Burlingame, June 05, 2024 (GLOBE NEWSWIRE) -- The global liquid fertilizer market is projected to grow from USD 22.17 billion in 2024 to an estimated USD 33.16 billion by 2031, exhibiting a robust compound annual growth rate (CAGR) of 5.9%, as per a recent study by Coherent Market Insights, Inc. The demand for precision farming techniques is driving the growth of the liquid fertilizer market. Precision farming allows variable rate application of inputs like fertilizers depending on soil conditions and crop needs.
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Market Dynamics:
The liquid fertilizer market is driven by the increasing demand for organic farming across the globe. Organic farming prohibits the use of chemical fertilizers and pesticides. Hence, farmers are increasingly adopting organic and natural fertilizers such as liquid fertilizers. Moreover, liquid fertilizers are more effective than granular fertilizers as the nutrients can be easily absorbed by the plants. The growth in agriculture production due to rising population is another factor fueling the demand for high-efficiency liquid fertilizers.
Liquid Fertilizer Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $22.17 billion |
| Estimated Value by 2031 | $33.16 billion |
| Growth Rate | Poised to grow at a CAGR of 5.9% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Crop Type, By Compound, By Type, By Application |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Rising global population • Increasing organic farming trend |
| Restraints & Challenges | • The higher costs of production and storage tanks • Risk of contamination |
Market Trends:
One of the key trends in the liquid fertilizer market is the growing popularity of bio-stimulants. Bio-stimulants help improve nutrient uptake, stress tolerance and quality of crops. They are derived from natural materials such as seaweed, humic substances and amino acids. Another major trend is the increasing preference for nitrogen-based liquid fertilizers. Nitrogen is a crucial nutrient for plant growth and development. Thus, nitrogen fertilizers witness high demand, especially from the cereal and grain crops.
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Market Opportunities:
The demand for specialty or complex liquid fertilizers is expected to rise significantly over the forecast period. Complex liquid fertilizers contain multiple plant nutrients in precisely controlled ratios to fulfill the differing nutrient requirements of different crops. They help optimize yields while minimizing the environmental impact of excess nutrient application. Growers are increasingly realizing the benefits of specialty nutrients in enhancing plant health, boosting productivity and improving quality. Liquid formulations also allow for easy and efficient application of specialty nutrients through fertigation or foliar spraying. The efficiency and precision afforded by liquid specialty fertilizers is driving their higher adoption among commercial growers.
The precision farming industry is gaining immense popularity among farmers globally. Precision farming techniques such as variable-rate fertilizer application help optimize the use of inputs by applying only as much fertilizer as needed based on soil conditions and crop requirements. This reduces costs while minimizing environmental pollution. Liquid fertilizers are highly compatible with precision farming equipment and allow for flexible, on-the-go blending of macro and micronutrients. Their ability to be applied through irrigation systems also enhances precision. The boom in precision agriculture technologies is supporting the rising demand for liquid fertilizers.
Recent Developments:
In November 2019, IFFCO Launches its Nano Technology based Products nano nitrogen, nano zinc and nano copper for on- field trials as part of its efforts to cut usage of chemical fertilisers and boost farmers' income.
In January 2019, Haifa Group launched NutriNet™, an online expert system which aims to support and optimize the process of creating customized fertilization programs. It assist growers in setting fertilization programs at free of cost.
Key Market Takeaways
The global liquid fertilizer market is anticipated to witness a CAGR of 5.9% during the forecast period 2024-2031, owing to the fast adoption of precision farming techniques and the growing emphasis on specialty nutrient management.
On the basis of type, the complex segment is expected to be the fastest growing. However, the straight segment currently dominates owing to its widespread use in conventional agriculture.
On the basis of application mode, the fertigation segment holds the largest share currently and is expected to continue dominating over the forecast period due to its advantages of enhancing water and fertilizer use efficiency.
On the basis of crop type, the field crops segment currently dominates but horticultural crops are expected to increasingly gain popularity due to the rising demand for high-value fruits and vegetables.
By region, North America currently dominates the global market and is expected to continue its lead over the forecast period due to extensive awareness about the benefits of liquid fertilizers among growers in the region.
Some of the major players operating in the liquid fertilizer market include ICL Fertilizers, Nortox, K+S Aktiengesellschaft, Yara International, Haifa Chemicals, and Compo Expert among others. Strategic collaborations and product launches are some of the key strategies adopted by major players to gain a competitive edge in the market.
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Market Segmentation:
By Crop Type:
- Cereals & Grains
- Oilseed & Pulses
- Fruits & Vegetables
- Others (Nursery plants, etc.)
By Compounds:
- Calcium Ammonium Nitrate (CAN)
- Urea-Ammonium Nitrate (UAN)
- Potassium Nitrate
- Phosphorus Pentoxide (P 0 )
- Others (Boron, etc.)
By Type:
- Nitrogen
- Phosphorus
- Potash
- Micronutrients
By Application:
- Soil
- Foliar
- Fertigation
- Agricultural fields
- Hydroponics
- Others (Starter solutions, etc.)
By Regional:
North America:
- U.S.
- Canada
Latin America:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
Europe:
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
Middle East:
- GCC Countries
- Israel
- Rest of Middle East
Africa:
- South Africa
- North Africa
- Central Africa
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About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
