Latin America Complex Fertilizers Market size was around USD 7.07 billion in 2021. It is expected to grow at a CAGR of 7.5% to reach USD 9.28 billion by 2026. It captures 10% of the global market share.
The mixing of two or more of macro-nutrient type fertilizers produces compound fertilizers also known as complex fertilizers. Often, they are blended further with elements containing secondary or trace nutrients such as sulphur, calcium and magnesium.
Growing need for food security for the growing population, rising demand for oil seeds, advanced farming technologies which deliver safe and reliable application of complex fertilizers and the ease of application of complex fertilizers are the primary drivers of this market. This market represents a potential opportunity in the forecast period. Thus, several key players have heavily invested to augment their production capacities and to produce various complex fertilizers that are crop-specific. Secondary factors contributing to the growth of this market include the need to increase productivity, fertilizer intensity gaps across regions, level yield, and growing awareness about soil profile and nutritional balance which is supported by the state.
Paradigm shift towards organic food and non-food consumption is the major restraint of this market.
If we go by Type, Complex Fertilizers market is segmented into Incomplete (Diammonium phosphate, Monoammonium phosphate, Mono potassium phosphate, Potassium nitrate and Others (Nitro phosphate and urea phosphate)) and Complete (NPK (10-26-26), NPK (12-32-16), NPK (15-15-15) and Other NPK compounds). The incomplete complex fertilizers market is estimated to have a high CAGR during the aforementioned forecast period. The Diammonium phosphate fertilizers category was the largest in 2016. The Monoammonium phosphate fertilizers category is estimated to be the fastest-growing during the aforementioned forecast period. On the basis of Crop Type the market is categorized into Cereals, Oilseeds, Fruits & vegetables and others (turf & ornamentals, plantation crops, fibre crops, and silage & forage crops). In terms of volume Oilseeds are the fastest growing segment because of the growing demand for agricultural production. Furthermore, by form the market is segregated into solid and liquid. The solid segment commanded more than half of the market as per the data of 2016. It is economical to use it on low-cost cereals such as wheat and corn since it is a low-cost technique compared to the other techniques (such as fertigation).
Geographical Analysis:
By geography, the Latin America Complex Fertilizers market has been categorized into
It is last in terms of market share. It is the fastest growing regional market. Brazil closely followed by Argentina is the leading market in this region. Alterations in farming practise and increasing exports of agricultural produce are the primary causes attributable to the observable trend mentioned above.
Major Key Players:
Major companies in the Complex Fertilizers market are CF Industries Holdings Inc. (U.S.), Yara International ASA (Norway), The Mosaic Company (U.S.), EuroChem Group AG (Switzerland), Potash Corporation of Saskatchewan (Canada), PhosAgro (Russia), Agrium Inc. (Canada), Israel Chemicals Limited (Israel), Sociedad Química Y Minera De Chile (Chile), Haifa Chemicals Ltd., (Israel), Helena Chemical Company (U.S.), and Zuari Agro Chemicals Ltd (India).
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