Water Soluble Npk Fertilizers Market 2021: Regional, sub-regional, and country level data

Water soluble fertilizers are fertilizers that can be dissolved in water and added or leached out of the soil easily. Moreover, with water soluble fertilizers, it is easy to control the precise amount of nutrients available to the plants. The global water soluble NPK fertilizers market is estimated to surpass US$ 19,041.8 million by the end of 2027 in terms of revenue, exhibiting a CAGR of 6.2% during the forecast period (2020-2027).

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Competitive Section

Key players operating in the global water soluble NPK fertilizers market include Acron Group, Arab Potash Company, Compo Expert GmbH, Coromandel International Limited, Eurochem Group, Haifa Chemicals Ltd., Hebei Monband Water Soluble Fertilizer Co. Ltd., Indian Farmers Fertiliser Cooperative Limited, Israel Chemicals Limited, K+S Aktiegesellschaft, OMEX, PhosAgro Group, PT Petrokimia Gresik, Sichuan Guoguang Agrochemical, SQM S.A., The Mosaic Company, Uralchem Group, and Yara International ASA

Drivers

The rising global population and growing industrialization have led to limited availability of arable land. Moreover, increasing population is driving demand for food. In order to meet the rising demand from the population, the amount of crop produced should be adequate. The positive outlook of farmers towards the use of technology and new products to maximize the yield is also an important factor responsible for increasing demand for water soluble NPK fertilizers.

Among regions, Europe held dominant position in the global water soluble NPK fertilizers market in 2019, reporting 38.7% market share in terms of revenue, followed by North America and Asia Pacific.

Figure 1. Global Water Soluble NPK Fertilizers Market Revenue Share (%), By Region, 2019

Water Soluble NPK Fertilizers | Coherent Market Insights

Market Restraints

Increasing growth of organic agricultural practices across the world coupled with regional government initiatives to promote organic farming are creating negative environment for the water soluble NPK fertilizers market growth. For instance, according to the Research Institute of Organic Agriculture (FiBL) report, in 2015, globally, over 50.9 million hectares of land was occupied by organic agricultural activities. The regions with the largest areas of organic agricultural land include Oceania (22.8 million hectares, which is almost 45% of the world’s organic agricultural land) and Europe (12.7 million hectares, 25%). Moreover, in July 2020, Chhattisgarh Government (State in India) launched the Godhan Nyay Scheme to promote rural livelihoods along with organic farming. The scheme aims at increasing income of farmers & cattle ranchers, promote organic compost, reduce chemical fertilizer usage and improve soli health.

Water Soluble NPK Fertilizers Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: US$ 11,748.8 Mn
Historical Data for: 2017 and 2018 Forecast Period: 2020 to 2027
Forecast Period 2020 to 2027 CAGR: 6.2% 2027 Value Projection: US$ 19,041.8 Mn
Geographies covered:
Regions: North America, Latin America, Europe, Asia Pacific, and Middle East & Africa
Segments covered:
By Application: Foliar and Fertigation
By Crop Type: Field Crops, Horticultural Crops, Ornamentals, and Others
Companies covered:
Acron Group, Arab Potash Company, Compo Expert GmbH, Coromandel International Limited, Eurochem Group, Haifa Chemicals Ltd., Hebei Monband Water Soluble Fertilizer Co. Ltd., Indian Farmers Fertiliser Cooperative Limited, Israel Chemicals Limited, K+S Aktiegesellschaft, OMEX, PhosAgro Group, PT Petrokimia Gresik, Sichuan Guoguang Agrochemical, SQM S.A., The Mosaic Company, Uralchem Group, and Yara International ASA

Growth Drivers:
The increasing demand for water soluble NPK fertilizers due to high nutritional content
Limited availability of arable land
Restraints & Challenges:
Instability and hazardous nature of water soluble NPK fertilizers
Market Trends

The growth of the water soluble NPK fertilizers market is expected to be driven by the rapid increase in the global horticulture crop production despite the rise in crop prices and labor costs. For instance, according to India Brand Equity Foundation, total fruits production in India was pegged at 96.45 million tons in 2017 which increased to 97.97 million tons in 2018.The utilization of water soluble NPK fertilizers in horticulture is also driven by the shifting preference of consumers for dietary food and increasing demand for fruits & vegetables. The use of water soluble NPK fertilizers enables farmers to grow more food in limited lands and gain considerable return on investments.

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Figure 2. Global Water Soluble NPK Fertilizers Market Revenue Share (%), By Application, 2019

Water Soluble NPK Fertilizers | Coherent Market Insights

On the basis of application, the water soluble NPK fertilizers market is segmented into foliar and fertigation. In 2019, the fertigation segment accounted for 76.8% of the revenue share.

Global Water Soluble NPK Fertilizers Market - Impact of Coronavirus (Covid-19) Pandemic

The pandemic has impacted the agricultural supply chain, as many countries are under lockdown and have sealed their borders to curb the spread of the virus. Strict containment measures imposed by governments of various countries and preventive measures to control the impact of the outbreak have led to restriction of transportation and affected the growth of several markets across the globe. The water-soluble NPK fertilizers market growth has been slightly affected by logistics during the pandemic. Logistical precautions have caused a delay in shipments, which is hampering the supply chain of the Water-soluble NPK fertilizers market. The water-soluble NPK fertilizers market growth has been affected primarily following the outbreak of COVID-19 in China, which is the most significant producer and consumer of phosphates. However, the demand has not been affected as fertilizers as a commodity comes under ‘essential’ category.

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