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 North America, the Phosphatic Fertilizers Market in Mexico is expected to grow at the highest CAGR in Next five years. In Mexico, there has been an increasing thrust on the use of fertilizers for producing bio-fuels. This has led to increase in demand of fertilizers. Corn is used as a raw material for production of renewable fuels. Considering the lucrative market of Corn, there is increase in the production of Corn, justifying the rising demand for Phosphatic fertilizers. Corn and Soybean Oil is the main feedstock for producing bio-fuels.
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The US is dominating North America Phosphatic Fertilizers Market with highest market share among the region. It constitutes whopping 71.09% of market share and has imoprtant market for global Phosphatic Fertilizers producers. The Canadian Phosphatic market is lagging behind the US. Awareness about the negative impacts of chemical fertilizers have prodded consumers to shift to organic products. Also various research & studies speak about negative impacts of Phosphatic and similar fertilizers on crops, soil quality etc. This also means use of organic fertilizers and hence results in curtailing the demand for phosphate fertilizers.
Phosphatic Fertilizers are one of the fastest growing markets among fertilizers; factors such as big agriculture sector, rising in bio fuels demand and reduced cost of production of Phosphatic fertilizers are driving the North America market. Several companies such as Agrium Inc. (Canada), Mosaic Co. (US) , CF Industries (US), Israel Chemical Ltd. (Israel) and Yara International ASA (Norways) are investing in this high-growth market in order to gain higher profits and increase their shares in the North 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 Asia Phosphatic Fertilizers Market. By type, the Monoammonium Phosphate (MAP) market is largest with market share more 39.30%.
