The global water-soluble fertilizers market is witnessing a constant rise in its revenues over the past few years. This growth attributes to the increasing consumption of these fertilizers and the burgeoning agriculture industry worldwide. The global food demand has been continuously rising with population growth and rising incomes, which is expanding the needs to grow crops into rapidly drying areas across the world.
This is a major force driving the demand for water-soluble fertilizers for use in horticulture. Besides the rising penetration of precision irrigation, a modern technique, also known as fertigation, is escalating the market growth to furthered height. According to Market Research Future (MRFR), the global water-soluble fertilizers market is estimated to grow colossally by 2023, registering a steady CAGR during the forecast period (2018 to 2023).
Augmented demand for maximizing yields with water & nutrients in exact quantities while conserving resources defines the growth landscape of the market. Also, the rising awareness regarding various agrochemical products among farmers and other end-users drives the global water-soluble fertilizers market significantly. The growing adoption of advanced farming techniques, alongside the availability of multi-functional products and the increasing demand for effective fertilizers & crop protection, boosts the market demand.
On the other hand, high production costs and the rising adoption of organic farming are predicted to hamper the growth of the water-soluble fertilizer market over the next few years. Also, stringent regulations against the use of synthetic materials are projected to hamper the growth of the market. Nevertheless, increasing consumer demand and rising fair trade would support market growth throughout the forecast period.
Global Water-Soluble Fertilizers Market – Segments
The analysis has been segmented into four main dynamics to widen the scope of understanding,
By Product Type : Macronutrient Fertilizers and Micronutrient Fertilizers.
By Crop Type : Horticultural Crops, Field Crops, Turf & Ornamentals, and others.
By Application : Foliar and Fertigation.
By Regions : Americas, Europe, Asia-Pacific, Middle East & Africa, and Rest-of-the-World.
Global Water-Soluble Fertilizers Market – Geographical Analysis
Europe dominates the global water-soluble fertilizers market size owing to increasing awareness among cultivators about the benefits of fertilizers on crops. Besides, factors such as the presence of prominent players and excessive consumption of these fertilizers in the plantation of turf & decorative plants drive the growth of the regional market. The European Water-Soluble Fertilizers market is expected to account for a significant share, globally.
North America stands second in the global water-soluble fertilizers market due to its precision farming practices. Moreover, the growing agriculture sector and augmenting demand for turf & ornamental plants in the region are fostering the market growth. Besides, the presence of a large number of agrochemical companies impacts market growth positively. The US, with its large numbers of agrochemical companies, contributes to the growth of the regional market majorly. The North American water-soluble fertilizers market is projected to witness steady growth throughout the forecast period.
The Asia Pacific water-soluble fertilizers market is a lucratively growing market. Growing exports of fertilizers and agricultural technologies act as a major driving force behind the growth of the regional market. Additionally, large production capacities and increasing population in rapidly developing countries such as China & India drive regional market growth. Moreover, increasing demand for these fertilizers propels the growth of the regional market further. Also, the substantially growing food demand over the past few years is expected to influence the regional market growth positively. The APAC water-soluble fertilizers market is projected to register the highest CAGR over the forecast period.
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Global Water-Soluble Fertilizers Market – Competitive Analysis
Highly competitive, the water-soluble fertilizers market appears to be fragmented with the presence of several well-established players. Mergers & acquisitions, collaboration, innovation, and brand reinforcement remain the key trends for leading players. Manufacturers strive to develop fertilizers designed to have a longer life and lower total costs. The market will witness fierce competition due to the expected extensions in product & service and product innovations.
Players leading the global water-soluble fertilizers market include Agrium Inc. (Canada), Yara International ASA (Norway), K+S Aktiengesellschaft (Germany), Israel Chemical Limited (Israel), Sociedad Quimica Y Minera SA (SQM) (Chile), The Mosaic Company (US), Haifa Chemicals Limited (Israel), EuroChem (Switzerland), Compo GmbH & Co (Germany), and Coromandel International Limited (India), among others.
Industry/ Innovations/ Related News
March 13, 2020 ---- Veolia Water Technologies (France), the world's largest supplier of water services, announced its plans to expand crystallization capacity at its potash plant in Jordan. The company said it would initiate a processing plant integrating HPD® crystallization systems that are designed to extract high-quality potash fertilizer from the Dead Sea.
This would further help in bettering process the carnallite feedstock and extract water-soluble potash fertilizer. World-leading potash producer is well-positioned to grow the exports of these specialty products into regional and international markets such as India, China, Africa, and the Middle East.
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