Dublin, March 27, 2024 (GLOBE NEWSWIRE) -- The "North America Liquid Fertilizers - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029" report has been added to ResearchAndMarkets.com's offering.
The North America Liquid Fertilizers Market size is estimated at USD 2.85 billion in 2024, and is expected to reach USD 3.58 billion by 2029, growing at a CAGR of 4.70% during the forecast period (2024-2029).
The increasing demand for highly efficient fertilizers across North America, along with the demand for liquid fertilizer, is expected to increase during the coming years in the region. The recent rise in high nutrient-based liquid fertilizers, wherein with growing crop yield and productivity among the growers, is proving to be a major driver for the market.
Urea is the most widely used liquid nitrogenous fertilizer in the region. The liquid micronutrient segment of the North American liquid fertilizer market is growing at a rapid pace, and the growth can be attributed to the rising demand for food grains and increasing soil deficiency.
Adoption of Sustainable Agriculture Practices
The management of agricultural production is presently focused on a greater commitment to environmental sustainability, for which the rising adoption of organic agriculture, accepted by the North American region as an alternative to conventional agriculture, appears to be an environmentally friendly growing system since mineral fertilizers are responsible for health problems and environmental pollution. According to Fertilizer Canada, in 2019, the usage of nitrogen and phosphorus nutrients by the growers in the high yield categories for which utilization of 65.8% is used in the high yield category, followed by 55.6% for moderate yield, and 54.8% for low yield in the soil samples exclusively for corn, soybean, and canola crops in Canada, which will boost the demand of the liquid fertilizer for covering all modes of applications in the crops.
In August 2020, the United States of America's National Organic Program (NOP) proposed changes to the US Department of Agriculture (USDA) organic regulation aiming to strengthen oversight and compliance to the organic principles along the supply chain, which will impact the production, handling, and marketing of organic products, thereby, in turn, enhance the growth of the organic ingredients in the liquid fertilizer market in the region.
North America Liquid Fertilizer Industry Overview
The North American market is Slightly consolidated, with major players occupying a share of 39.7% and others accounting for 60.3% of the total shares. Yara International, Nutrien Ltd, ICL Group, and Agro Liquid are the key players in the market studied. As per the key developments observed during the review period, product launches and partnerships are the most adopted strategies by the dominant players in the market, followed by mergers and acquisitions. The major players in the market studied are increasing their product portfolio by partnering with other players in the region to maintain their position in the market.
A selection of companies mentioned in this report includes, but is not limited to:
- AgroLiquid
- FoxFarm Soil & Fertilizer Company
- Haifa Group
- Kugler Company
- Nutrien Ltd.
- Planet Natural
- Plant Food Company Inc.
- Sociedad Quimica y Minera (SQM SA)
- Triangle C. C.
- Yara International ASA
For more information about this report visit https://www.researchandmarkets.com/r/rnacv2
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