Phosphorus is an essential nutrient required for plant growth. It helps in root development, plant maturation, and seed development. Along with nitrogen and potassium, phosphorus is one of the most important elements for plant life. These features make phosphorus essential to maximize the production of grains and forage. Soil often gets depleted of phosphorus by plants that use it and by being washed away by rain. Therefore, modern farming is reliant on the use of inorganic fertilizers that contain phosphorus.
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In Latin America, the Phosphatic Fertilizers Market in Brazil is expected to grow at the highest CAGR in next five years. In Latin America the agriculture sector is well advanced and also it enjoys abundant land & sufficient rainfall. There are no odds against the agriculture sector and it is growing at a good pace. Thus, there is considerable demand for agriculture fertilizers from this part of the world. Ethanol, a common bio-fuel, particularly in Brazil is advocated over the conventional fuels. Increased use of bio-fuels has encouraged the farmers to increase the farm production. Sugarcane is used for obtaining ethanol. This has pushed the demand for Phosphatic fertilizers.
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The Brazil is dominating Latin America Phosphatic Fertilizers Market with highest market share among the region. It constitutes whopping 75.92% of market share and has imoprtant market for global Phosphatic Fertilizers producers. The Argentina Phosphatic market is lagging behind the Brazil. The advancement in agricultural technology and modern practices improves the efficiency of fertilizers and land. It translates into reduction in wastage of fertilizers and reduces its use. There is improvement in output obtained from the same quantity of fertilizer. Hence the demand for fertilizer products decreases in Latin America.
Phosphatic Fertilizers are one of the fastest growing markets among fertilizers; factors such as developing agriculture sector, increasing population income levels and decreasing arable are driving the Latin America market. Several companies such as Mosaic Co. (US), EuroChem (Russia), Israel Chemical Ltd. (Israel) , Yara International ASA (Norways) and PhosAgro (Russia) are investing in this high-growth market in order to gain higher profits and increase their shares in the Latin America Phosphatic Fertilizers market.
Moreover, the grain and oil seed segment is promising markets, which has largest market share among Phosphatic fertilizers. The segments has constitutes more than 64% of Latin America Phosphatic Fertilizers Market. By type, the superphosphate market is largest with market share more 59.1%.
