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Water-soluble fertilizers which is crucial market with a host of drivers and trends as well as barriers directly influence the market growth. Among many other fundamental growth factors this market grapples with, the growing global population and the consequent rise in food demand have been identified as the key drivers. For farmers, ensuring high production yields and extreme food security, lately, water-soluble fertilizers become the most indispensable. These fertilizers not only do offer producers a shortcut and an efficient way to put the most necessary nutrients right in the soil, stimulating optimum health and lowering costs of the agricultural business as well.
Water-soluble fertilizers are not only the fastest but are also the most efficient sources to provide nutrients which promote the market expansion mainly because farmers are being more knowledgeable about these benefits. The fertilizers that exhibit such characteristics are characterized by the trend where the plants absorb the nutrients rapidly thereby saving on resources in another form. This increased awareness is gradually turning the trend of crop management towards precision farming where the farmers want to completely utilize the nutrients without its wastage. As a consequence, then there is increase in need for water-soluble type of fertilizers especially amongst horticulturalists and specialty crops growers.
The water-soluble fertilizers market has environmental concerns of a climatic perspective and, therefore, supports sustainable agriculture as vital aspects. Beside the fact that traditional fertilizers that are used in excess are to blame of nutrient runoff and contamination of the environment, the wrong application can also damage wetlands and inhibit the movement of the water. Water-soluble fertilizers that are more environmentally friendly with their slow nutrient release and reduce water pollution are the ones being sought by producers, and they represent a trend of sustainable agriculture. The governments and regulators are now putting the incentives like, carbon taxes on emissions and conversion towards environmentally friendly agricultural practices so that the market for water soluble fertilizers grows even more.
Besides, there is an upward trend of utilization of precision agriculture and hydroponic farming which nurture the water-soluble fertilizers requirements. These modern farming practices employ the use of phytonutrients management according to NPK fertilization techniques, to regulate nutrients for crop improvement in controlled situations. Being in water soluble form, fertilizers in this group can be very useful for irrigation systems that are used in this form of farming. With the industry of agriculture pioneering technology and innovation, the scope of water-soluble fertilizer in the market cannot help but prosper.
Water-Soluble Fertilizer Market is expected to record a CAGR value of 4.23% in the next 8 years from the current sales value of 19.89 billion dollars to a market size of 19.89 billion dollars by the year 2030. As more and more people are getting conscious of growing crop with high yields and quality, the growth of the Water-Soluble Fertilizers Market is being rapidly driven by this factor. Improving crop yields for feeding the public is prerequisite for fast growth has been postulated, as the production capacity needs to be increased during the cultivation process.
Water-soluble fertilizers Market Highlights:
Water-Soluble Fertilizers Market Overview
Water-Soluble Fertilizers Market is projected to register a CAGR of 4.23% and reach a value of USD 19.89 billion by 2030. The rise in concern about cultivation to yield high quality and productive crops is developing the Water-Soluble Fertilizers Market. During cultivation, to get better results and to meet the demand of the public better production rate is expected. The fertilizers play a major role in the growth of the crop and in providing necessary nutrients. Water-soluble fertilizers can be of natural or synthetic origin that can easily mix with a solvent, especially in water. The mixture is then applied to the crops. The water-soluble fertilizers ensure productive results in the cultivation; due to this, the demand of the Water-Soluble Fertilizers Market is highly growing.
The water-soluble fertilizers make it easy to mix and maintain the necessary nutrients available to plants. It is rapidly soluble in water and further helps in fertigation and foliar by releasing essential nutrients at the root zone and leaves. These advantages are boosting up the Water-Soluble Fertilizers Market Growth.
Due to major growth factors, the market is sheer growth worldwide, especially in regions mostly oriented in farming activities. The water-soluble fertilizers are of high efficiency are driving the market's demand. The limited amount of land availability and rise of environmental concerns are the major growth factors of the market. The rise in population is demanding for the necessity of food consumption and security, and these factors are accelerating the market. The rising popularity of these fertilizers due to their immediate nutrition provider and deficiency feature is enhancing the Water-Soluble Fertilizers Market Trends. Water-soluble fertilizers have become an essential part of crop cultivation in the agricultural industries. Its demand to continue in the future days with a higher growth rate. The adoption of advanced farming techniques for better yield of fruits and vegetables with higher nutritional value is emerging the Market Size.
The Water-Soluble Fertilizers Market Forecast is estimated to reach a good CAGR percent and a sound USD value during the forecast period.
COVID-19 Analysis
The COVID-19 pandemic has negatively impacted the Water-Soluble Fertilizers Market and led to many challenging situations. Due to strict lockdown rules, the manufacturing units of the fertilizers industries were shut down for a longer period. This has halted the operational process and activities. The production and sales unit of the market was hampered, which decreased the market's demand. Trading restrictions imposed in the global regions have disputed the supply chain process of fertilizers. The economy of the water-soluble industries was affected, and the growth graph noticed a huge downfall. The increased decline in agricultural products has reduced the investment in farming.
But in the upcoming years, the demand of the Water-Soluble Fertilizers Market propelled due to growth factors like increased rate of a population which accelerated the consumption quality food with good nutritional value to boost the immunity. Adopting a healthier lifestyle has driven the market in this tough condition. These factors have recovered the pandemic loss and resulted in a good growth rate. The Market Value is estimated to reach a strong market value with a higher sales rate in the post-pandemic period.
Chief Factors Existing In The Market
Key Market Drivers
The growth drivers are emerging the growth value of the market due to the presence of positive factors. The rise in demand for food with high nutritional value is one of the major driving factors of the market. The growing population in the developing countries and the rise in concern for food security are chiefly driving the market. The government takes the growth initiatives to promote water-soluble fertilizers, which is another primary reason the market is experiencing a higher growth rate.
Market Challenges
The challenging factor is slowing down the market's growth rate. The pandemic was a tough situation for the market. Other natural and specialty fertilizers give tough competition for the Water-Soluble Fertilizers Market.
Market Opportunities
The rising new opportunities are elevating the demand of the market. The concern and awareness of fertilizers as nutrition deficiency correctors and the rising popularity of the fertilizers due to their proper nutritional value are setting wide opportunities for the market.
Market Restraints
The market restraining factors are limiting the market's demand; factors like expensive charges of production and the threat of substitutes by organic farming alternatives are major constraints of the market.
Cumulative Evaluation Of The Market
The Water-Soluble Fertilizers Market Analysis has shown a significant growth rate in recent years, and in the future, the market is estimated to continue its growth consistency. The market's existing factors show their effects during the market's progress period. The growth drivers and opportunities accelerate its growth while the constraints and challenges restrict its demand. In the earlier days of the pandemic, the market faced huge revenue loss, but in the future days, the market was recovered due to the rising demand for the products in the agricultural sector. Therefore, the market is estimated to achieve a strong CAGR value in the evaluation period.
Water-Soluble Fertilizers Market Segmentation
The Water-Soluble Fertilizers Market is segmented into different segments based on type, crop type, and Application.
By Type
The type section is divided into macronutrient fertilizers and micronutrient fertilizers. The macronutrient fertilizers segment is further sub-segmented into nitrogenous, phosphatic, and potassic. Among these, nitrogenous fertilizers dominate the market, and it is expected to continue their consistency in the forecast period.
By Crop Type
The crop type segment is classified into field crops, horticultural crops, turf & ornamentals, and others. The horticultural crops are a rapidly growing region due to their increased demand for fruits and vegetables, resulting in high crop productivity.
By Application
The application segment of the Water-Soluble Fertilizers Market is categorized into foliar and fertigation. Between these, the fertigation segment captures the largest market share of the Water-Soluble Fertilizers Market Share.
Regional Analysis
According to the geographical distribution, the Water-Soluble Fertilizers Market is showing tremendous growth in major continents such as North Europe, Europe, Asia Pacific and the rest of the world. Among the above geographical regions, Europe is considered as the dominating region due to the increased rate of awareness and concern among the cultivators on the benefits of fertilizers in crop cultivation.
Followed by Europe, the North American region is the next leading region with countries the US, Canada and Mexico.
The Asia-pacific region is estimated to be a rapidly growing region due to the growing exports of agricultural technologies and fertilizers. The rest of the world consists of South America, the Middle East, and Africa. These regions are also showing a decent growth rate.
Competitive Intensity Within The Industry
The key players of the Water-Soluble Fertilizers Market play a magnificent role in propelling the market's demand. The market players focus on the developments and improvements of the product to meet the demand of the cultivators. Their presence in major regions is driving the market's growth globally. The Market Outlook is lifted by the strategies and acquisitions of the players. Below mentioned is the list of industrial players in the market.
- Yara International ASA (Norway)
- Agrium Inc. (Canada)
- K+S Aktiengesellschaft (Germany)
- Coromandel International Limited (India)
- Compo GmbH & Co (Germany)
- Haifa Chemicals Limited (Israel)
- Sociedad Quimica Y Minera SA (SQM) (Chile)
- Israel Chemical Limited (Israel)
- The Mosaic Company (US)
- EuroChem (Switzerland)
Recent Market Developments
- In January 2020, Gujarat Agro Industries Corporation (GAIC), a state agency promoting agro-based companies, launched water-soluble fertilizers. This product is marked under the agency's fertilizer brand AGRO.
- According to industry experts, the promotion of UAV/drones is expected to encourage farmers to use drone services to protect their crops. Spraying water-soluble fertilizers in large fields is a major application of drones that is gaining strong traction. For example, in January, the Rajasthan government carried out pilots on the outskirts of Jaipur, where drones were used for spraying fertilizers.
Report Overview
The Water-Soluble Fertilizers Market overview report states the market's complete report. The dynamic factor's effect was discussed in the report. The COVID-19 analysis has shown the market's growth during the tough situation. The segmentation report has stated the segments and sub-segments with their growth rate. The regional report has given a clear idea of the continents covered by the market. The growth of the major regions was also discussed in the report. The key players' developments have been noticed, and the positive factors are driving the market's growth. The overall consistency of the market is progressing smoothly, even with negative impacts. Hence, the Water-Soluble Fertilizers Market is projected to register good USD value during the forecast period.
Key Water-Soluble Fertilizers Industrial Segments
By Type
- Macronutrient Fertilizers
- Nitrogenous
- Phosphatic
- Potassic
- Micronutrient Fertilizers
By Crop Type
- Field crops
- Horticultural crops
- Turf & ornamentals
- Others
By Application
- Fertigation
- Foliar
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