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(MoneyNewsWire.Net, May 14, 2018 ) The Latin America Water Soluble Fertilizers Market was worth USD 503.5 million in 2016 and estimated to be growing at a CAGR of 6.68%, to reach USD 731.7 million by 2022. The market in this region is growing at a second fastest rate after Asia Pacific region. The market continues to gain momentum with the rapid increase in increased demand of food in this region with increasing population. Water Soluble Fertilizers are the fertilizers that readily dissolve in water to give nutrition to crops.
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Water Soluble Fertilizers (WSF) are readily soluble in water. Being soluble in water, they release nutrients to the roots of the plants through the process of osmosis. These nutrients absorbed are then transferred to various parts of plants, leaves, stems .etc. where they are used in plant’s mechanism. These fertilizers are mainly used through two ways, Fertigation and Foliar application. While in Fertigation, WSF are directly inserted into irrigation system, in Foliar system, these fertilizers are directly applied to leaves of the plants.
With increasing needs of food in families with increasing population around the globe, there has been a huge demand of fertilizers. Farmers need to keep their crops safe as the crops are highly vulnerable to various diseases which spread very fast. So, they need to invest in WSF to safeguard these crops to prevent themselves from getting into huge loss. In addition, economy of all the countries in this region is not that good, resulting in a lot of poor people. Hence, people in few countries of this region prefer vegetarian food. These are the few factors driving this market in this region. Water Soluble Fertilizers are facing challenges mainly because of increasing spending capabilities of people, people tend to eat non-vegetarian more often which indirectly affects this market a little bit. The rise of industrialization in this region has led to the conversion of huge amount farming land into some industrial purpose, which is leading farmers away from this job, hence affecting this market.
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The Latin American market for Water Soluble Fertilizers is broadly categorized into Crop type grown, application of the water soluble fertilizer and type of the WSFs. On the basis of Crop Type Grown, it is segmented into Field, Horticultural, and Turf & Ornamentals. On the basis of how they are used (application), they are further segmented into Fortigation and Foliar method. On the basis of type of WSF, they are divided into Nitrogenous, Potassic, Phosphatic and Micronutrients. Potassic and Micronutrients based WSF are expected to show the huge growth among other types as there is a balanced need of all the nutrients for plants. Fertigation mode is most commonly used to apply WSF.
On the basis of geography, the Latin America market is analysed under various regions namely Brazil, Argentina, Columbia, Mexico and the rest of the countries of South America. Brazil is the biggest market in this region followed by Argentina. Growth rate of this region is second highest after Asia Pacific among all the regions.
Some of the major companies dominating the market, by their products and services include PR Agro Nutri Private Ltd. (India), CF Industries (US), The Mosaic Company (US), Israel Chemicas (Israel), Eurochem (Switzerland), Terra Nitrogen Company (US), PT Petrokimia Gresik (Indonesia), Sinofert Holdings (Hong Kong), Americas Petrogas (Canada) and Sirius Minerals (UK).
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