Increasing Export of Agricultural Products and Changes in Farming Practices Driving the Complex Fertilizers Market in the South American Region
The complex fertilizers market is projected to grow at a CAGR of 6.5% from 2017, to reach a projected value of USD 54.32 Billion by 2022. Both demand and supply of compound fertilizers are expected to witness tremendous growth in 2017, and both are expected to grow steadily in the future. Increased demand for NPK gives fertilizer producers the challenge of finding the most cost-effective solutions to diversify their range of products with the possibility of adapting to the changing market trends and the requirements of their customers.
Increase in export of agricultural produce and changes in farming practices key to success in the South American region. The South American region is projected to be the fastest-growing market for complex fertilizers owing to the rise in agricultural exports from South American countries. New techniques and technology are being used to bring formerly unusable and barren lands into productivity. Brazil and Argentina constituted the largest country-level markets in the South American region in 2016.
The Asia Pacific region is the largest consumer of complex fertilizers. The region is mainly dominated by large-scale operations, with an organized distribution chain. Asia Pacific is largely consists of marginal farmers practicing conventional farming methods. The South American market is projected to grow at the highest CAGR during the forecast period, owing to the increase in awareness about the modern agricultural practices. The growth in demand for food is also driving the market; the growth is mainly witnessed in Brazil and Argentina, owing to the rise in awareness and adoption of modern agricultural practices.
The African continent has the lowest fertilizer consumption in the world. However, the situation is changing rapidly in some leading countries that are experiencing an economic and population growth, which fuel food demand and production.
Visionary leaders primarily focus on acquiring the leading market position through their strong financial capabilities and well-established brand equity. Innovators are players that have a strong focus on innovation and invest heavily in R&D and new product launches. These players hold specific patents in the core market and launch products to gain competitive advantage. Yara International ASA (Norway), Israel Chemicals Ltd. (Israel), Potash Corporation of Saskatchewan Inc. (Canada), Agrium Inc. (Canada), PhosAgro (Russia), CF Industries Holdings, Inc. (US), and The Mosaic Company (US) are the key players in the complex fertilizers market.
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