Water Soluble Fertilizers Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)
The global water soluble fertilizer market is set to witness substantial growth, with an estimated value of US$ 7.6 Billion in 2024. The market is expected to continue its rapid expansion, reaching an estimated valuation of US$ 13.13 Billion by 2031. The increasing demand for food security, limited agricultural land, and crop losses due to nutrient deficiencies are driving the growth of water soluble fertilizers.
Meeting the Growing Food Demand
The global population is expanding rapidly, leading to increased food consumption and concerns about food security. Water soluble fertilizers offer several advantages over traditional fertilizers, such as higher consumption rates, enhanced crop production in limited regions, and improved nutrient availability in soil. Technological advancements in application methods, including foliar and fertigation techniques, enable farmers and agricultural producers to utilize water soluble fertilizers more effectively.
Key Market Drivers
Demand for High-Value Crops
The growing need for specialty fertilizers to boost the production of high-quality crops is a significant driver of the water soluble fertilizers market. As the global population continues to grow, there is a heightened focus on food security and sustainable food production, particularly in emerging and underdeveloped countries.
Investment in Product Development
Major players in the water soluble fertilizers industry are investing in product development to maintain their market leadership. Recognizing the growth potential of the water soluble fertilizer industry, companies are expanding their product portfolios and global reach. This strategy is increasing awareness and demand for water soluble fertilizers, especially in regions where agriculture is a primary industry.
The Role of the United States
The United States is expected to dominate the global water soluble fertilizers market due to the increasing use of high-quality crop nutrition products. In both the U.S. and Canada, there is a rising demand for water soluble fertilizers capable of meeting plants' nutritional requirements at the right intervals.
Prospects in Europe
Europe currently holds the largest market share for water soluble fertilizers, driven by the widespread adoption of these fertilizers in countries like Russia, Spain, and France. Changing climate patterns in Europe and the presence of international water soluble fertilizer producers are contributing to market growth.
South Korea's Contribution
South Korea is anticipated to witness increased demand for water soluble fertilizers, driven by the growing production of high-value crops resulting from urbanization, economic growth, and trade liberalization. Subsidies for water soluble fertilizers in developing markets are expected to further boost their usage among farmers.
Competitive Landscape Analysis
Leading companies in the water soluble fertilizers sector, including Nutrien Ltd., Israel Chemicals Ltd., and Haifa Chemicals, are strengthening their product portfolios of specialty fertilizers. Nutrien Ltd., formed in 2017 through the merger of PotashCorp and Agrium, is focusing on product launches, acquisitions, and partnerships to enhance its market dominance.
Key Companies in the Water Soluble Fertilizers Market
• Israel Chemical Ltd (ICL)
• Yara International ASA
• Nutrien Ltd
• Haifa Group
• K+S Aktiengesellschaft
• The Mosaic Company
• VAKI - CHIM Ltd.
• Coromandel International Limited
Key Segments Covered in the Water-Soluble Fertilizers Industry Report
By Form
• Dry
Powder
Granules
• Liquid
By Product
• Nitrogenous
Urea
Ammonium Nitrate
Calcium Nitrate
Others (Ammonium sulfate, Magnesium nitrate, etc.)
• Micronutrients
Iron
Manganese
Zinc
Others (Copper, boron, etc.)
• Phosphatic
Mono-ammonium phosphate
Phosphoric Acid
Mono Potassium Phosphate
Others (Dipotassium Phosphate, Urea Phosphate, etc.)
• Potassium
Potassium chloride
Potassium sulfate
Potassium nitrate
By Mode of Application
• Foliar
• Fertigation
By Crop
• Cereals
• Vegetables
• Fruits
• Plantation
• Turf & ornamentals
• Greenhouse crops
By Region
• North America Market
• Europe Market
• Asia-Pacific Market
• Middle East & Africa Market
• South America Market
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