The North America fertilizer industry shall have a steady CAGR of 2.6% over the forecast period of 2017-2022, as the nutrient requirements and active ingredients usage are set to rise. Factors supporting the market are economic growth, potential for the agriculture sector, and input-output prices.
High population densities leading to food security concerns in the region, along with increasing need of better field productivity primarily drive the fertilizer market. Extensive use of biofuels and demand in animal feed sector will also sustain the growing demand for 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 to the expanding application of organic fertilizers and regulatory constraints.
By type, the market is divided into nitrogen, phosphorus, potash and other macro fertilizers wherein nitrogen-based fertilizers account for the highest market share. By application, the market is explained by crop and non-crop usage.
In 2016, the US continued the first position in terms of fertilizer use, followed by Canada and Mexico, which has the highest CAGR among the North American countries.
Key Industry Players
Major global players accounting for substantial market share are:
Geographical expansion with country specific product innovations is the major strategy followed by the market players.
Key Deliverables in the Study