Dublin, July 18, 2023 (GLOBE NEWSWIRE) -- 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.
The global water-soluble fertilizers market is poised for substantial growth, with an estimated value of USD 23.9 billion by 2028. The market is projected to grow at a steady compound annual growth rate (CAGR) of 5.5% during the forecast period (2023-2028). The market dynamics, premium insights, and key companies have been analyzed and revealed in a comprehensive market report.
Water-soluble fertilizers play a vital role in agriculture, providing essential nutrients for plant growth and development. They offer higher efficiency compared to conventional fertilizers as they can be easily absorbed by plants, resulting in improved crop quality and higher yields. The increasing adoption of precision farming techniques, such as drip irrigation and fertigation, has driven the demand for water-soluble fertilizers. These techniques offer advantages such as reduced water and fertilizer use, enhanced crop yield and quality, and improved resource management.
The water-soluble fertilizers market is expected to witness significant growth during the forecast period due to the rising demand for high-efficiency fertilizers, the adoption of precision farming techniques, and the growing trend of greenhouse vegetable production. To meet the increasing demand, manufacturers are investing in expanding their market presence. For instance, Israel Chemical Ltd (ICL) expanded its phosphate production by opening a new phosphate recycling unit in the ICL fertilizer production site in Amsterdam, Netherlands.
The water-soluble fertilizers market is segmented by type, application, crop type, and form. Potassic water-soluble fertilizers are expected to be the largest segment, driven by the demand for high-value crops such as fruits, vegetables, and flowers. The fertigation segment is anticipated to grow at the highest rate, as fertigation systems provide precise and efficient nutrient delivery to plants. Horticulture is the largest market for water-soluble fertilizers, with the segment projected to grow at a rapid rate. Dry water-soluble fertilizers dominate the market due to their easy handling, longer shelf life, and cost-effectiveness.
The Asia Pacific region is expected to be the fastest-growing market for water-soluble fertilizers. The region's high population and increasing demand for food and agricultural products have led to the adoption of high-efficiency fertilizers. Governments in the region are promoting sustainable agriculture practices, which include the use of eco-friendly and efficient fertilizers. Precision farming techniques, which require specialized fertilizers for optimized crop growth, are also gaining popularity in the region. Water-soluble fertilizers are well-suited to these practices, driving their growth in Asia Pacific.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 255 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $18.3 Billion |
| Forecasted Market Value (USD) by 2028 | $23.9 Billion |
| Compound Annual Growth Rate | 5.5% |
| Regions Covered | Global |
Premium Insights:
- Growth in Demand for High-Value Crops, Scarce Water Resources, and Technological Advancements to Drive Market Demand
- US Was the Largest Global Market for Water-Soluble Fertilizers in 2022
- Nitrogenous Water-Soluble Fertilizers Accounted for the Largest Share in Asia-Pacific
- Europe and Nitrogenous Type to Dominate Respective Segments
- Horticultural Crops to Lead During the Forecast Period
- Dry Water-Soluble Fertilizers to Dominate the Market
- Fertigation to Lead Over Foliar Mode of Application
Key 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 and Adoption of 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
Key Companies Mentioned:
- Agafert Srl.
- Aries Agro Limited
- Coromandel International Limited
- DFPCL
- Eurochem Group
- Gujarat State Fertilizers & Chemicals Limited
- Haifa Group
- Hebei Monband Water Soluble Fertilizer Co. Ltd.
- IFFCO
- Incitec Pivot Ltd
- Israel Chemical Ltd.
- K+S Aktiengesellschaft
- Mangalore Chemicals & Fertilizers Ltd
- Nutrien
- Sociedad Quimica y Minera de Chile (SQM)
- SPIC
- The Azoty Group
- The Mosaic Company
- Vaki-Chim
- Yara International
For more information about this report visit https://www.researchandmarkets.com/r/h8k3uy
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
