North America Liquid Fertilizers Market was worth $3.34 billion in 2021 and estimated to be growing at a CAGR of 3.25%, to reach $3.92 billion by 2026.
Liquid fertilizers are the most effective way of providing the essential nutrients to plants at the right time and in ideal concentration. The swell in crop acreage and the mounting demand to increase crop production are encouraging many farmers to utilize liquid fertilizers, as plants can straightaway absorb these fertilizers and deliver faster results. Small-scale farmers are also acquiring liquid fertilizers to decrease their reliance on weather conditions and get an enhanced output even in damp, wet, or windy conditions.
The growth of the North America Liquid Fertilizers market is majorly driven by factors such as rising demand for high-efficiency fertilizers, limited arable land, and implementation of precision farming and protected agriculture. However, stringent regulatory structures and growing apprehensions over environmental degradation are the major factors restraining the growth of the market in this region.
The Nitrogen segment is the largest segment, by Nutrient Type, whereas the micronutrients segment is anticipated to grow at the highest CAGR during the forecast period.
Under this segment, 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.
By Crop type, 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.
The Market is Geographically divided into:
North America is the second largest market for Liquid Fertilizers with a global share of 25%. The market in this region is projected to grow significantly during the forecast period due to various factors such as rise in hydroponic system field areas, accessibility to fertilizers at subsidized prices, and an increase in automation, which has ensued in the growing acceptance of technologies such as liquid fertilizer sprayers.
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. The major companies dominating the Liquid Fertilizers market in this region are Haifa Chemicals Ltd., Kugler Company, Yara International ASA, Israel Chemicals Ltd, Agrium Inc., and Sociedad Quimica Y Minera SA (SQM).
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