The water-soluble fertilizers market is estimated at USD 18.3 billion in 2023 and is projected to reach USD 25.1 billion in 2028, at a CAGR of 6.5%. Water-soluble fertilizers hold an optimum combination of nitrogen, phosphate, and potassium (NPK) along with essential micronutrients. It is readily soluble in water and used for drip irrigation. The increasing cases of nutrient deficiency in crops and plants, along with the growing need for increased agricultural output, are factors driving the water-soluble fertilizers industry. Since these fertilizers are dissolved in water, the nutrients are readily and efficiently absorbed by the crops. Additionally, the increasing adoption of precision farming, horticulture, and hydroponics is another factor fueling the demand for water-soluble fertilizers.
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The foliar mode of application is projected to grow at a significant rate during the forecast period.
The foliar mode of the application provides high resistance to diseases & pests, improved drought and soil salinity tolerance, rapid utilization of applied nutrients, and high resistance to physiological disorders. Soil nutrients are not always available due to leaching; foliar fertilization applies the nutrients directly to the leaf, where the plant mostly needs them. With foliar applications, all nutritional problems can be tackled because the leaf absorbs all the essential nutrients.
Field crop segments are projected to grow at the fastest rate during the forecast period.
Field crops include corn, rice, sorghum, soybeans, winter wheat, durum wheat, and spring wheat. The effects of climate change on crop production will vary by region and will largely affect soil conditions and water quality. The demand for both of these crop types is rising, owing to their increasing demand among consumers; hence, the adoption of the alternative farming method is driving the demand for water-soluble fertilizers in the market.
The liquid segments hold a significant share in the water-soluble fertilizers market by form during the forecast period.
Based on form, the market is segmented into dry and liquid. Liquid fertilizers help provide plants with the food they need to survive. These fertilizers are absorbed by plants through leaf pores and roots. They are rich in growth hormones and micronutrients, hence, are widely used to grow crops such as maize.
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Europe holds the highest market share during the forecast period.
The agriculture industry in Europe is witnessing technological advancements, and the farming community is adopting innovative technologies. A majority of the arable farmland in Europe is used for cereal production, as per the data published by the World Bank in 2021. In 2021, approximately 161.5 million hectares of land in the EU were under agricultural cultivation (Source: Eurostat). Agriculture is the main occupation in France and Italy. The land in these countries has mountainous and hilly regions, terrains, and coastal areas. Most of this land is utilized for agriculture. This region witnesses the production of diverse crops and is divided between small-sized farms regulated. The western region witnesses a high adoption of highly intensified farming systems. The extensive research & development activities in the region have helped in the introduction of customized and crop-specific products.
Leading Water-Soluble Fertilizers Companies:
Key players in this market include Nutrien (Canada), Israel Chemical Company (Israel), Sociedad QuĂmica y Minera De Chile (SQM) (Chile), K+S Aktiengesellschaft (Germany), Yara International (Norway), Haifa Chemicals Ltd (Israel), Coromandel International Ltd (India), The Mosaic Company (US), Hebei Monband Water Soluble Fertilizer Co., Ltd (China), EuroChem (Switzerland), Agafert (India), SPIC (India), Aries Agro Ltd (India), Azoty Group (Poland), Vaikic-Chim (Bulgaria), Gujarat State Fertilizers & Chemicals Ltd (India), Incitec (Australia), IFFCO (India), Mangalore Chemicals & Fertilizers Ltd (India), and DFPCL (India).
