The Latin America specialty fertilizers market size is expected to reach USD 2.44 billion in 2024 and is anticipated to reach USD 3.69 billion by 2029, estimated to be growing at a CAGR of 8.6% from 2024 to 2029.
Speciality fertilizers are high analysis and completely water-soluble fertilizers. These are available in mono, double and multi nutrient combinations. They are available in liquid form and in crystalline state and can be applied to plants through fertigation or foliar application to maximize fertilizer use efficiency and crop productivity, minimize production cost and to improve quality of crop and its produce.
Specialty fertilizers reduce the loss of nutrients, especially nitrates, and loss of ammonia due to evaporation, which subsequently decreases the risk of environmental pollution. The demand for these fertilizers is fast rising because of all the advantages they provide over the traditional fertilizers. They help reduce the environmental effects that traditional fertilizers pose to the earth.
The main driver of the Latin American specialty fertilizers market is the rising demand for food. Latin American region consists of several countries with inadequate cultivable land to sustain its large population. This puts an added stress on the system to produce at more efficiency. Here specialty fertilizers are required to boost the soil fertility and improve food production rates. Other drivers of the industry include increasing health concerns due to use of conventional fertilizers, growing government support and less labour requirement. As for the constraints of the market, it is the lack of awareness about specialty fertilizers that make people still prefer conventional fertilizers. Also, the fact that specialty fertilizers are expensive compared to their conventional counterparts also doesn’t help its cause.
Based on geography, the Latin America market is divided into Mexico, Brazil, Argentina and Rest of South American countries. The Latin American market is only a minor player globally and is the second smallest market. The region though has an above average CAGR of 8.6% owing to the developing stature of the region.
Some of the major companies dominating the market, by their products and services include Sociedad Quimica y Minera S.A (Chile) which is native to the region as well as other global players such as Haifa Chemicals (Israel), Sinochem Group (China), Vardhaman Fertilizers and Seeds (India), Sungro Seeds (India), The Mosaic Company (USA), Verdesian Life Sciences (US), Agrium (Canada), Potash Corporation of Saskatchewan (Canada) and Yara International (Norway).
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