Press Release

Increased Demand for Sustainable Food Drives the Specialty Fertilizers Market in Latin America

The Latin America Specialty Fertilizers Market is set to record around 7.63% CAGR during 2023-28, cites MarkNtel Advisors in their recent research report. The rising demand for sustainable agriculture practices due to environmental concerns and the ever-increasing demand for high-quality & nutrient-rich crops are expected to drive the market in the future.

Advancements in fertilization technologies and precision agriculture tools have enabled farmers to precisely assess nutrient requirements, apply fertilizers accurately, and monitor crop responses, further widening the application of specialty fertilizers. In addition, governments are rigorously promoting sustainable agricultural practices and offering support & incentives to farmers adopting specialty fertilizers.

Hence, the growing use of precision agriculture practices, such as soil testing, variable rate application, & foliar feeding, to provide precise nutrient application based on soil & crop needs is another aspect creating promising growth opportunities for the Latin America Specialty Fertilizers Market.

Cereals & Grains to Acquire Major Share of the Latin America Specialty Fertilizers Market

The increasing production of cereal & grain crops, such as corn, wheat, rice, & soybeans, across Brazil, Argentina, etc., accounts for their prominent share in the Latin America Specialty Fertilizers Market. These crops are cultivated on a large scale to meet both domestic consumption & export demands, and thus, the region has ample areas of arable land suitable for cereal & grain production where specialty fertilizers are applied extensively to optimize planting & fertilization approaches, improve yields, and reduce environmental impact.

High Nutrient Concentration in Fertilizers Are Major Drivers of Mexico Specialty Fertilizer Market

Mexico faces water scarcity, irregular rainfall patterns, and thus soil nutrient deficiencies or imbalances in certain regions, which results in limited irrigation resources for agricultural activities and negatively impacts crop growth & productivity. As a result, there's increased adoption of specialty fertilizers in the country, particularly CRFs (Controlled Release Fertilizers), to reduce nutrient leaching, preserve water quality, promote sustainable agriculture practices, and optimize water management.

In addition, Mexico largely exports agricultural products like fruits, vegetables, processed foods, etc., and in order to ensure high-quality products and adherence to international standards, farmers in the country are increasingly utilizing specialty fertilizers for enhanced crop quality, increased yields, & compliance with export regulations, i.e., another crucial factor accelerating the growth of the Mexico Specialty Fertilizers Market.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Compact-expert, Haifa, ICL Group, Nortox, Nutrien Limited, Sociedad Quimica y Minera (SQM), The Mosaic Company, Yara International ASA, K+S AKTIENGESELLSCHAFT, ManttraGimsa are looking forward to strengthening their market position.

Key Questions Answered in the Research Report:

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the regions?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across various regions?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2018-28?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?