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Global Liquid Fertilizer Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028
The Global Liquid Fertilizer Market is projected to register a CAGR of 5.99%. Key Highlights. Largest segment by Type - Nitrogenous : Nitrogenous fertilizers like UAN which is less prone to leaching are preferred by farmers around the globe due to its less toxicity with no environmental pollution.
New York, Jan. 17, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Liquid Fertilizer Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028" - https://www.reportlinker.com/p06381438/?utm_source=GNW
Fastest growing by Type - Micronutrients : Micronutrient deficiency can be quickly addressed by liquid fertilizers, as they are in an easily absorbable form and can directly be sprayed on plant foliage.
Largest Segment by Crop Type - Turf & Ornamental : The increasing area under cultivation with increasing concern over pollution and growing ecotourism across the globe has increased the fertilizer demand for such crops.
Largest segment by Country - United States : The acidic nature of the soil in the United States raised the demand for liquid fertilizers to maintain the pH of the soil and avoid leaching losses of nutrients.
Liquid Fertilizer Market Trends
Field Crops is the largest segment by Crop Type.
Field crops dominated the global liquid fertilizer market, accounting for about 80.2% of the total liquid fertilizer consumption. Their volume consumption of liquid fertilizers was 31.8 million metric tons, worth USD 22.34 billion in 2022. The large consumption of liquid fertilizers by field crops is due to the large area under the cultivation of these crops. More than 90.0% of the global agricultural land is dedicated to the cultivation of field crops.
Horticultural crops are the second-largest crop types that consume liquid fertilizers, accounting for about 12.9% of the global liquid fertilizer consumption in 2022.
With increasing concerns for health and nutrition after the COVID-19 pandemic, the demand for high-value crops like fruits and vegetables is increasing worldwide. Vegetable crops with major demand, like tomato, potato, onion, cabbage, and cauliflower, consume high fertilizer and are grown throughout the year. Foliar liquid fertilizers play an important role in fruit crops, as foliar spraying is known to improve the quality of fruits.
Turf and ornamental crops accounted for a share of about 6.4% of the total global liquid fertilizer market and were valued at USD 1.85 billion in 2022, with a volume consumption of 2.7 million metric tons.
The area under the cultivation of turf and ornamental crops is increasing with concerns over pollution, the growing importance of aesthetic landscaping gardens, and ecotourism worldwide.
Therefore, the global consumption of liquid fertilizers in respective crop types is anticipated to grow further during the forecast period.
Europe is the largest segment by Region.
The global liquid fertilizers market was valued at USD 27.99 billion in 2021, with a volume consumption of 39.0 million metric tons.
The European region was the largest market for liquid fertilizers in the world, accounting for about 29.0% of the total liquid fertilizer market, valued at about USD 8.16 billion in 2021. The dominance of Europe in the liquid fertilizer market was due to the presence of better irrigation systems in the region. For instance, countries like Germany, Russia, the United Kingdom, and France have more than 55% of the irrigated land covered by sprinklers or micro-irrigation systems, thus driving the market in the region.
Asia-Pacific was the second-largest market for liquid fertilizers, with a share of 22.09% in 2021. China and India are the largest markets for liquid fertilizers in the region, with a share of 42.0% and 21.0%, respectively, in 2021. The cultivation of field crops is dominant in the region, accounting for about 83.1% of the total liquid fertilizers volume consumed in the region.
Governments across the region are continuously promoting the adoption of micro-irrigation systems through price subsidies. Therefore, the adoption of liquid fertilizers in the region is expected to increase in the future, with the increased adoption of advanced irrigation methods. On the other hand, South America accounted for a share of 18.0%, followed by North America, with a share of 16%, in 2021.
Hence, there is an increasing trend toward the adoption of liquid fertilizers due to ease of application, uniform distribution, and reduction in the cost of application. These factors may drive the liquid fertilizer market during the forecast period.
Liquid Fertilizer Market Competitive Analysis
The Global Liquid Fertilizer Market is fragmented, with the top five companies occupying 12.94%. The major players in this market are ICL Fertilizers, IFFCO, Nortox, SQM and Yara International ASA (sorted alphabetically).
Additional Benefits:
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