Water-soluble Fertilizers (Nitrogenous, Phosphatic, and Potassic) Market - Global Forecast to 2028
DUBLIN, May 16, 2023 /PRNewswire/ -- The "Water-soluble Fertilizers Market by Type (Nitrogenous, Phosphatic, and Potassic), Mode of Application (Foliar and Fertigation), Form (Dry and Liquid), Crop Type (Field Crop, Horticulture Crops, Turf & ornaments) and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
According to the analyst, the water-soluble fertilizers market size is estimated to be valued at USD 18.3 billion in 2023 and is projected to reach USD 23.9 billion by 2028, recording a CAGR of 5.5%
Various factors, such as the rising demand for high-efficiency fertilizers, the increasing adoption of precision farming, and the growing trend of greenhouse vegetable production drive the market.
Water-soluble fertilizers are widely used in agriculture as they provide essential nutrients for plants' growth and development. They are more effective than conventional fertilizers as they can be easily absorbed by plants, resulting in higher yields and better crop quality.
Moreover, they can be easily applied through irrigation systems, making them a preferred choice for fertigation. The adoption of precision farming techniques such as drip irrigation and fertigation has increased significantly as they offer several advantages, such as reduced water and fertilizer use, improved crop yield and quality, and better resource management.
The water-soluble fertilizers market is expected to witness significant growth during the forecast period due to the increasing demand for high-efficiency fertilizers, the adoption of precision farming techniques, and the growing trend of greenhouse vegetable production.
Manufacturers are continuously investing and expanding their market to meet the growing demand for water-soluble fertilizers. For example, Israel Chemical Ltd (ICL) expanded its phosphate production by opening a new phosphate recycling unit in the ICL fertilizer production site in Amsterdam, Netherlands.
By type, the Potassic segment is the largest segment during the forecast period
Potassium is an essential nutrient plants require to perform various functions like water regulation, stomatal movements, enzyme activation, and photosynthesis. The sector for potassic water-soluble fertilizers is expected to be the largest over the projected period due to the demand for high-value crops such as fruits, vegetables, and flowers.
Water-soluble fertilizers provide a convenient and effective way to deliver potassium to plants, as they dissolve easily in water and can be applied through fertigation systems. This has led to a shift in demand due to changing consumer preferences and an increasing need for convenience.
Water-soluble fertilizers offer several advantages over traditional fertilizers, such as their ability to dissolve quickly in water and provide a high level of nutrient availability to crops. As a result of these benefits, companies are investing in new water-soluble fertilizer products to meet demand.
By application, the fertigation segment is expected to grow at the highest growth rate during the forecast period
Fertigation involves the application of fertilizers through irrigation systems, enabling precise and efficient nutrient delivery to plants. This method of fertilizer application is widely adopted in agriculture, horticulture, and turf care.
Water- soluble fertilizers are highly effective in fertigation systems, as they can be easily dissolved and distributed through the irrigation system. They offer advantages over traditional fertilizers, such as improved nutrient uptake, reduced leaching and runoff, and increased crop yields.
Additionally, fertigation systems using water-soluble fertilizers enable farmers to customize nutrient delivery based on the specific needs of different crops, resulting in optimal growth and yield. These trends has led to the increased adoption of water-soluble fertilizers in fertigation.
By crop type, the horticulture segment is expected to grow at the highest growth rate during the forecast period
The horticulture segment is the largest market for water-soluble fertilizers, and it is estimated to grow at the highest rate during the forecast period.
Horticulture includes the cultivation of fruits, vegetables, flowers, and ornamental plants, which require high-quality fertilizers to enhance their growth and productivity. Water-soluble fertilizers are highly effective in providing essential nutrients to horticultural crops in a soluble form, enabling faster and more efficient nutrient uptake.
Water soluble fertilizers can be customized to meet the specific nutrient requirements of different horticultural crops, ensuring optimal growth and yield. These flexibility in the application of water-soluble fertilizers have contributed to the increased adoption of water-soluble fertilizers in horticulture.
By form, the dry segment is expected to dominate the market during the forecast period
The increasing adoption of advanced farming techniques and the growing demand for high-quality crops are driving the growth of the dry water-soluble fertilizers market.
Additionally, the increasing awareness about the benefits of water-soluble fertilizers over traditional fertilizers is further fuelling the demand for dry water-soluble fertilizers. They provide better absorption of nutrients by the crops, improving their overall health and yield, and can be customized as per the specific crops' needs.
Asia Pacific market is estimated to be the fastest-growing region in the water-soluble fertilizers market
Asia Pacific has a large population, leading to a high demand for food and agricultural products. Farmers are increasingly adopting high-efficiency water-soluble fertilizers to enhance crop yields and quality. Governments are focusing on sustainable agriculture practices, which involve the use of eco-friendly and efficient fertilizers.
Precision farming techniques are also being adopted, which require the use of specialized fertilizers to optimize crop growth and yield. Water soluble fertilizers are well-suited to precision farming practices due to their ease of application and handling. Overall, the Asia Pacific's increasing demand for high-efficiency fertilizers, adoption of sustainable agriculture practices, and adoption of precision farming techniques are driving the growth of the water-soluble fertilizers market.
Competitive landscape
Key-players operating in this market are Nutrien (Canada), Israel Chemical Company (Israel), Sociedad Quimicay Minera De Chile (SQM) (Chile), K+S aktiengesellschaft (Germany), Yara International (Norway), Haifa Chemicals Ltd (Israel), and Compo GmbH (Germany).
Premium Insights
- Growth in Demand for High-Value Crops, Scarce Water Resources, and Technological Advancements to Drive Market Demand
- US Was Largest Global Market for Water-Soluble Fertilizers in 2022
- Nitrogenous Water-Soluble Fertilizers Accounted for Largest Share in Asia-Pacific
- Europe and Nitrogenous Type to Dominate Respective Segments
- Horticultural Crops to Lead During Forecast Period
- Dry Water-Soluble Fertilizers to Dominate Market
- Fertigation to Lead Over Foliar Mode of Application
Market Dynamics
Drivers
- High Efficiency of Water-Soluble Fertilizers Coupled with Rise in Demand for Nutritive Food
- Ease of Application
- Rapid Growth in Greenhouse Vegetable Production
- Decrease in Arable Land for Agriculture
- Environmental Concerns
Restraints
- Growth in Organic Fertilizers Industry
- Limited Awareness Among Farmers and High Costs
Opportunities
- Government Initiatives to Increase Awareness to Adopt Agricultural Technologies in Emerging Markets
- Growth in Demand for Water-Soluble Nutrients
Challenges
- Increasing Number of Players with Similar Product Formulations
- Rise in Prices of Natural Gas
Company Profiles
Key Players
- Nutrien
- Israel Chemical Ltd.
- Sociedad Quimica Y Minera De Chile (Sqm)
- K+S Aktiengesellschaft
- Yara International
- Haifa Group
- Coromandel International Limited
- The Mosaic Company
- Hebei Monband Water Soluble Fertilizer Co. Ltd.
- Eurochem Group
Other Players
- Agafert Srl.
- Spic
- Aries Agro Limited
- The Azoty Group
- Vaki-Chim
- Gujarat State Fertilizers & Chemicals Limited
- Incitec Pivot Ltd
- Iffco
- Mangalore Chemicals & Fertilizers Ltd
- Dfpcl
For more information about this report visit https://www.researchandmarkets.com/r/1ghzpe
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