The South America Specialty Fertilizer Market is projected to register a CAGR of 7.33%. Key Highlights. Largest segment by Speciality Type - Liquid Fertilizer : Liquid fertilizers can penetrate the the soil easily allow plants to absorb nutrients more quickly, reduce fertilizer waste and can be applied to either ground or foliar.
New York, Jan. 17, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "South America Specialty Fertilizer Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028" - https://www.reportlinker.com/p06381451/?utm_source=GNW
Fastest growing by Speciality Type - Liquid Fertilizer : Increasing trend in mechanization of the irrigation systems in the region, directly increase the demand for liquid fertilizers that allow plants to absorb nutrients quickly.
Largest Segment by Crop Type - Horticultural Crops : There is an increasing trend in the fertilizer use due to the shift of growers from field crop to horticultural crop, which led to a 1.46% increase in area between 2020-2021.
Largest segment by Country - Brazil : Brazil alone accounts for about 61% of the total crop area in the South American region. Which is about 74.61 million hectares of agricultural land in the country.
Key Market Trends
Liquid Fertilizer is the largest segment by Speciality Type.
Water-soluble fertilizers in South America accounted for 41.98% of total specialty fertilizer value in 2021. Water-soluble fertilizers (WSF) simplify nutrition management as nutrient levels are not affected by leaching or erosion. Fertigation makes the most important component of modern agricultural systems, such as hydroponic and drip irrigation techniques, simple to use with minimal effort.
Liquid fertilizers accounted for approximately 19.27% of the specialty fertilizer market in South America in 2021, as growers in South America are becoming more aware of the advantages of liquid fertilizers, which penetrate the soil easily and allow plants to absorb nutrients more quickly. They also help reduce fertilizer waste and can be applied to either ground or foliar. As a result, liquid fertilizers have a huge opportunity to expand in South America in the coming years.
The controlled-release fertilizer market in the region grew by 50.1% during the study period. It is estimated to record a CAGR of 5.6% during the forecast period.
The polymer-coated controlled-release fertilizers accounted for 56.96% of the total controlled-release market in 2021. Presently, the market is being driven by a growing interest in creating innovative and environmentally safe controlled-release fertilizers. The CRF market is expected to record a CAGR of 5.27% during the forecast period.
Slow-release fertilizers continuously release a small number of nutrients over time. They accounted for 61.03% of the market value during the study period.
Hence, with the growing market potential for specialty-type fertilizers, the segment is anticipated to grow significantly during the forecast period.
Brazil is the largest segment by Country.
Brazil is a growing market in terms of agriculture and is a major supplier of commodities like rice, maize, soybean, coffee, etc., to the international market. The specialty fertilizer market in Brazil was valued at USD 4.40 billion in 2021, with a volume consumption of 4.7 million metric tons.
Agriculture in Argentina is fundamental for its economy, and the country is a major grower and exporter of important crops like wheat, corn, and soybean annually, which consume a high amount of fertilizers. For instance, the average application rate of primary nutrients in the country is 259.4kg/ha, and Argentina accounted for 8.0% of the total specialty fertilizer consumption in the region in 2021.
There has been a growth in the consumption volume, which has increased from 15.8 million metric tons in 2017 to 18.3 million metric tons in 2021. The market value grew till 2019, when the COVID-19 outbreak globally caused trade and supply chain barriers. Since the region is highly import-dependent on fertilizers, the region saw a dip in 2020 to USD 3.00 billion.
Rest of South American countries like Chile, Colombia, Peru, Bolivia, Paraguay, etc., together accounted for 52.0% of the total specialty fertilizer consumption in the region in 2021, with water-soluble fertilizers being the most consumed with a volume of 5.8 million metric ton.
Hence, the market for specialty fertilizers in the region is anticipated to grow due to the increased area under cultivation and increasing climatic risks that pose agricultural threats like droughts and heatwaves, boosting the adoption of efficient fertilizers.
The South America Specialty Fertilizer Market is fragmented, with the top five companies occupying 9.92%. The major players in this market are Israel Chemicals Ltd, Mosaic, Sociedad Química y Minera (SQM), TIMAC Agro and Yara brasil (sorted alphabetically).
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