North America is estimated to be the second largest consumer of liquid fertilizers. Among the liquid nitrogenous fertilizers, urea is the most widely used fertilizer. Liquid micronutrient is the fastest growing segment and this fast growth can be attributed to the increasing demand for food grains and the increasing soil deficiency.
Within the region, the US, Canada, and Mexico are the largest markets for liquid fertilizer, with the US dominating the market. In the North American region, the lands are acidic in nature and the use of nitrogen fertilizers helps in maintaining the desirable pH level of the soil, which is one of the major drivers for the growth of the liquid nitrogen-based fertilizers market. By nutrient type, nitrogen fertilizer has the largest market share 44.3%. Based on the application type, crop-based products have the largest market share, with grains & cereals having the major market share and fruits & vegetables growing at the fastest rate.
The market is projected to record a single digit CAGR by 2023. In the US, liquid fertilizers have the largest consumption. The major market drivers in the US are the easy application and the availability of large wagons to fill liquid fertilizers. Additionally, the high adoption of precision agriculture technology is driving the market growth, as the use of variable rate technology (VRT) requires the use of liquid fertilizers. Around 77% of VRT farming use fertilizers, however, the adoption of VRT farming for pesticides and seeds is quite low, estimated to be 11% and 7%, respectively. Among the fertilizers used in VRT, lime-based fertilizers have the largest share, followed by single nutrient and multiple nutrient fertilizers.
Based on the crop type, corn accounts for the largest consumption of liquid fertilizer and it holds more than 43% of the market share, followed by wheat. Corn is essential to many industries and it is also used for biofuel production in the country. The market demand for fertilizers in the country is largely dependent on corn and other such fertilizer-intensive crops.
Major Players: Agrium Incorporated, Agroliquid, Foxfarm fertilize, Haifa Chemicals Ltd., Kay-Flo, and Kugler Company, among others.
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