Water Soluble Fertiliser market size expected to be valued at $22 Billion by 2024
The global Water-Soluble Fertiliser Market size was $12.5 billion in 2015 and is anticipated to reach $22 billion by 2024.
Increasing demand from a wide range of fustigation application coupled with increasing awareness and adoption of micro irrigation systems is anticipated to boost the global demand for water soluble fertilisers.
Growing demand and need for superior yield owing to increasing world population, reduction in arable land, and great demand for biofuels are expected to impact the global demand for water soluble fertilisers. Harmful ecological impacts of over/high fertilisation, including pollution of groundwater, disturbances in environment life sciences, and increase in area under ocean dead zones are expected to restrict the market growth.
Increasing awareness among farmers across emerging economies coupled with technology-driven farm practices. High priced crops including vegetables and fruits are expected to drive the market demand. Growing protection of cultivated crops is estimated to attract growers around the globe since it offers good returns on investment. Many growers entered into the greenhouse system of agriculture production industry to achieve higher rates of return for their products. The use of these fertilisers is expected to be highly seasonal and improved, thus protected crop production is anticipated to drive the market demand for fertiliser products, particularly for water-soluble fertilisers.
Based on fertiliser type, the global market has been segmented into Nitrogen, sulphur, iron, chlorine, magnesium, calcium, Phosphate, and potassium which include secondary and micronutrients. Nitrogen is expected to be the widely used element in the market and is expected to continue its dominance owing to its easy availability and It is used to synthesize proteins, amino acids, enzymes, nucleic acids, and chlorophyll. Nitrogen nutrients can be further classified into Urea, ammonium sulphate, nitrate, and calcium nitrate.
Phosphate is expected to witness significant growth rate over the next seven years It stimulates root formation and shoot growth at the early stages of plant growth. lack of Phosphorus levels in plants may result in poor seed and fruit development and reduces the growth of plants significantly. Phosphorus is particularly important and widely used in cool weather.
Starter fertilisers constitute more of these nutrients in huge amounts. Potassium is expected to have moderate growth rate over the forecast period. This element helps the plants to resist diseases and boosts root growth. Potassium nutrients improve cold hardness and help in increasing the size of fruits and vegetables. Signs of potassium lack or deficiency include slow growth, shrivelled fruit, weak plants, and leaf burning at margins or tip.
Because of application, water-soluble fertiliser market has been segmented into fertigation and foliar. Fertigation is expected to be the largest segment in terms of revenue and market share owing to its wide applications among various crops. Fertigation processes involve the injection of soil amendments, water-soluble products and fertilisers into an irrigation system. Foliar feeding is a method of nourishing plants by applying the liquid fertiliser to their leaves. Plants and crops can absorb essential nutrients through their leaves. This absorption is carried out through their stomata and through their epidermis.
Based on crop type, the market has been segmented into Field Crops, Horticultural Crops, Turf and Ornamentals. Field corps constitute the largest segment in the global market owing to its wide applications across the globe. These crops are grown for agricultural purposes and are consumed by people. Growing population and demand for vegetables and fruits is expected to be the driving factor for the market growth in this segment.
North America is expected to the largest regional segment in the global market. Extensive use of biofuels has increased the demand for fertilisers and is driving the growth in this region High consumption of meat and meat products has been driving the high use of fertilisers in North America as it increases the demand in animal feed and feed products.
Increasing adoption rate of merchandise and micro-irrigation processes in the Asia Pacific region is expected to witness significant growth rate for water soluble fertilisers key players in the market are Yara International, The Mosaic Company, Agrium Inc., ICL Fertilisers, PotashCorp, CF Industries. Other industry participants include QAFCO, Haifa Chemicals, SinoFertK+S AG, Uralchem, and SQM.
The water-soluble fertilisers market is expected to be highly fragmented with major players driving the growth through expansions, agreements, new product launches and acquisitions, to develop their position in the market. These strategies were followed by the industry participants to expand their global presence and enhance their product portfolio.