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Water-Soluble Fertilizers Market Research - Forecast Report 2018-2024 | Agrium, Sinochem International Corporation, K+S Group, The Mosaic Company
Global Market Insights
Water-soluble fertilizers market is segmented based on application into foliar and fertigation. Fertigation segment is anticipated to capture maximum revenue share over the coming years. The high revenue generation can be attributed to its broad application scope in major nutrients. Moreover, it is highly preferred by the farmers due to its ease in application and competitive prices compared to its counterpart.
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On the basis of crop, water soluble fertilizers industry is segmented as turf & ornamentals, field crops and horticulture crops. Horticulture crops are anticipated to observe rapid growth over the forecast timeframe. Rising demand for fruits & vegetables due to increasing awareness about health benefits will primarily drive the market growth. Government initiatives and promotions on enhancements in crop productivity will further propel the industry demand.
Water-Soluble Fertilizers Market size is anticipated to witness significant growth over forecast timeframe. Necessity for food security due to rapid population growth coupled with decreasing overall arable land globally are among key factors driving business growth. Considerable shift in farming practices along with positive outlook towards usage of technology & innovations to improve farm y
High application scope along with improved efficiency as compared to granular alternatives has enhanced the water-soluble fertilizers industry share. Rising consumer awareness pertaining to organic food products will support market growth. Limited availability of arable lands, easy application, and rising environmental concerns across the globe are other factors fueling water soluble fertilizers demand.
As per Food and Agriculture Organization (FAO), emerging economies including China and India need an extra 120 million hectares of arable land to fulfil the rising food demand by 2030. Arable lands are getting wasted due to improper agricultural practices and deforestation that leads to considerable loss of production yield. Efficient farm yield along with sustainable benefits, maintenance of overall plant health and enhanced crop growth are key properties fueling water-soluble fertilizers industry growth.
Increasing awareness regarding soil fertility management among farmers will further support product demand. Notable benefits of soil fertility management to reduce loss of arable land and meet rising global food demand will drive water-soluble fertilizers industry size. The practice includes crop rotation, optimum utilization of pesticides and fertilizers, and conservation tillage. Rising adoption of innovative techniques to improve soil fertility among farmers globally to enhance quantity & quality of agricultural production will drive water soluble fertilizers industry.
However, relatively higher product costs than other substitutes may hamper water-soluble fertilizers industry growth. Lack of consumer awareness regarding product benefits will further pose a challenge for market participants. Increasing threat of substitutes mainly including organic alternatives are among key restraining factors of product scope.
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Europe water-soluble fertilizers industry is expected to account for leading market share over the coming years. Rising product demand as an innovative agricultural technique will further fuel the regional demand. Necessity for efficient nutrients to ensure enhanced agricultural productivity & growth coupled with presence of well-established manufacturers will support business growth.
Asia Pacific water-soluble fertilizers industry is expected to witness significant growth owing to high adoption of merchandise and micro irrigation systems particularly in India and China. Increasing adoption of fertigation and foliar spray among farmers to meet the rising food demand will further induce immense potential for product demand. High dependence on agriculture as economic source and employment will further propel water soluble fertilizers industry. As per analysis, agricultural sector accounted for over 15% of the Indian economy in 2016.
Global water-soluble fertilizers market share is highly fragmented due to presence of large number of international and regional players operating in global as well as local market. Israel Chemical, Qatar Fertilizer, Agrium, Everris International, Yara International, Sinochem Fertilizer, Haifa Chemicals, Upstart Products, K+S AG, Compo GmbH and Mosaic Company are among key market players. Manufacturers are mainly focused on acquisitions, mergers, supply agreements and production capacity expansion to expand geographical coverage and reduce operational costs. For instance, in July 2017, Upstart Products merged with Ewing Irrigation & Landscape Supply to expand its product portfolio.
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