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Water Soluble NPK Fertilizers Market Size, Share, Growth Analysis, Business Insights And Forecast To 2033
Water Soluble NPK Fertilizers Market
Water Soluble NPK Fertilizers Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $17.44 billion In 2028 At A CAGR Of 6.2% :
The water soluble npk fertilizers market size has grown strongly in recent years. It will grow from $12.81 billion in 2023 to $13.69 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to agricultural intensification, global population growth, shift towards commercial farming, demand for high-value crops, environmental regulations, increase in horticulture and floriculture, government subsidies and incentives, growing awareness of crop nutrition, climate variability and crop resilience.
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.
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Water Soluble NPK Fertilizers Market Major 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 Driver - 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.
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Prominent Trend - 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.
Water Soluble NPK Fertilizers Market Players
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
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Largest And Fastest Growing Region In The Market
Europe was the largest region in the water soluble NPK fertilizers market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the water soluble npk fertilizers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Water Soluble NPK Fertilizers Market Report Structure
3. Water Soluble NPK Fertilizers Market Trends And Strategies
4. Water Soluble NPK Fertilizers Market - Macro Economic Scenario
5. Water Soluble NPK Fertilizers Market Size And Growth
…..
27. Water Soluble NPK Fertilizers Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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