Newark, May 20, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 15 billion in 2023 global water-soluble fertilizers market will reach USD 29.50 billion in 2033. One kind of fertilizer that dissolves in water is called water-soluble fertilizer. One kind of fertilizer that dissolves in water is called water-soluble fertilizer. These substances exhibit great solubility, rapid absorption by plants, and adaptability in terms of delivery techniques. These fertilizers include micronutrients like calcium, sulphur, and magnesium and macronutrients like potassium, phosphorus, and nitrogen. Plant roots absorb them quickly, which causes prompt nutrient intake and discernible growth responses. Water-soluble fertilizers give users exact control over nutrient concentrations, enabling them to customize fertilizer treatments according to their plants' requirements and growth phases.
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Scope of Wood Chipper Market
| Report Coverage | Details |
| CAGR | 3.43% from 2024 to 2033 |
| Market Size in 2023 | USD 303.45 Million |
| Market Size by 2033 | USD 425.16 Million |
| Largest Market | North America |
| Base Year | 2023 |
| Forecast Year | 2024 to 2033 |
| Historical Year | 2020-2022 |
| Segments Covered | Product, End User, Crop Type |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Water-soluble fertilizers are simple to use, manage, and store. They are appropriate for both large-scale agricultural operations and small-scale gardening because of their versatility, which includes applications such as fertigation and foliar feeding. These fertilizers work well with contemporary agricultural techniques like precision agriculture, greenhouse farming, and hydroponics. Fertilizers soluble in water positively impact plant health, crop yields, and product quality. Water-soluble fertilizers provide controlled nutrient delivery, minimizing nutrient runoff and leaching, lowering the risk of environmental contamination and enhancing agricultural practices' sustainability.
Key Insight of the Global Water-soluble Fertilizers Market
Europe will dominate the market during the forecast period.
The region's strict fertilizer use and environmental protection legislation encourages the adoption of water-soluble fertilisers. The adoption of cutting-edge fertilization methods, such as water-soluble fertilizers, is encouraged by Europe's emphasis on environmentally conscious farming and sustainable agriculture. European agricultural innovation and research have played a significant role in creating high-grade water-soluble fertilizers. Demand for water-soluble fertilizers is driven by European farmers' growing adoption of sustainable agricultural practices. Europe's supremacy in the market is ascribed to its strong regulatory framework, technical innovation, dedication to sustainable farming techniques, and robust market demand.
In 2023, the liquid segment dominated the market, with an 80% market share and revenue of 12 billion.
The form segment is divided into dry and liquid. In 2023, the liquid segment dominated the market, with an 80% market share and revenue of 12 billion.
In 2023, the nitrogen segment dominated the market with the largest market share of 47% and revenue of 7.05 billion.
The type segment is divided into nitrogen, potassium, phosphate, secondary nutrients, and micro-nutrients. In 2023, the nitrogen segment dominated the market with a 47% market share and revenue of 7.05 billion.
In 2023, the fertigation segment dominated the market, with a 67% market share and revenue of 10.05 billion.
The application segment is divided into foliar and fertigation. In 2023, the fertigation segment dominated the market with the largest share of 67% and revenue of 10.05 billion.
In 2023, the horticulture segment dominated the market, with a 37% market share and revenue of 5.55 billion.
The crop type segment is divided into field crops, horticulture, turf and ornamentals, and others. In 2023, the horticulture segment dominated the market with a 37% market share and revenue of 5.55 billion.
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Advancement in market
At a function in Ahmedabad, the Gujarat Agro Industries Corporation (GAIC) introduced several grades of imported water-soluble fertilizers. Gujarat has emerged as the leading state in terms of the amount of land covered by drip irrigation. The next development in precision agriculture will be using water-soluble fertilizers to produce fruits and vegetables that meet international standards.
Market Dynamics
Driver: The expanding populace.
There is a significant surge in the demand for food due to the growing worldwide population. To meet this demand, water-soluble fertilizers are essential because they increase crop yields. They are vital for meeting the food needs of an expanding population since they may directly supply vital nutrients to plant roots, promoting optimal growth. The development of specialized water-soluble fertilizers suited to certain crop needs, soil conditions, and environmental considerations results from recent fertiliser formulation technology advancements. Fertilizers that are more effective, efficient, and environmentally friendly are the product of these improvements. These days, farmers may choose from various water-soluble fertilizers that optimize output while reducing their negative effects on the environment. Consumer tastes for wholesome, secure, and environmentally friendly food have also changed. The growing need for water-soluble fertilizers also results from shifting customer expectations for nutritious, safe, and responsibly produced food. The need for water-soluble fertilizers is rising due to various factors, including rising food and population demands, technological developments in fertilizer composition, and changing customer expectations for safety and quality.
Restraints: The increased price of fertilizers soluble in water.
Manufacturing fertilizers that dissolve in water requires more complex procedures, specialized tools, and machinery. The intricacies involved in production lead to increased expenses for labour and energy. Furthermore, special packaging is needed for water-soluble fertilizers to avoid moisture absorption and preserve product quality, which raises the cost of handling and packaging. Because water-soluble fertilizers are hygroscopic and require sealed containers and regulated humidity levels to prevent degradation, their transportation and storage costs are considerably higher. Farmers may often incur additional expenses for maintenance and investment due to the specialized equipment needed for applying water-soluble fertilizers. The scarcity and low market demand for water-soluble fertilizers increase prices even more. Thus, the increased price of fertilizers that dissolve in water will reduce market demand.
Opportunities: favourable laws and regulations.
Globally, laws are being enacted by governments to encourage environmentally friendly farming methods and lessen their negative effects. These laws frequently limit the application of conventional fertilizers while encouraging the use of more ecologically friendly substitutes, such as water-soluble fertilizers. Government financial incentives and subsidies motivate farmers to switch to water-soluble fertilizers, encouraging widespread use. The movement towards water-soluble fertilizers has accelerated due to environmental concerns about using conventional fertilizers. Consequently, government restrictions and subsidies will support market expansion during the projection period.
Challenges: The lack of infrastructure for the widespread adoption of water-soluble fertilizers.
Access to clean water for proper dissolution and application is essential for water-soluble fertilizers to be deployed effectively. However, regions with limited water availability or poor water quality will face challenges. Fertigation systems, commonly used for application, require investment in irrigation infrastructure, which is challenging for small-scale farmers who form the majority in most countries. Storage facilities equipped with climate control mechanisms are crucial to maintaining water-soluble fertilisers' quality. Inadequate storage infrastructure can lead to product spoilage and financial losses. Additionally, inefficient distribution networks hinder timely and reliable access to water-soluble fertilizers. Therefore, the infrastructural challenges will hamper the market’s growth.
Some of the major players operating in the global water-soluble fertilizers market are:
• Agrium Inc.
• Coromandel International Ltd.
• Haifa Chemicals Ltd.
• Indian Farmers Fertilizer Cooperative
• Israel Chemical Ltd.
• Qatar fertilizer company
• Rashtriya Chemicals & Fertilizers
• The Mosaic Company
• Yara International ASA
• Zuari Industries Ltd.
Key Segments covered in the market:
By Form
• Dry
• Liquid
By Type
• Nitrogen
• Potassium
• Phosphate
• Secondary Nutrients
• Micro-Nutrients
By Application
• Foliar
• Fertigation
By Crop Type
• Field Crop
• Horticulture
• Turf and Ornamentals
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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