October 13, 2022 07:00 ET | Source: SPHERICAL INSIGHTS LLP SPHERICAL INSIGHTS LLP
New York, United States, Oct. 13, 2022 (GLOBE NEWSWIRE) -- The Global Water-Soluble Fertilizer Market Size is expected to grow from USD 17.8 billion in 2021 to USD 28.7 billion by 2030, at a CAGR of 4.9% during the forecast period 2021-2030. as per the latest research report published by Spherical Insights & Consulting. The Asia Pacific is expected to grow the fastest during the forecast period.
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Water-soluble fertilizers are primarily used to control the number of times nutrients are provided to plants. Since they may be combined with water, these fertilizers are easily applied by fertigation or foliar application. Water-soluble fertilizers are multi-compound fertilizers that can dissolve in liquid. They are used and absorbed by plants much more frequently than conventional chemical fertilizers since plants easily absorb them. These fertilizers enable more efficient irrigation systems in modern times. They also help prevent groundwater contamination. Due to these advantages, water-soluble fertilizers are preferred to traditional chemical fertilizers. For use with contemporary irrigation techniques, fertilizers that dissolve in water are excellent. They also save money on water and fertilizer costs in addition to labor costs. Compared to chemical fertilizers, these fertilizers are less impure and have a lower conductivity. Additionally, it is simple to change the fertilizer's concentration. For young plants, it is also regarded as a safe chemical alternative. All of these advantages of water-soluble fertilizers contribute to the expansion of the global market.
Browse key industry insights spread across 198 pages with 133 market data tables and figures & charts from the report “Global Water-Soluble Fertilizer Market Size, Share, and COVID-19 Impact Analysis, By Type (Nitrogenous, Potassic, Micronutrients, and Phosphatic), Application (Foliar and Fertigation), Crop Type (Horticultural, Turf & Ornamentals, Field, and Others), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030 ” in detail along with the table of contents
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Some of the primary factors driving the growth of the global market for these goods include the use of water-soluble fertilizers in greenhouses, financial incentives with fertigation to reduce groundwater consumption, government subsidies for the adoption of this technology, and an increase in demand for micro irrigation systems. The market's growth, however, may soon be hampered by factors like their high cost in contrast to other soil fertilizers, their unfavorable seasonal impact, and the requirement for an expensive initial installation. According to estimates made by the Food and Agriculture Organization of the United Nations (FAO), developing nations like China and India will require more than 120 million hectares of cropland to supply their expanding populations with food by 2030. Water-soluble fertilizers, despite the desertification of agricultural land and the deterioration of soil quality, are a crucial answer to assist farmers in sustainably maximizing yields, accelerating the maturation of crops, and maintaining overall plant health.
This research report categorizes the market for Water-Soluble Fertilizer based on various segments and regions and forecasts revenue growth and analysis trends in each of the submarkets. The report analyses the key growth drivers, opportunities, and challenges that influence the Water-Soluble Fertilizer market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included in order to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the Water-Soluble Fertilizer market.
Based on the Type, the Water-Soluble Fertilizer market is categorized into nitrogenous, potassic, micronutrients, and phosphatic. In 2021, the nitrogenous segment dominated the market with the largest market share of 32% and market revenue of 5.69 billion. Ammonium nitrate, calcium nitrate, urea, as well as others like magnesium nitrate and ammonium sulfate, are among the nitrogenous-based water-soluble fertilizers. Nitrogen is required for the synthesis of amino acids, which act as the building blocks for the production of proteins, in order for plants to grow and develop. Nitrogen is also an essential component of chlorophyll and is required for a number of enzymatic reactions. Because of this, a plant's nitrogen status determines its rate of development, color, vigor, and yield. Calcium nitrate dominates the market for nitrogenous-based water-soluble fertilizers in terms of volume.
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Europe emerged as the largest market for the global Water-Soluble Fertilizer market, with a market share of around 38.62% and 6.8 billion of the market revenue in 2021. The market for Water-Soluble Fertilizers in the European region has been expanding owing to a surge in the implementation of specialized fertilizers in countries including France and Russia. Also, the changing climate in Europe along with the increasing number of fertilizer manufacturers in Europe is driving the market.
The Asia-Pacific market is expected to grow at the fastest CAGR between 2021 and 2030. Rising agricultural output in countries like China, India, Thailand, and Australia would cause a noticeable increase in the Asia-Pacific area. A burgeoning middle class, an expanding population, and rising incomes will drive demand for food and agricultural products. This will encourage market expansion. Government subsidies, readily available agricultural loans, and the implementation of the "Make in India" program for the development of the agriculture industry would all contribute to the growth of the market for water soluble fertilizers during the course of the projection period.
Key Companies & Recent Developments
The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. List of Key Market Players: Agrium Inc., K+S Aktiengesellschaft, Coromandel International Limited, Yara International ASA, Compo GmbH & Co, Haifa Chemicals Limited, Israel Chemical Limited, Sociedad Quimica Y Minera SA (SQM), The Mosaic Company, EuroChem and Others Prominent Key Players from World.
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