The North American fertilizer industry is seen to grow at a steady rate of 2.6% during the forecast period of 2016-2021. Along with the growth of industry, the nutrients requirements and active ingredients (npk) usage is set to rise. The factors supporting the growth are- economic growth, potential for agriculture sector and input-output prices.
Fertilizers are used to fulfill the deficiencies in the soil so that it can supply essential nutrients to the plants. The chemical/inorganic fertilizers primarily consist of substances derived from nitrogen, phosphorus, and potassium. These three nutrients form the largest bulk and cost of most production. In this report, we are going to discuss various form of active ingredients used for NPK fertilizers.
High population growth leading to food security concern over the region along with increasing need of better field productivity primarily drive the fertilizer market growth. Extensive use of biofuels and demand in animal feed sector will also sustain the growing demand of fertilizers in North America. While the potential of growth is comparatively high in small, agrarian countries like Mexico with the continuous product innovations, the demand would be restricted on the growing application of organic fertilizers and regulatory constraints.
The region’s fertilizer market is classified on the basis of type, crop application and geographical distributions. By type, the market is explained by nitrogen, phosphorus, potash and other macro fertilizers wherein nitrogen based fertilizers account for highest market share. By application, the market is explained both by crop and non-crop.
In 2015, US continued the first position in terms of fertilizer use followed by Canada and Mexico in North America. Mexico has the highest CAGR among the North American countries for the forecast period. The increasing use of fertilizers for biofuel production has been driving the market in the region.
Major global players accounting for substantial market share in North America are Agrium, Yara International, Koch Industries, Bunge ltd., Potash Corp, CF Industries Etc. Geographical expansion with country specific product innovations is the major strategy followed by market players.
In this report we offer,