The global water-soluble fertilizers market is estimated to reach a value of USD 18.3 billion in 2023 and is projected to grow to USD 25.1 billion by 2028, registering a compound annual growth rate (CAGR) of 6.5%. Water-soluble fertilizers dissolve easily in water, making it convenient to add nutrients to the soil or remove excess nutrients as needed. This feature allows for precise control of the nutrient supply to plants, ensuring optimal growth.
Water-soluble fertilizers typically display an NPK ratio on their labels, indicating the proportion of nitrogen (N), phosphorus (P), and potassium (K) they contain. Nitrogen is critical for producing proteins necessary for cell growth and is a key component of chlorophyll, driving leaf development. Phosphorus plays a vital role in photosynthesis and energy transfer within plants, while potassium supports the production and transport of sugars and starches, as well as cell division. Additionally, these fertilizers often include trace amounts of micronutrients essential for overall crop development.
The adoption of water-soluble fertilizers is growing among farmers, driven by increased awareness of precision agriculture practices, which demand frequent and accurate fertilizer applications. Other factors contributing to market growth include the rise of greenhouse farming, concerns about environmental sustainability, the high efficiency of these fertilizers, ease of application, and the shrinking availability of arable land.
Water-soluble Fertilizers Market Trends
Adoption of Precision Agriculture: Farmers are increasingly utilizing precision agriculture techniques, such as fertigation and foliar applications, to optimize nutrient delivery. This approach enhances crop yields and minimizes environmental impact.
Rising Demand for High-Value Crops: The cultivation of horticultural crops, including fruits and vegetables, is expanding due to growing consumer demand for nutritious food. This trend is boosting the use of WSFs, which are well-suited for these crops.
Technological Advancements: Innovations in fertilizer formulations, such as controlled-release and specialty fertilizers, are improving nutrient efficiency and reducing application frequency, thereby supporting market growth.
Environmental Concerns and Regulations: Stricter environmental regulations are encouraging the adoption of WSFs due to their potential to minimize nutrient runoff and water pollution, aligning with sustainable farming practices.
Nitrogenous Fertilizers Expected to Dominate the Market by Type
Nitrogenous fertilizers are crucial during the early growth stages of crops, as they enhance overall plant development. This category includes synthetic ammonia, nitric acid, ammonium nitrate, and urea production. Plants absorb nitrogen primarily in two forms: nitrate (NO3) and ammonia (NH4), with nitrate being the preferred form for most crops. Nitrogen deficiency in plants often results in smaller fruits, leaves, and shoots, though growth may later improve if corrected.
Significant Growth Predicted for Foliar Application Methods
The foliar application method is expected to see substantial growth during the forecast period. This approach offers multiple benefits, including improved resistance to pests and diseases, better drought and soil salinity tolerance, faster nutrient absorption, and reduced susceptibility to physiological disorders. Unlike soil application, where nutrients may be lost due to leaching, foliar fertilization delivers nutrients directly to the leaves, effectively addressing nutritional deficiencies and optimizing plant health.
Dowload PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1055
Field Crops Segment Poised for Rapid Growth
The field crops segment, encompassing corn, rice, sorghum, soybeans, and various wheat types, is anticipated to grow at the fastest rate. Climate change impacts, such as altered soil conditions and water quality, are influencing crop production and driving demand for adaptive farming practices. Rising consumer demand for these staple crops has further increased the need for water-soluble fertilizers, which support efficient nutrient use and sustainable farming methods.
Europe Leads in Market Share During the Forecast Period
Europe holds the largest market share, driven by advancements in agricultural technology and the adoption of innovative farming practices. According to 2021 data from the World Bank, a significant portion of Europe’s arable land is dedicated to cereal production. Eurostat reported that approximately 161.5 million hectares of land in the EU were under agricultural cultivation in the same year.
Agriculture remains a key occupation in countries like France and Italy, characterized by diverse terrains, including mountainous, hilly, and coastal areas. Most of this land is utilized for farming, supporting the production of a wide variety of crops. Small-scale farms dominate the region, with western Europe seeing a high prevalence of intensive farming systems.
Additionally, the region benefits from extensive research and development initiatives, leading to the creation of customized, crop-specific products that cater to local agricultural needs. These factors collectively position Europe as a leader in agricultural innovation and market share.
Water-Soluble Fertilizers Market Share
Key players in this market include Nutrien (Canada), Israel Chemical Company (Israel), Sociedad Química y Minera De Chile (SQM) (Chile), K+S Aktiengesellschaft (Germany), Yara International (Norway), Haifa Chemicals Ltd (Israel), Coromandel International Ltd (India), The Mosaic Company (US), Hebei Monband Water Soluble Fertilizer Co., Ltd (China), EuroChem (Switzerland), Agafert (India), SPIC (India), Aries Agro Ltd (India), Azoty Group (Poland), Vaikic-Chim (Bulgaria), Gujarat State Fertilizers & Chemicals Ltd (India), Incitec (Australia), IFFCO (India), Mangalore Chemicals & Fertlizers Ltd (India), and DFPCL (India).
Key Questions Addressed by the Water-soluble Fertilizers Market Report:
Which are the major companies in the water-soluble fertilizers market? What are their major strategies to strengthen their presence?
What are the drivers and opportunities for the water-soluble fertilizers market?
Which region is estimated to hold the highest market share?
What is the total CAGR projected to be recorded for the potassic segment market from 2023 to 2028?
What kind of information is provided in the competitive landscape section?
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=1055
About MarketsandMarkets™
MarketsandMarketsTM has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
Media Contact
Company Name: MarketsandMarkets™ Research Private Ltd.
Contact Person: Mr. Rohan Salgarkar
Email: Send Email
Phone: 18886006441
Address:1615 South Congress Ave. Suite 103
City: Delray Beach
State: FL 33445
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/water-soluble-fertilizers-market-1055.html
Press Release Distributed by ABNewswire.com
To view the original version on ABNewswire visit: Water-Soluble Fertilizers: Key Players, Market Share, and Emerging Trends | Key Players are Nutrien, Israel Chemical Company, K+S Aktiengesellschaft, Yara International, Haifa Chemicals Ltd Compo GmbH