Latin America Liquid Fertilizers Market was worth $1.81 billion in 2021 and estimated to be growing at a CAGR of 3.27%, to reach $2.13 billion by 2026.
The reduction in soil quality has thrust the use of liquid fertilizers that assists farmers to boost their crop return by three to four times. Moreover, there is also an increase in the demand for the proper utilization of fertilizers as the depletion of soil quality is leading to a micronutrient deficit in the crops worldwide. This deficiency of micronutrients in the soil has driven the practice of employing liquid fertilizers.
Drivers and Restraints of Latin America Liquid Fertilizers Market:
The growth of the Latin America Liquid Fertilizers market is majorly driven by factors such as rising demand for high-efficiency fertilizers, easy accessibility, and implementation of precision farming. However, factors such as limitations in the supply chain, growing apprehensions over health and environmental degradation, and the high costs involved in handling and storage are restraining the growth of the market in this region.
The Nitrogen segment is the largest segment, in Nutrient Type, whereas the micronutrients segment is anticipated to grow at the highest CAGR during the forecast period.
Under this segment, the organic liquid fertilizers are projected to grow at a faster speed than synthetic fertilizers.
The foliar application of liquid fertilizers is the most frequently used technique as it aids in counterbalancing soil conditions and augmenting plant growth.
Grains and cereals lead the market for Liquid Fertilizers, whereas the fruits & vegetable segment is anticipated to grow at the highest CAGR during the forecast period.
Latin America market region includes countries such as Brazil, Argentina, Mexico, and the remaining countries of South America. The Latin America region is one of the fastest-growing markets for Liquid Fertilizers. High production of sugarcane and corn in South America is anticipated to drive the market in the region.
The market is categorized by the existence of diversified international and national companies, where the global retailers lead the market and are predicted to grow exponentially by securing regional or local players. These retailers pose a tough test for the small vendors in terms of price, accessibility, and variability.
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