According to a research report “Water-soluble Fertilizers Market by Type (Nitrogenous, Phosphatic, Potassic, and Micronutrients), Mode of Application (Foliar and Fertigation), Form (Dry and Liquid), Crop Type and Region – Global Forecast to 2028″ published by MarketsandMarkets, the water-soluble fertilizers market is estimated at USD 18.3 billion in 2023 and is projected to reach USD 25.1 billion in 2028, at a CAGR of 6.5%. Water-soluble fertilizers hold an optimum combination of nitrogen, phosphate, and potassium (NPK) along with essential micronutrients. It is readily soluble in water and used for drip irrigation. The increasing cases of nutrient deficiency in crops and plants, along with the growing need for increased agricultural output are factors driving the water-soluble fertilizers market. Since these fertilizers are dissolved in water, the nutrients are readily and efficiently absorbed by the crops. Additionally, the increasing adoption of precision farming, horticulture, and hydroponics, are other factors fueling the demand for water-soluble fertilizers.
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The high demand for nitrogen at all stages of crop growth drives the market
The water-soluble nitrogenous fertilizer dominates the market by type. Nitrogen is a component of the chlorophyll molecule, which enables the plant to capture sunlight by photosynthesis. Nitrogen plays a critical role within the plant to ensure energy availability and yield optimization. Most of the nitrogen is absorbed by the plant through the soil.
The growing popularity of drip and micro irrigation is projected to boost the fertigation mode of application
Fertigation is the technique of supplying dissolved fertilizer to crops through an irrigation system. When combined with an efficient irrigation system, both nutrients, and water can be manipulated and managed to obtain the maximum possible yield. Fertigation is a widely used farming practice that allows growers to save time, resources, and, effort by completing two events at a time: fertilization and irrigation.
The increasing cultivation of horticulture is set to dominate the market during the study period
The science and art of growing and utilizing high-value food and ornamental plants in a sustainable manner is known as horticulture. Horticulture farming aims to enhance our life quality, as well as the beauty, sustainability, and recovery of our ecosystem and the human condition. In recent years, there has been an increase in the cultivation of fruits, vegetables, and decorative indoor plants, which drives the demand for water-soluble fertilizers to increase crop productivity.
Ease of storage increases the demand for the dry form of water-soluble fertilizers.
Fertilizers which are in solid form before application, mixing, or blending are termed as dry fertilizers. Dry ones include granules, powder, etc. Due to the ease of storage, longer shelf life, ease of mixing, and availability of customized blends, growers are increasingly demanding dry forms of water-soluble fertilizer.
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Asia Pacific provides the highest growth prospects for the water-soluble fertilizers market in 2023
Asia Pacific is highly dependent on agriculture, with countries like India and China being agricultural dominant countries. The prime factor contributing to the growth of water-soluble fertilizers in the region is the growing adoption of water-soluble fertilizers to meet the intensifying food demand and escalating population. Additionally, key players like Nutrien (Canada), Israel Chemical Company (Israel), Yara International (Norway), and others have a strong presence and market share in the region, which further boost the vitamin market in the Asia Pacific.
Key players in this market include Nutrien (Canada), Israel Chemical Company (Israel), Sociedad Quimicay Minera De Chile (SQM) (Chile), K+S Aktiengesellschaft (Germany), Yara International (Norway), Haifa Chemicals Ltd (Israel), Compo GmbH (Germany), Coromandel International Ltd (India), The Mosaic Company (US), Hebei Monband Water Soluble fertilizers Co., Ltd (China), Agafert (India), EuroChem (Switzerland), Azoty Group (Poland), Vakichim (Bulgaria), Gujarat State Fertilizers & Chemicals Ltd (India), IFFCO (India), SPIC (India), Aries Agro Ltd (India), Mangalore Chemicals & Fertlizers Ltd (India), Incitec (Australia).
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