January 28, 2019 (Investorideas.com Newswire) Demand for fertilizer in Brazil is forecast to climb 3.2% per year to 18.6 million metric tons (nutrient basis) in 2022. Gains will be among the fastest in the world, benefiting from increases in agricultural production and increased application of fertilizer per hectare. Brazil has a large agricultural industry, as well as ample unused arable land that is increasingly being cultivated. However, this land tends to be nutrient-poor, requiring greater amounts of fertilizer. These and other trends are presented in Global Fertilizers, a new study from The Freedonia Group, a Cleveland-based industry research firm.
Among crops, soybeans will be the largest and fastest growing users of fertilizer in Brazil through 2022. Brazil continues to allocate more acreage to soybean production, solidifying its status as a major producer of this crop. The country’s soybean-intensive agricultural industry will also allow phosphate and potassium fertilizers – which are more frequently used for soybeans – to grow at an above average pace through 2022.
Global demand for fertilizers is expected to rise 1.4% per year to 212.1 million metric tons (nutrient basis) in 2022. Gains will result from efforts to increase crop yields as growth in the amount of cropland in use slows. The expanding use of specialized fertilizer blends that contain multiple nutrients and additives for specific crops in particular climates will also promote rising demand in otherwise mature markets