(I-BusinessNews.Com, December 04, 2019 ) The global liquid fertilizers market size is estimated to be valued at USD 2.5 billion in 2019 and is projected to reach USD 3.1 billion by 2025, recording a CAGR of 3.7%. The liquid fertilizers industry has high growth potential in emerging markets, such as Asia Pacific and South America, as liquid fertilizers easily seep into the soil and spread uniformly, which provides crop fields with consistent coating, thus giving the plants to receive the same nutrients regardless of location.
By mode of application, the liquid fertilizers market is segmented into soil, foliar, fertigation, and others. Fertigation is an agricultural technique, which includes water and fertilizer application through irrigation. This process provides an opportunity to maximize the yield and minimize environmental pollution. Moreover, through fertigation, a farmer can uniformly apply nutrients throughout the field, whenever required. This market is projected to grow due to the adoption of efficient irrigation systems globally.
On the basis of type, the liquid fertilizers market is segmented into nitrogen, phosphorus, potassium, and micronutrients. Potassium is required in a large amount. It helps in water movement and provides nutrients and carbohydrates to plant. There is a growing need for liquid potassium in agriculture, as it can be applied in specific places where deficiency is observed. It is primarily used in the cultivation of high- value crops, such as corn, wheat, rice, and sugarcane.
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Based on crop type, the liquid fertilizers market is segmented into cereals & grains, oilseeds & pulses, fruits & vegetables, and others. The dominance of the cereals & grains segment is attributed to the highest consumption of crop protection chemicals for these crops, particularly in Asian and North American countries. The growing demand for wheat from the food and feed industries impact the production of wheat. The consumption of rice is increasing due to food habits and rising population, particularly in India, China, and Indonesia. India and China record the largest population in the world, and rice is one of the highest consumed grains in these countries, which is projected to increase the yield of these cereals. Due to these factors, the segment is projected to grow at the highest CAGR during the forecast period.
Based on major compounds, the liquid fertilizers market is segmented into calcium ammonium nitrate (CAN), urea-ammonium nitrate (UAN), potassium nitrate, DAP, MAP, and others. Phosphorous is used for root development, color development, and the growth of flower buds. The commonly available water-soluble nutrient sources for phosphorous are urea phosphate, ammonium phosphate, and potassium phosphate. High phosphorous-based fertilizers are used during the initial stage of plant development for root establishment, and later, for the deep color of flowers. Diammonium phosphate (DAP) is the most widely used phosphorus fertilizer due to its relatively high nutrient content and physical properties, such as high solubility, which helps in dissolving quickly into the soil. It is majorly used for wheat, barley, fruits, and vegetables.
Asia Pacific is projected to drive the market growth during the forecast period, in terms of value. The key countries that play an important role in agriculture in this region are India, China, Japan, and Australia. Asia Pacific comprises developing countries with vast agricultural lands, and the per capita income of the region depends on agricultural activities. Agricultural technologies are widely accepted and practiced in this region. According to the World Bank, nearly 56.2% and 60.4% of the entire land area were allotted as agricultural land in China and India, respectively, in 2015. Cotton, sugar crops, fruits & vegetables, and cereals are the leading agricultural commodities exported from these countries.
The major players such as Nutrien, Ltd. (Canada), Yara International ASA (Norway), Israel Chemical Ltd. (Israel), K+S Aktiengesellschaft (Germany), and Sociedad QuÃmica y Minera de Chile (SQM) (Chile) in the liquid fertilizers market are focusing on new product launches, expansions & investments, acquisitions & mergers, agreements, joint ventures, collaborations, and partnerships to expand their global footprint.
Mr. Shelly Singh