Press release
Rising Agricultural Intensification Boosts Water-Soluble NPK Fertilizer Market to $17.44 Billion by 2028
Water-Soluble NPK Fertilizer Market Report
The water soluble npk fertilizers market size is expected to see strong growth in the next few years. It will grow to $17.44 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to rising global food demand, climate-smart agriculture practices, increasing trend of soilless cultivation, biostimulants and micronutrient incorporation, economic growth and farming practices, focus on crop-specific nutrient management. Major trends in the forecast period include hydroponic and soilless farming, customized nutrient formulations, digital agriculture and farm management, integration of micronutrients, technological advancements in fertilizer manufacturing, precision agriculture technologies, specialty crop cultivation.
Market Overview -
Water-soluble NPK fertilizers are fertilizers made from a combination of rich nitrogen, phosphorus, and potassium ingredients that are highly effective, quick-acting, and exceptionally helpful for improving the quality and output of all field and cash crops, as well as horticulture.
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Horticulture Crop Boom To Drive Water-Soluble Npk Fertilizer Market
Rising demand for horticulture crops is expected to propel the growth of the water-soluble NPK fertilizer market going forward. Horticulture crops refer to plant crops that typically include fruits, vegetables, and ornamental plants. Rising cultivation of horticulture crops will result in increased use of water-soluble NPK fertilizers due to their water solubility and nutritional benefits enabling better plant growth and productivity. For instance, according to the estimates published in July 2022 by the Indian Department of Agriculture and Farmers Welfare, an agency responsible for agriculture and farmers' welfare in the country, in India, the total horticulture output was anticipated to reach 341.63 million tons in 2021-22, up roughly 7.03 million tons (or 2.1% increase) from 2020-21. Therefore, the rising demand for horticulture crops is expected to drive the growth of the water-soluble NPK fertilizers market.
Competitive Landscape -
Major companies operating in the water soluble npk fertilizers market report are Haifa Chemicals Ltd., Yara International ASA, Arab Potash Company, OMEX Agricultural Holdings Limited, Acron Group, Coromandel International Limited, EuroChem Group AG, Hebei Monband Water Soluble Fertilizer Co. Ltd., Indian Farmers Fertiliser Cooperative Limited, ICL Group Ltd., K+S Aktiengesellschaft AG, PhosAgro PJSC, Uralchem Integrated Chemicals Company, Grupa Azoty S.A., Chambal Fertilisers and Chemicals Ltd., Deepak Fertilisers and Petrochemicals Corporation Limited, Nutrien Ltd., Iowa Fertilizer Company, Qatar Fertiliser Company, Israel Chemical Limited, Sociedad Quimica Y Minera SA, BMS Micro-Nutrients NV, Compo Expert, Nutrien Limited, The Mosaic Company, Gujarat Aksha Fertilizer Company, Tanvi Bio Chemical Pvt Ltd., Volkschem Crop Science Pvt Ltd., Antares Chem Private Limited, Ram Shree Chemicals
Advanced Technology Revolutionizes Water-Soluble Npk Fertilizer Market
The adoption of advanced technology is a key trend gaining popularity in the water-soluble NPK fertilizers market. Major market players are concentrating their efforts on incorporating innovative technologies in their fertilizers offering better root growth as well as disease resistance and sustaining their position in the market. For instance, in September 2021, Coromandel International Limited, an India-based chemical manufacturing company, launched GroShakti Plus fertilizer based on EnPhos Technology. Because of the robust plant development and improved disease resistance, this technology provides better root development, faster growth, and higher-quality yields. This fertilizer has all major NPK nutrients with the maximum nutrient content among complex fertilizers making it a great product for farmers.
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Key Segments -
The water soluble npk fertilizers market covered in this report is segmented -
1) By Crop Type: Field Crops, Horticultural Crops, Ornamentals, Other Crop Types
2) By Application: Foliar, Fertigation
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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