The Latin America Nitrogenous Fertilizers Market was worth 11.49 billion in 2021 and estimated to be growing at a CAGR of 3.12%, to reach 13.4 billion by 2026.
Nitrogen aids in rapid growth and imparts better texture and colour to plants and thus enhances agricultural output. In spite of the abundance of nitrogen in the environment, only a few plants have the ability to absorb and use the same. Nitrogenous fertilizers are inorganic in nature and are normally employed in the agriculture industry. It comprises nitrous complexes such as ammonium sulphate, Calcium Nitrate, calcium ammonium nitrate and other compounds in tiny amounts.
Latin America Nitrogenous Fertilizers Market Drivers:
The growth of the Latin America Nitrogenous Fertilizers market is mainly driven by reasons such as increasing disposable income, rising population and high efficiency of nitrogenous fertilizers. However, volatile economies and the growing cost of raw materials are the major limiting factors for the market in this region.
Latin America Nitrogenous Fertilizers Market - By Ingredient:
Latin America Nitrogenous Fertilizers Market - By Application:
Urea-based nitrogenous fertilizers are leading the ingredient segment in terms of consumption. However, Ammonium nitrate is projected to be the fastest-growing segment during the forecast period. By application, Grains such as rice and corn lead the market for nitrogenous fertilizer and this trend is anticipated to remain 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 Nitrogenous Fertilizers market. High production of sugarcane and corn in South America is anticipated to drive the market in the region.
The market for Nitrogenous fertilizers is extremely consolidated and streamlined owing to the existence of only a handful of companies.
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