheer size and diversity of U.S.
agriculture contribute significantly to the demand for fertilizers. The United
States is known for its highly productive agriculture sector, which is capable
of producing large quantities of food and agricultural products. To maintain
and enhance this high level of productivity, American farmers rely on
fertilizers to optimize crop yields. The United States cultivates a broad
spectrum of crops, from staple grains like corn and wheat to specialty crops
like soybeans, cotton, and various fruits and vegetables. Each of these crop
types has distinct nutrient requirements, driving the need for a variety of
fertilizers tailored to specific crops and soil conditions.
Major companies operating in North America Fertilizers
Market are:
- Koch Fertiliser Australia Pty Ltd
- Incitec Pivot Limited
- Wesfarmers Limited
- Spraygro Liquid Fertilizers
- S.J.B. Ag-Nutri
- Yara
- Tradecorp APAC Pty. Ltd.
- Neutrog Australia
- Pacific Fertiliser Pty Ltd
- Perdaman
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“The North
America Fertilizers Market is poised for significant growth in the coming
years. the region's ever-increasing population and the consequent rise in food
demand will necessitate higher agricultural productivity, boosting the demand
for fertilizers. the adoption of precision agriculture techniques and advanced
technologies will lead to more efficient fertilizer use, optimizing crop
yields. Additionally, the ongoing commitment to sustainable farming practices
and environmental awareness will drive the demand for eco-friendly and organic
fertilizers. Government support and subsidies will continue to make fertilizers
more accessible to farmers, promoting their use. As North America remains a
global agricultural powerhouse, its pivotal role in meeting both domestic and
international food requirements will further contribute to the fertilizers market's
growth....” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“North America Fertilizers Market Segmented By
Origin (Organic, Synthetic, Bio-fertilizer), By Mode of Application (Foliar
Spraying, Fertigation, Sowing, Broadcasting, Spraying, Drip Method, Others), By
Form (Solid, Liquid), By Crop Type (Grains & Cereals, Pulses &
Oilseeds, Commercial Crops, Fruits & Vegetables, Other), By Source
(Domestic, Import) Region and Competition, Opportunity, and Forecast, 2018-2028”, has evaluated
the future growth potential of North America Fertilizers Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in North America Fertilizers Market.
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