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Fertigation & Chemigation Market Size, Trends & Forecast 2024-2033
Fertigation & Chemigation Market
According to The Business Research Company's, The fertigation & chemigation market size has grown strongly in recent years. It will grow from $42.64 billion in 2023 to $46.05 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to precision agriculture adoption, water scarcity concerns, agricultural productivity demands, government initiatives and subsidies, environmental sustainability.
The fertigation & chemigation market size is expected to see strong growth in the next few years. It will grow to $60.67 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to climate change adaptation, demand for controlled-release fertilizers, expanding horticulture sector, global population growth, rising adoption of greenhouse farming. Major trends in the forecast period include digital farming platforms, smart agriculture technologies, tailored nutrient programs, variable rate technology (vrt), remote monitoring and control, automation and smart farming.
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Market Drivers and Trends:
Growing vegetable production is expected to propel the growth of the fertigation and chemigation market going forward. Vegetable refers to specific plant parts that are edible, such as leaves, roots, stems, and flowers. In vegetable production, drip irrigation is the most popular method of fertigation as it lessens water contact with crop development above the ground (leaves, stems, and fruit), which minimizes the likelihood of developing many crop diseases. For instance, in 2023, according to Statistics Canada, a Canada-based government agency, the total vegetable production in Canada increased by 3.7% in 2022 with farm-gate sales reaching $1.6 billion. Furthermore, in 2021, according to Knoema, a US-based provider of integrated data management platform and AI toolkit for enterprises, globally vegetable production increased from 1,138 million tons in 2020 to 1154 million tons in 2021. Therefore, the growing demand for vegetable production is driving the growth of the fertigation and chemigation market.
Technical advancements are a key trend gaining popularity in the fertigation and chemigation market. Major companies operating in the fertigation and chemigation market are launching improved disc designs to sustain their position in the market. For instance, September 2022, Tel Aviv, an Israel-based specialty minerals company launched eqo.x, a ground-breaking rapidly biodegradable release technology designed for open field agriculture. This will assist farmers in maximizing agricultural crop performance while minimizing environmental effect by lowering nitrogen waste and increasing nutrient use efficiency (NUE) up to 80%. It is the only product on the market to offer a controlled release fertilizer (CRF) coating for urea, which biodegrades more quickly. The new technique will be used to reduce nitrogen losses in ICL's CRF products for agricultural crops, including those under the Agromaster and Agrocote brands.
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Major Key Players of the Market:
Jain Irrigation Systems Ltd.; Lindsay Corporation; Netafim Global; Rain Bird Corporation; Rivulis Irrigation Ltd.; T-L Irrigation Company; Epc Industries; Finolex Plasson Industries Ltd.; Galcon Ltd.; Greentech India; Mahindra & Mahindra Limited; Sentinel Fertigation; FlyBird Farm Innovations; Feeco International; EZ-FLO Injection Systems; Valmont Industries Inc.; Nelson Irrigation Corporation; The Toro Company; Senninger Irrigation Inc.; Smart Irrigation Systems Inc.; Stago Irrigation; Supreme Irrigation Systems; Valley Irrigation Inc.; Vesconite Industries; Weathermatic; Fimco Inc.; Flow-Matic Irrigation; Hydro-Gardens Inc.; Hunter Industries; IDEX Corporation
Fertigation & Chemigation Market 2024 Key Insights:
• The fertigation & chemigation market will grow to $60.67 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%.
• Surge In Vegetable Production To Drive Market Growth
• Technological Advancements Driving Innovation In Fertigation And Chemigation Market
• Europe was the largest region in the fertigation and chemigation market in 2023
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