Water-soluble fertilizers are increasingly being used in crop cultivation, especially fruits and vegetables. These fertilizers facilitate faster absorption of nutrients and carriers and hold a very strong promise in agricultural practice. Additionally, these fertilizers are easy to apply, highly efficient, and suitable with modern irrigation systems. They provide economic incentives with fertigation, which is a key factor enhancing the growth of the market. The concentration of water-soluble fertilizers is easy to adjust, and they provide enormous possibility of tailoring nutrient dosage as per the specific crop demand at particular growth stage and is an ideal option for young seedling. Market Research Future (MRFR) has asserted that the global water-soluble fertilizers market size is likely to showcase moderate growth over the forecast period of 2022-2030.
Burgeoning food demand, limited availability of resources and high volatile prices of food items have exerted relentless pressure on the agriculture increase to increase its yield, which remains the key motivating factor behind the growth of the market. In addition, growing concerns regarding soil degradation and environmental protection has increased the demand for water-soluble fertilizers. The governments in multiples are rolling out agricultural schemes, providing easy loans, and offering subsidies to framers for the development of the agricultural sector which is anticipated to influence the growth of the market.
Water-soluble fertilizers find extensive application in greenhouses. Additionally, escalating investment in RD activities to develop natural and more effective versions of these fertilizers can also spur the growth of the market. Growing demand for micro-irrigation systems is also a pivotal factor in augmenting the growth of the market.
Conversely, the growth of the market can be subdued by the high costs associated with the product as compared to their traditional precursors.
The water-soluble fertilizers market has been segmented based on product type, crop type, and application.
By type, the water-soluble fertilizer market has been segmented into macronutrient fertilizers and micronutrient fertilizers. The macronutrient fertilizers segment has been further segmented into nitrogenous, phosphatic, and potassic. The micronutrient fertilizers segment has been further segmented into calcium, magnesium, iron, trace elements, and others. The nitrogenous fertilizers segment is expected to capture the largest share of the market over the forecast period on account of its augmenting use and easy applicability.
By crop type, the water-soluble fertilizers market has been segmented into field crops, horticultural crops, turf ornamentals, and others. The horticultural crops segment is anticipated to showcase the highest growth over the forecast period. The intensifying need to increase crop yield and heightened demand for fruits and vegetables are boosting the growth of the segment.
By application, the water-soluble fertilizer market has been segmented into foliar and fertigation. The fertigation segment is expected to exhibit the foremost growth in the coming years. Fertigation method aids in even distribution of fertilizers and is highly preferred.
Region-wise, the water-soluble fertilizers market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
The established agriculture industry in APAC has generated massive demand for water-soluble fertilizers. Booming population in the region has resulted in increased demand for food crops vegetables, and grains that is anticipated to propel the demand for water soluble fertilizers. In addition, various subsidies offered by the governments in the region to increase agricultural output is boosting the demand for the product. The developing countries of the region who had been practicing traditional methods of agriculture are gradually shifting towards modern methods such as fertigation which is likely to further the growth of the market.
Europe is an important water-soluble fertilizer market and is anticipated to exhibit remarkable growth over the forecast period. Elevating awareness regrading crop nutrition and government directives promoting the use of water-soluble fertilizers has triggered the demand for water-soluble fertilizers.
EuroChem (Switzerland), Sociedad Quimica Y Minera SA (SQM) (Chile), Agrium Inc. (Canada), The Mosaic Company (US), Israel Chemical Limited (Israel), Coromandel International Limited (India), K+S Aktiengesellschaft (Germany), Yara International ASA (Norway), Haifa Chemicals Limited (Israel), and Compo GmbH Co (Germany) are the eminent players in the global water-soluble fertilizers market.
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