Water Soluble Fertilizers Market Size to exceed $8 billion by 2026
Published Date: August 11, 2020 Authors: Kiran Pulidindi, Akshay Prakash
According to a new research report by Global Market Insights, Inc., the Water Soluble Fertilizers Market size is expected to exceed USD 8 billion by 2026. Increasing adoption from the horticulture sector will drive industry growth during the forecast timeframe.
The cumulative increase in the global population along with its growing demand for food will increase the use of specialty fertilizers for higher crop yield thereby driving water soluble fertilizers market share. High utilization rate, higher crop yield and improved nutrient availability will support the adoption of these fertilizers across the globe.
Liquid water soluble fertilizers segment will witness over 7.5% CAGR owing to mode of application of these products. These fertilizers can either be foliar applied (sprayed) or ground applied through fertigation. It requires lesser water, making it favorable for regions that face frequent water shortages or scarcity. However, high production and distribution costs associated with the product will limit the segment penetration.
Phosphatic demand for seed production and crop maturity to support growth
Phosphorus-based water soluble fertilizers, including, mono-ammonium phosphate, phosphoric acid, and mono potassium phosphate, account for around 30% share in water soluble fertilizers market share and are likely to grow at a significant rate through 2026. Phosphorus is a major component in the plant RNA and DNA, and is vital for adequate root development, seed production, crop maturity, and also helps the plant to resist drought. Mono-ammonium phosphate dominates the phosphorus-based water soluble fertilizers demand owing to its usage in crop production.
Browse key industry insights spread across 425 pages with 414 market data tables & 34 figures & charts from the report, “Water soluble Fertilizer Market, By Form (Dry [Granules, Powder], Liquid), By Product (Nitrogenous [Urea, Ammonium Nitrate, Calcium Nitrate], Micronutrients [Iron, Manganese, Zinc], Phosphatic [Mono-ammonium Phosphate, Phosphoric Acid, Mono Potassium Phosphate], Potassium, [Potassium Chloride, Potassium Sulfate, Potassium Nitrate]), By Mode Of Application (Foliar, Fertigation), By Crop (Cereals, Vegetables, Fruits, Plantation, Turf & Ornamentals, Greenhouse Crops), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Proliferating vegetable demand will surge product penetration
Water soluble fertilizers offer a wide range of nutrient grades that can be applied uniformly on every plant daily as it reduces the accumulation of salts in the soil. Furthermore, its application through foliar feeding increases its utilization in leafy greens as the fertilizer is directly applied to the leaves. Extensive uses of these fertilizers to meet the growing demand for vegetables through agricultural & horticulture activities will surge their usage across the globe.
In 2019, North America held around 15% share of water soluble fertilizers market size and is attributed to the reduced consumption in the U.S. market. This contraction signifies a combination of low international prices for most crops and unfavorable weather in key agricultural and fertilizer-consuming areas of the Central U.S. However, the demand is anticipated to recover in the near term, presuming a return to standard meteorological conditions and rise in cereal demand. Additionally, high population densities & concerns toward food security and the growing need for better field productivity will drive the industry growth.
Merger & acquisition strategies to enhance competition in the industry
Major manufacturers in the water soluble fertilizer industry include Yara International ASA, Israel Chemical Ltd. (ICL), Nutrien Ltd., Haifa Group, K+S Aktiengesellschaft, and The Mosaic Company. These players are primarily focusing on merger & acquisition activities for geographic expansion and attain a competitive edge in the industry. For instance, in September 2019, Nutrien Ltd. acquired Ruralco Holdings Limited in Australia. This will increase Nutrien’s product & service offerings in Asia Pacific.