3rd April 2020 – The global
water soluble fertilizer market
size was USD 12.5 billion in 2015 and is anticipated to reach USD 22.0
billion by 2024. Increasing demand from wide range of fustigation
application coupled with increasing awareness and adoption of micro
irrigation systems is anticipated to boost the global demand for water
soluble fertilizers. Growing demand and need for superior yield owing to
increasing world population, reduction in arable land, and great demand
of biofuels is expected to impact the global demand for water soluble
fertilizers. Harmful ecological impacts of over/high fertilization,
including pollution of ground water, disturbances in environment life
sciences, and increase in area under ocean dead zones are expected to
restrict the market growth.
Increasing awareness among farmers across
emerging economies coupled with technology driven farm practices. High
priced crops including vegetables and fruits are expected to drive the
market demand. Growing protection of cultivated crops is estimated to
attract growers around the globe since it offers good returns on
investment. Large number of growers entered into the greenhouse system
of agriculture production industry to achieve higher rates of return for
their products. The use of these fertilizers is expected to be highly
seasonal and improved, thus protected crop production is anticipated to
drive the market demand for fertilizer products, particularly for
water-soluble fertilizers.
On the basis of fertilizer type, the
global market has been segmented into Nitrogen, sulphur, iron, chlorine,
magnesium, calcium, Phosphate, and potassium which include secondary
and micro nutrients. Nitrogen is expected to be the widely used element
in the market and is expected to continue its dominance owing to its
easy availability and It is used to synthesize proteins, amino acids,
enzymes, nucleic acids, and chlorophyll. Nitrogen nutrients can be
further classified into Urea, ammonium sulphate, nitrate, and calcium
nitrate.
Phosphate is expected to witness
significant growth rate over the next seven years. It stimulates root
formation and shoot growth at the early stages of plant growth. Lack of
Phosphorus levels in plants may result in poor seed and fruit
development and also reduces the growth of plants significantly.
Phosphorus is particularly important and widely used in cool weather.
Starter fertilizers constitute more of these nutrients in huge amounts.
Potassium is expected to have moderate growth rate over the forecast
period. This element helps the plants to resist diseases and boosts root
growth. Potassium nutrients improve cold hardness and helps in
increasing the size of fruits and vegetables. Signs of potassium lack or
deficiency include slow growth, shriveled fruit, weak plants, and leaf
burning at margins or tip
On the basis of application, water
soluble fertilizer market has been segmented into fertigation and
foliar. Fertigation is expected to be the largest segment in terms of
revenue and market share owing to its wide applications among various
crops. Fertigation processes involve injection of soil amendments,
water-soluble products and fertilizers into an irrigation system. Foliar
feeding is a method of nourishing plants by applying the liquid
fertilizer to their leaves. Plants and crops are able to absorb
essential nutrients through their leaves. This absorption is carried out
through their stomata and also through their epidermis.
On the basis of crop type, the market has
been segmented into Field Crops, Horticultural Crops and Turf &
Ornamentals. Field corps constitutes the largest segment in the global
market owing to its wide applications across the globe. These crops are
grown for agricultural purposes and are consumed by people. Growing
population and demand for vegetables and fruits is expected to be the
driving factor for the market growth in this segment.
North America is expected to the largest
regional segment in the global market. Extensive use of bio fuels has
increased the demand for fertilizers and is driving the growth in this
region High consumption of meat and meat products has been driving the
high use of fertilizers in North America as it increases the demand in
animal feed and feed products. Increasing adoption rate of merchandize
and micro irrigation processes in the Asia Pacific region, is expected
to witness significant growth rate for water soluble fertilizers key
players in the market are Yara International, The Mosaic Company, Agrium
Inc., ICL Fertilizers, PotashCorp, CF Industries. Other industry
participants include QAFCO, Haifa Chemicals, SinoFertK+S AG, Uralchem,
and SQM
The water-soluble fertilizers market is
expected to be highly fragmented with major players driving the growth
through expansions, agreements, new product launches and acquisitions,
to develop their position in the market. These strategies were followed
by the industry participants to expand their global presence and enhance
their product portfolio.
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