Water Soluble Fertilizer Market size is set to surpass USD 12.5 billion by 2030, according to a new research study published by Global Market Insights Inc.
Fertilizers are gaining attention among the majority of agriculture producers to increase & enhance nutrient levels in the crops. The growing water scarcity across the globe, especially in the Middle East & Africa, along with developments in irrigation systems and spay application equipment will spur market expansion. Growing requirements to develop farming in areas with water scarcity, such as Sudan, Tunisia, Cuba, and Venezuela, coupled with the rising fertigation demand are supporting the usage of WSFs across several regions.
WSFs offer several advantages over traditional chemical fertilizers as they reduce the preparation phase of the fertilizer matrix and are available as ready-to-use salts that can be used by mixing with the suggested water quantity. The main benefit of using WSFs is that one does not have to spend time and energy to apply the right quantity of fertilizers to each plant. It limits the chances of damaging crops due to excessive exposure to fertilizers.
Rising food demand across the globe will boost the water soluble fertilizer market forecasts
The increasing food demand across the world owing to the growing world population along with the changing food consumption patterns and limited farming. The growing production of cereals and oilseeds for feed & food will foster the fertilizer market. According to the UN Food and Agricultural Organization (FAO), the cereal segment production in 2020 was around 2,776 million tons and is expected to grow by around 1.1% in 2021. The expansion of biofuels is projected to drive demand for cereals.
Browse key industry insights spread across 450 pages with 611 market data tables & 26 figures & charts from the report, “Water Soluble Fertilizer Market Analysis By Form (Dry [Granules, Powder], Liquid), Product (Nitrogenous [Urea, Ammonium Nitrate, Calcium Nitrate, Others], Micronutrients [Iron, Manganese, Zinc, Others], Phosphatic [Mono-ammonium phosphate, Phosphoric Acid, Mono Potassium Phosphate, Others], Potassium, [Potassium chloride, Potassium sulfate, Potassium nitrate]), Mode Of Application (Foliar, Fertigation), Crop (Cereals, Vegetables, Fruits, Plantation, Turf & Ornamentals, Greenhouse Crops), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 - 2030”, in detail along with the table of contents:
Dry water-soluble fertilizer market is likely to witness 6% CAGR through 2030 owing to its cost-effective and easy storage nature. These fertilizers can also be used directly in small proportions and form fertilizer blends by mixing different granular or powdered fertilizers in known propositions (e.g., 17-44-0, 0-0-60, and 12-61-0) and proper ratios to create the desired blends.
Dry water-soluble fertilizers are more efficient for heavy pre-plant applications as they offer slow-release options that feed crops longer into the season. However, non-uniform nutrient composition and high salt content during blends can incinerate leaves and steer roots away from nutrients.
Water soluble fertilizer market from micronutrients segment is anticipated to surpass USD 1 billion by 2030. Micronutrients are essential for plant growth as they take part in several complex processes, which help the plant to grow. Each micronutrient performs certain biochemical functions, which affect the growth, metabolism & productivity of crops. Iron dominated the micronutrient-based water-soluble fertilizer segment with a share of more than 45% in volume in 2021 due to its wide usage in the biosynthesis of chlorophyll. Iron is also responsible for oxidation-reduction in plants and regulates respiration & photosynthesis.
Europe market will hold around 19% revenue share by 2030 and can be attributed to fertilizer use and limited availability of arable land, except in Southeastern and Central Europe, where crop yields lag. The adoption of new regulations by the EU limits the usage of chemical fertilizers, which will propel the regional market growth.
Some of the major manufacturers in water soluble fertilizer market include Yara International ASA, Israel Chemical Ltd (ICL), Nutrien Ltd, Haifa Group, K+S Aktiengesellschaft, The Mosaic Company, VAKI - CHIM Ltd., and Coromandel International Limited.
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