(I-BusinessNews.Com, November 11, 2019 ) The water-soluble fertilizers market is projected to grow at a CAGR of 5.69% to reach USD 17.06 Billion by 2022. The market growth is driven by the rise in need for food security for the growing population, advancement in farming practices and technologies, growth in demand for fruits & vegetables, and ease of application of water-soluble fertilizers. Rise in need for food security for the growing population, and increase in crop loss owing to nutrient deficiency, along with change in farming practices (from traditional to conventional), have been of importance to the growth of the global water-soluble fertilizers market. Water-soluble fertilizers are used for high-quality crop yield for the increasing population and its growing food demand. Hence, water-soluble fertilizers will be viewed as a business opportunity in the next six years. As a result, many multinational players have entered into the production of various types of water-soluble fertilizers, which can be used for horticultural crops.
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On the basis of type, the global market is led by the nitrogenous segment, followed by the phosphatic, potassic and micronutrients segments, respectively. The nitrogenous segment is projected to be the fastest-growing type in the water-soluble fertilizers market, due to the high crop loss by nutrient deficiency and high efficiency of nitrogenous water-soluble fertilizers to reduce this crop loss.
The different mode of applications for water-soluble fertilizers are foliar, and fertigation. Fertigation is highly used for applying water-soluble fertilizers. To improve fertility and increase productivity of plants, fertigation is effectively used to control nutritional deficiency. The increasing acceptance of micro irrigation and precision irrigation techniques has proven to be a major driving factor for the fertigation application.
The horticultural segment projected to be the fastest-growing market during the forecast period
The main types of crops on which water-soluble fertilizers are used are field crops, horticultural crops, turfs & ornamentals and others, which include plantation crops and hydroponics. The horticultural segment is projected to be the fastest-growing market from 2016 to 2022. Growth in demand for fruits & vegetables, owing to the increased awareness with regard to their nutritional benefits and the rise in need for enhancement of crop productivity is driving the market for water-soluble fertilizers in the horticulture segment.
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Increase in need for food security, high investment in R&D, and change in farming practices key to success in the Europe region
Europe is one of the largest contributors to the global water-soluble fertilizers due to the rise in in use of water-soluble fertilizers through advanced agricultural techniques and increase in need for food security in the European countries. Russia and Spain constituted the largest country-level markets in the European region in 2015. High market penetration by the leading water-soluble fertilizer companies and growth in need for nutrients for enhancing the agricultural growth and productivity, as well as the change in climatic conditions are the main factors influencing the growth of the water-soluble fertilizers market in Europe.
This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. These companies include K+S AKTIENGESELLSCHAFT (Germany), Yara International ASA (Norway), Agrium Inc. (Canada), Israel Chemical Limited (Israel), and Sociedad Quimica YMinera SA (SQM) (Chile), Haifa Chemicals Limited. (Israel), COMPO GmbH & Co. KG (Germany), and Coromandel International Limited (India).
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