Global Water-Soluble Fertilizers Market for is gaining support from eco-friendly measures launched by various governments. Its high efficiency is also expected to play in favor of market growth. Market Research Future (MRFR) revealed in their report that factors like the growing demand from the agrarian economies, stricter regulations regarding chemicals, surging demand for food security, and others are expected to provide traction for the market during the forecast period of 2020 to 2023.
However, the market may face some restraints in the form of a high price of the product and the availability of better alternatives like organic fertilizers. These can derail the market from its growth track.
Agrium Inc. (Canada), Yara International ASA (Norway), Sociedad Quimica Y Minera SA (SQM) (Chile), K+S Aktiengesellschaft (Germany), The Mosaic Company (US), EuroChem (Switzerland), Israel Chemical Limited (Israel), Compo GmbH & Co (Germany), Coromandel International Limited (India), and Haifa Chemicals Limited (Israel) are some of the prominent companies investing in the Global Water-Soluble Fertilizer Market.
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In June 2020, Rashtriya Chemical & Fertilizers (RCF) announced that their Q4 March 2020 profit recorded a massive 202% rise from their Q4 March 2019 results. This has boosted their stock market presence and improved its share market value. RCF is known as a major water-soluble fertilizer producer. This profit would substantially bolster the expansion plans of the company’s water-soluble fertilizer segment. This would also inspire other companies to make such investments.
The report on the Global Water-Soluble Fertilizers Market includes a proper discussion of segments like product type, crop type, and application. These segments have data that are bolstered by various charts and graphs to facilitate the process of making decisions.
By type, the global market has been segmented into macronutrient fertilizers and micronutrient fertilizers. The macronutrient fertilizer segment includes phosphatic, nitrogenous, and potassic. The nitrogenous fertilizer segment has the maximum market control and is witnessing growth due to its ease of use and widespread applications of nitrogenous fertilizers.
By crop type, the global market has been segmented into horticultural crops, turf & ornamentals, field crops, and others. The horticultural crops segment is slated to record the fastest growth rate during the forecast period due to the rising demand for a better standard of fruits and vegetables and high crop productivity.
By application, the market includes a study of foliar and fertigation. The fertigation segment has the maximum market share as it allows an even distribution of fertilizers.
Europe’s stand in the Water-Soluble Fertilizer Market would be exceptional. The region would register the highest revenue-generating capacity, and this is due to its strict laws to support pro-environmental methods. Countries like the UK, France, Germany, Italy, Spain, and others are expected to provide traction to the regional market.
North America would enjoy substantial growth due to the hike in the inclusion of the product in countries like the US and Canada, where the awareness level is quite high. This will also benefit from regional technological brilliance. In Asia Pacific, the market would gain much from the growing acceptance of the product in agrarian economies. Government initiatives are also expected to bolster the market.
During the COVID-19 pandemic outbreak, several industries got hit by a large-scale disruption in production and supply. The water-soluble fertilizer market was no exception. This industry had to face certain limitations. However, certain countries kept the agriculture sector out of the purview of lockdowns owing to which the production of such water-soluble fertilizers received thrust.
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