The United States Fertilizer Market is projected to register a CAGR of 1. 8% during the forecast period (2020-2025). The United States fertilizer market is a mature market in terms of Nitrogen, Phosphorus, and Potash fertilizer consumption.
New York, July 28, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "United States Fertilizer Market - Growth, Trends, and Forecast (2020 - 2025)" - https://www.reportlinker.com/p05934728/?utm_source=GNW
The demand for potassic and phosphatic fertilizers is increasing at a steady pace, owing to the shift of farmers toward the maize cultivation, rather than soybean. The prices of the crop are also reducing, and hence, soybean is becoming less profitable for the market, owing to more fertilizer requirement in the crop, as compared to maize and other oilseed and pulses. The technology progress around the United States works with modern environmental issues, attracts attention to agriculture, and makes the domain of fertilizer technology the cornerstone for industrial development.
Key Market Trends
Growing Demand for Micronutrient Fertilizers
The US micronutrient fertilizer is projected to witness a CAGR of 9.2% during the forecast period. The popularity and consumption of micronutrient fertilizers, in the country, have consistently increased over the years. This has been done to ensure that the nutrients requirements of crops are fully met and to boost productivity. The increasing awareness among growers about the advantages of micronutrient fertilizers in enhancing crop productivity is expected to result in a robust growth rate of the fertigation, irrigation, and foliar micronutrient fertilizer market. Around 700 million acres of crops planted, around 101 million acres lack the adequate quantity of copper. Coarse-textured soils (soils with 7 to 10% organic matter and calcareous soils) are deficient in copper and manganese, which, in turn, boost the demand for micronutrient fertilizers. According to the United States Geological Survey (USGS), in 2016, boron is the most extensively used micronutrient fertilizer applied, to stimulate the production of fruits and seeds. The calcareous and high-pH textured soils of Florida and California are often susceptible to iron deficiency. Iron and manganese deficiency negatively impacts the soybean, citrus, peach, and grape productivity in the United States. This is expected to attract a large customer base and achieve higher sales of micronutrient fertilizers.
Field Crop Dominate the US Market
In the United States, the field crop segment dominates the fertilizer market. Around 40% of total commercially applied NPK is put on corn, whose production is most intense in the Midwestern states. In 2019, soybeans accounted for or less than 10% of the total NPK use. This is mainly because soybeans are legumes and can fix their own nitrogen, to use throughout the growing season. The four major crops in the US - corn, cotton, soybeans, and wheat - account for about 60% of the principal crop acreage and receive over 60% of the N, P, and K, used in crops. The US estimates from annual NASS Acreage reports show that, from 1995-2017, between 72.0 million acres and 97.0 million acres of corn were planted annually. According to NASS, production of winter, durum, and other spring wheat occurred on about 56.0 million acres, in 2015, and on 46.0 million acres, in 2017. Wheat typically accounts for about 10% of all commercial fertilizer used.
The fertilizer market is consolidated, with major companies accounting for about 60.4% of the market. Apart from the major players, a number of local companies are also cornering smaller shares in the US fertilizer market. In terms of market share dominance, Nutrien Ltd garnered a larger share, followed by Yara North America Inc. in the country.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Read the full report: https://www.reportlinker.com/p05934728/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: firstname.lastname@example.org US: (339)-368-6001 Intl: +1 339-368-6001