Liquid Fertilizers Market Expected to Reach $13,530 Million: Industry Dynamics and Future Estimations
Liquid fertilizers exhibit an effective way of delivering the essential nutrients to plants at the specific time and in appropriate concentration. These fertilizers are absorbed by plants through their leaf pores and roots. Moreover, liquid fertilizers are rich in growth hormones and micronutrients, and are widely used for crops, such as maize.
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Micronutrients are sprayed by foliar methods, especially iron and manganese, for many crops. Liquid fertilizers also help in the rapid and early growth of seedlings. Fertilizers containing sodium, potassium, and phosphorous can dissolve quickly in water and applied, which eventually saves the application cost and allows the utilization of fertilizers. Moreover, the foliar method of application is employed when roots and soil are deficient in micronutrients. Furthermore, nitrogen-based liquid fertilizers are expected to account for major share in the liquid fertilizer market.
At present, the global liquid fertilizers market is witnessing numerous opportunities, owing to rapid increase in development of agriculture industry in Asia-Pacific and LAMEA. In addition, population and income determine food consumption, while changes in income lead to a shift in diets pattern. Moreover, with the rise in incomes, consumption patterns change from staple foods, such as cereals, to a higher-value product, such as meat, vegetables, and dairy. Furthermore, with the surge in food consumption, the need for crop yield increases, effectively leading to market growth.
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In addition, on-farm liquid fertilizer storage is expected to be a key trend for market growth. Increase in the use of liquid fertilizers products, such as UAN, has encouraged farmers to store liquid fertilizers in the farm itself as the volatilizing transportation costs leaves farmers with lesser profits. The increase in farm operations further augments the need for liquid fertilizers and motivates farmers to reduce their dependence on delivery of fertilizers and increase storage capacity.
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