Water-Soluble Fertilizers Market Size, Share, and Forecast (2023-2030)"
Water-Soluble Fertilizers Market Outlook
Water-Soluble Fertilizers Market is projected to register a CAGR of 4.23% and reach a value of USD 19.89 billion by 2030
Water-soluble fertilizers are easily soluble in water and hence, are more suitable with modern irrigation system. They are easy to apply and absorbed by plants through fertigation and foliar. Moreover, absorption and utilization rate of water-soluble fertilizers is relatively high when compared to conventional chemical fertilizers. Efficient use of water-soluble fertilizers also prevents groundwater contamination. Owing to these factors, the water-soluble fertilizers market is expected to show a steady growth during the forecast period. However, high costs of water-soluble fertilizers when compared to their counterparts will be a restraining factor in water-soluble fertilizers market.
Regional Analysis
Globally the market has been segmented, by region, into North America, Europe, Asia-Pacific, and Rest of the World. The water-soluble fertilizers market in North America has further been segmented into the US, Canada, and Mexico.
Geographically, Europe is anticipated to dominate the global water-soluble fertilizers market owing to high technological advancements in the manufacturing of fertilizers as well as increasing awareness about crop nutrition among cultivators in this region.
Segmentation
The global water-soluble fertilizers market share has been segmented into product type, crop type, application, and region.
The market based on type has been segmented into macronutrient fertilizers and micronutrient fertilizers. Macronutrient fertilizers are sub-segmented into nitrogenous, phosphatic, and potassic. Micronutrients fertilizers are sub-segmented into calcium, magnesium, iron, trace elements, and others. The nitrogenous segment is likely to grow at a significant rate since nitrogen helps in the formation of proteins which are vital for the development of new protoplasm in the cell. Moreover, nitrogen is essential to produce chlorophyll and responsible for leaf growth.
Based on crop type, the market has been segmented into field crops, horticultural crops, turf & ornamentals, and others, including plantation and hydroponics. Among these, horticultural crops segment is expected to show significant growth during the forecast period owing to the growing demand for fruits and vegetables across the globe.
The market has been segmented, by application, into fertigation and foliar. Fertigation is widely used for applying water-soluble nutrients to roots of plants. It is helpful in improving fertility and increasing the productivity of the plant. Moreover, increasing acceptance of micro-irrigation techniques is a key driving factor for fertigation segment in the water-soluble fertilizers market.
Key Players
Yara International ASA (Norway), Agrium Inc.(Canada), K+S Aktiengesellschaft (Germany), Sociedad Quimica Y Minera SA (SQM) (Chile), Israel Chemical Limited (Israel), The Mosaic Company (US), EuroChem group AG (Switzerland), Coromandel International Limited (India), Compo GmbH & Co (Germany), and Haifa Chemicals Limited (Israel) are some of the key players in the market.
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