Northbrook, IL 60062 -- (SBWire) -- 01/04/2024 --A recent research report titled "Water-soluble Fertilizers Market by Type, Mode of Application, Form, Crop Type, and Region" published by MarketsandMarkets reveals a robust growth trajectory for the water-soluble fertilizers market. Estimated at USD 18.3 billion in 2023, the market is projected to reach USD 25.1 billion by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 6.5%.
Download PDF Brochure
Water-soluble fertilizers, comprising an optimal blend of nitrogen, phosphate, potassium (NPK), and essential micronutrients, are gaining popularity due to their easy solubility in water, making them ideal for drip irrigation. The report highlights the surge in nutrient deficiency cases in crops and plants, coupled with the global need for increased agricultural output, as key drivers for the market's growth. The efficiency of nutrient absorption by crops, along with the rising adoption of precision farming, horticulture, and hydroponics, further contributes to the increasing demand for water-soluble fertilizers.
Key Findings:
Nitrogenous Fertilizers Dominate:
The water-soluble nitrogenous fertilizer segment leads the market, driven by the high demand for nitrogen at all stages of crop growth. Nitrogen's crucial role in chlorophyll formation and energy optimization within plants makes it a vital component for optimal yield.
Fertigation on the Rise:
The fertigation mode of application, involving the supply of dissolved fertilizer through irrigation systems, is gaining traction. The combination of fertilization and irrigation in a single process enables efficient nutrient and water management, saving time and resources for growers.
Horticulture Driving Demand:
The cultivation of high-value food and ornamental plants, known as horticulture, is on the rise. The increased focus on growing fruits, vegetables, and decorative indoor plants is boosting the demand for water-soluble fertilizers to enhance crop productivity.
Preference for Dry Form:
The convenience of storage, longer shelf life, ease of mixing, and availability of customized blends are factors contributing to the growing demand for the dry form of water-soluble fertilizers. Dry fertilizers, including granules and powder, are gaining popularity among growers.
Asia Pacific Leading Growth:
Asia Pacific, particularly countries like India and China, with a strong dependence on agriculture, provides significant growth prospects for the water-soluble fertilizers market. The region's escalating food demand and population, coupled with the presence of key players, contribute to the market's robust growth.
Make an Inquiry
Key Players:
Nutrien, Israel Chemical Company, SQM, K+S Aktiengesellschaft, Yara International, Haifa Chemicals Ltd, Compo GmbH, Coromandel International Ltd, The Mosaic Company, Hebei Monband Water Soluble Fertilizers Co., Ltd, Agafert, EuroChem, Azoty Group, Vakichim, Gujarat State Fertilizers & Chemicals Ltd, IFFCO, SPIC, Aries Agro Ltd, Mangalore Chemicals & Fertilizers Ltd, Incitec.
As the global agricultural landscape evolves, the water-soluble fertilizers market is poised for significant expansion, driven by technological advancements and the increasing emphasis on sustainable and efficient farming practices.
About MarketsandMarkets™
MarketsandMarkets™ 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.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Global Water-Soluble Fertilizers Market Set to Reach $25.1 Billion by 2028, Fueled by Rising Demand for Precision Farming and Horticulture
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