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Global Water Soluble Fertilizer Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028
The Global Water Soluble Fertilizer Market is projected to register a CAGR of 5.78%. Key Highlights. Largest segment by Type - Phosphatic : phosphatic fertilizers are the most consumed fertilizers after nitrogen.
New York, Jan. 20, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Water Soluble Fertilizer Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028" - https://www.reportlinker.com/p06381437/?utm_source=GNW
The demand for its water-soluble form is increasing as it can be applied through fertigation and foliar spray.
Fastest growing by Type - Micronutrients : Foliar application is a proven effective method of supplying micronutrients according to plant requirements. Since the fertilizer is applied directly to the plant vascular system, the nutrient use efficiency will be increased, and quick response is observed by crop plants
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 : With the developing micro-irrigation system in the country and increased efficiency, water-soluble fertilizers such as nitrogenous fertilizers have increased in popularity.
Key Market Trends
Field Crops is the largest segment by Crop Type.
Field crop cultivation dominates globally, and it accounts for about 80.0% of the total water-soluble fertilizer consumption. The consumption amounted to 34.05 million metric ton of water-soluble fertilizers worth USD 24.76 billion in 2021. The large consumption of water-soluble 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.
Generally, there is more demand for water soluble fertilizers in horticultural crops, as they are well-equipped for irrigation like sprinkler or micro irrigation systems. Water-soluble fertilizers can be applied by the foliar or fertigation method of application. The Horticultural crops are the second-largest crop types that consume water-soluble fertilizers, and they accounted for about 12.2% of the global water-soluble fertilizer market value in 2021. Foliar water-soluble fertilizers play an important role in fruit crops, as foliar spraying is known to improve the quality of the fruits.
Turf and ornamental crops account for about 7.12.29 % of the global water-soluble fertilizer market value and consumed 3.0 million metric ton of water-soluble fertilizers worth USD billion in 2021.
The area under cultivation of turf and ornamental crops is increasing with concern over pollution and the growing importance of aesthetic landscaping gardens and ecotourism globally.
Therefore, the global consumption of water-soluble fertilizers in respective crop types is anticipated to grow during the forecast period.
Europe is the largest segment by Region.
The global water-soluble fertilizer market grew at a stable rate during the study period, with a value of USD 30.95 billion in 2021. Europe occupied the largest market share of 35.2% in 2021, followed by Asia Pacific and South America.
Due to an increase in the use of specialized fertilizers in nations like France and Russia, the market for water-soluble fertilizers in Europe has been growing. The water-soluble fertilizers in the region accounted for about 54.5% of the total specialty fertilizer market value in 2021 and for about 46.7% of the total volume of specialty fertilizers in the same year.
To feed their rising populations, developing countries like China and India will need more than 120 million hectares of agriculture by 2030. Despite the desertification of farmland and the decline in soil quality, water-soluble fertilizers remain an essential tool for farmers to help them sustainably increase yields.
The fertigation mode of application has grown in popularity in Brazil and accounted for 47.78% of the total specialty fertilizer market in 2021. With the country’s increasing micro irrigation system and ease of application and increased efficiency, the demand for water-soluble fertilizers.
Fertigation accounts for 58.78% of water-soluble fertilizer applications in South Africa, and foliar spraying accounts for 41.21%. This indicates the rate of fertigation method adaptation and the scope of water-soluble because of the ease of application and efficiency.
The use of water-soluble fertilizers in greenhouses, incentives to reduce groundwater consumption, government subsidies, and an increase in demand for micro irrigation systems are some of the main factors boosting the growth of the market.
Competitive Landscape
The Global Water Soluble Fertilizer Market is fragmented, with the top five companies occupying 20.89%. The major players in this market are Coromandel, Israel Chemical Limited, K+S AKTIENGESELLSCHAFT, Sociedad Quimica YMinera SA (SQM) and Yara International ASA (sorted alphabetically).
Additional Benefits:
The market estimate (ME) sheet in Excel format
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