Water-soluble fertilizers Market size will generate new growth opportunities by 2028
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.
Major Players:
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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