Latin America Phosphatic Fertilizers Market was worth $8.02 billion in 2021 and estimated to be growing at a CAGR of 3.72%, to reach $9.63 billion by 2026.
Latin America is a favorable market for phosphatic fertilizers, as it works in the direction of growing its agricultural production capacity.Phosphorus is a significant component for plants which maintains the plant growth by providing root growth, seed developments and plant maturing to it. The consumption of phosphorus can be done by plants by the liquid or dry property of the fertilizer. Current farming is completely reliant on inorganic fertilizers having phosphorus so as to increase the production of forage and grains.
Latin America Phosphatic Fertilizers Market Drivers:
The phosphate fertilizer market is growing at a substantial rate owing to increasing meat consumption and restricted availability of arable land. Increase in population and varied food demand are some of the reasons driving the growth of the phosphate fertilizer market. Growing energy demands with surge in population challenged the farmers to rise crop output from the restricted available land which resulted in the increase in use of fertilizers. Pricing volatility regarding phosphate fertilizers is a key factor hindering the growth of the market.
Latin America Phosphatic Fertilizers Market - By Type:
Diammonium Phosphate (DAP)
Latin America Phosphatic Fertilizers Market - By Application:
Superphosphate type is in great demand due to its advantages over other phosphate types. Phosphates are mainly used in fruits and vegetables to mark the need of phosphates in the body.
The Market is Geographically divided into:
The key consumers of fertilizers in this region are Brazil and Argentina. In fact, Brazil is one of the biggest consumers of fertilizers in the world.
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