Brazil is Projected to Be the Fastest-Growing Country-Level Market for Starter Fertilizers From 2016 to 2022

Posted on 2020-02-26 by MarketsandMarkets in Agriculture, Industrial // 0 Comments

Chicago, Country, 2020-Feb-26 — /EPR Network/ —

The starter fertilizers market has been segmented on the basis of nutrient component, crop type, form, and region. The nutrient components include phosphorus, nitrogen, potassium, and micronutrient for starter fertilizers. This market has been segmented on the basis of crop type into cereals, fruits & vegetables, forage & turf grasses. On the basis of form, the market has been segmented into dry and liquid. On the basis of key regions, the market has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).

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The increased adoption of modern farming practices in the developing countries and demand for efficient and yield improving agricultural inputs have resulted in the growth of the starter fertilizers market. The key nutrient used for the manufacture of starter fertilizers is phosphorus, as it possesses properties for root development. Micronutrients such as zinc, boron, and sulfur are blended with macronutrients to develop products better suited for certain types of crops.

Starter fertilizer products are chosen by the cultivator depending on the existing soil texture of the agricultural land, the type of crop being applied to, the form of the product most suitable for application, and the cost per acre of applying the product for cultivation. In-furrow application of starter fertilizers is a common practice as it ensures proper placement of nutrients below the surface of the soil. Absorption of nutrients is much higher in this method of application and hence, is widely used for several crops.

Starter fertilizers market for phosphorus is projected to grow at the fastest growth rate, by 2022, owing to its increased utilization by the fertilizer industry to develop novel products that help in functions such as root strengthening, which is important for crops such as forage & turf grasses. With the growth in awareness regarding the benefits of adopting holistic approaches to agricultural production, the use of different blends of key nutrients is expected to increase.

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The fastest growing market for starter fertilizers is projected to be the Rest of the World region, which includes Latin American and African countries, between the years 2016 and 2022. The driving factors for the market in this region are the increase in use of yield enhancing inputs in agriculture, the export of high value agricultural products in the region to other parts of the world, and the intensive domestic production support policies by the governments. The U.S. market for starter fertilizers accounted for the largest share of the North American market. The leading player in the market in this region is Agrium Inc. (U.S.).

In the method of application segment, the foliar segment is projected to be the fastest-growing during the review period. The key driver behind the high growth of this segment is the increase in use of starter solutions on forage & turf grasses, which require long term maintenance. These crops are supplied with small amounts of nutrients in the liquid form using the foliar application method. With the increase in the area under turf & forage grasses, this method of application is expected to grow in this market in the next five years.

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