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Liquid Fertilizers Market to reach $19,207.4 million by 2031 | Industry Research Report and Trends
Liquid Fertilizers Market
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Significant growth in investment in the agriculture sector, availability of low labor costs, flexible government regulations, and rise in importance of agriculture as the only mean of mass production for the growing population are expected to drive the growth of the global liquid fertilizers market. On the other hand, adverse impact of liquid fertilizers on the environment is expected to limit the growth to some extent. Nevertheless, judicious use of fertilizers along with progressive farming techniques in developing countries to increase the yield per area of the land is expected to create ample opportunities for the industry.
COVID-19 Scenario
The outbreak of COVID-19 has had a minimal impact on the growth of the global liquid fertilizers market, since governments of various countries across the globe took tenacious steps to ensure the availability of fertilizers for the farmers during the pandemic. But less availability of raw material and labor along with delays and disruptions at borders negatively impacted the market.
However, the market is expected to recoup soon.
The report provides a detailed segmentation of the global liquid fertilizers market based on type, production process, application, crop, and region.
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Based on type, the nitrogen segment generated the highest market share in 2020, garnering nearly three-fifths of the global market. The micronutrients segment, on the other hand, is expected to cite the fastest CAGR of 5.6% during the forecast period.
Based on application, the foliar segment held the majority share in 2020, contributing to half of the global market. The fertigation segment, on the other hand, is expected to exhibit the fastest CAGR of 4.9% during the forecast period.
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Based on region, the market across Asia-Pacific held the lion's share in 2020, garnering nearly half of the global market. The LAMEA region, on the other hand, is expected to cite the fastest CAGR of 6.2% during the forecast period. Other regions analyzed in the report are Europe and North America.
The key market players analyzed in the global liquid fertilizers market report include Agrium Incorporated, AgroLiquid, Haifa Chemicals Ltd., Compo Expert GmbH, K+S Aktiengesellschaft, Rural Liquid Fertilizers (RLF), Yara International ASA, Israel Chemical Ltd. (ICL), and Kugler Company.
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