Liquid Fertilizers Market Projected To Grow At A CAGR of 3.1% By 2027| Nutrien, Yara International, K+S Group, SQM, The Mosaic Company, Eurochem, CF Industries, OCP Group
The Liquid Fertilizers Market is projected to grow at a CAGR of 3.1% during the forecast period 2020-2027.
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A fertilizer is any natural or synthetically derived material that is used for supplying essential nutrients to plants to promote its growth. Fertilizers can be applied either to the plant tissue or can be incorporated in the soil and are commercially available in dry/granular form and liquid form. Liquid fertilizers evolved as the high growth category of fertilizers owing their ease of use and even concentration characteristics. Liquid fertilizers are extensively in use in crop nutrition activities for wide variety of crops including cereals and grains, fruits, vegetables, and flowering plantations.
The global liquid fertilizers market valued USD XX billion in 2018 and is estimated to reach USD XX billion by 2026, at a CAGR of XX% during the forecast period.
Global Liquid Fertilizers Market - Dynamics:
The need for crop nutrition has been rising in both food and commercial crops owing to various economic and environmental factors. Several factors including soil erosion, over cropping, and lack of water is resulting in loss of inherent fertility in agricultural land. Liquid fertilizers grown as the effective solution to offset this loss in soil fertility owing to their rich blend of nutrients, thereby resulting in increased yield and quality of produce. The growing population is poising significant increase in food demand and forcing farmers across the globe to increase crop production. According to the statistics of The Food and Agriculture Organization (FAO), the global population is likely to reach 10 billion by 2050 and would result in a growth of over 50% in agricultural demand as compared with 2018. The development of organic liquid fertilizers is likely to provide significant growth potential to the market over the forecast period. Organic liquid fertilizers are an essential tool in the armory of farmers and crop growers in meeting growing demand in a sustainable way. Lack of awareness among farmers towards application of fertilizers in right proportions is the key restraint for the growth of liquid fertilizers market. Moreover, the adverse effects associated with use of synthetic liquid fertilizers on environment and farmer health is hindering the growth of the market.
Global Liquid Fertilizers Market -Market Segmentation:
The global liquid fertilizers market has been segmented by nutrient type into nitrogenous, phosphate, potassic, and micronutrient fertilizers on the basis of their formulation and nutrient content. Nitrogen rich liquid fertilizers evolved as the largest segment of the market owing to the role of nitrogen in plant growth. Nitrogen is the main constituent of protein in plants and availability of nitrogen determines the yield, vigour, and colour of the plant. With a share of over 80%, liquid fertilizers rich in primary nutrients N, P, and K. Micronutrient bends intended for providing secondary nutrients like calcium, magnesium, and sulphur is witnessing significant growth owing to rising need for high shelf-life produce and calcium rich foods. By type, organic liquid fertilizers is growing at a lucrative growth rate owing to rising organic agriculture practices across the globe. Organic liquid fertilizers are derived from crop residues and animal manures and does not contain any traces of chemicals. According to the Research Institute of Organic Agriculture, the area of cropland managed organically reached 70 million hectares by the end of 2017 which is 20% higher than that of 2016.
By geography, global liquid fertilizers market is segmented into North America, South America, Europe, Asia Pacific, Middle East and Africa. The large scale use of fertilizers particularly in China made Asia Pacific as the largest market for liquid fertilizers market. According to The International Fertilizer Association (IFA), Asia accounted for a share of 60% in global nitrogen consumption in 2016. Growing practice of precision farming and use of effective crop protection tools such as air-assisted chemical spraying is boosting the growth of liquid fertilizers in this region. However, the market is poised to grow at a significant growth rate in South America region. The large potential for increasing agricultural production is likely to support this growth rate.
The global liquid fertilizers market is fragmented with large number of companies involved in production of liquid fertilizers. Along with global agrochemical companies such as FMC Corporation and Yara International ASA, the market is integrated with the footholds of many Chinese and Indian players. The market is highly competitive with the likes of new product launches and production expansions.
In July 2019, Russia based chemical manufacturer Chemical Alliance LLC launched a new production plant of liquid complex fertilizers in Zaporizhia in Ukraine. With a production capacity of 5,000 tons per month, establishment of this plant marks a key development of the company. Furthermore, the company is planning to launch two more plants in Ukraine to increase its production capacity to 30,000 tonnes per month
OptimumTurf, the crop nutrition business of Yara International ASA launched new line of liquid fertilizers for turf in May 2019
In February 2017, Yara International ASA launched a $2.3 million liquid fertilizer plant in Malmesbury as part of its long-term commitment to agricultural development in South Africa
U.S. based Nutra-Flo Company launched a new liquid starter fertilizer under the brand PureGradeT in January 2014
Other key players in the market are Kugler Company, Haifa Chemicals Ltd., Israel Chemicals Ltd., Zuari Agro Chemicals Limited, and Plant Fuel Nutrients LLC.
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