Market Analysis:
Market Research Future (MRFR) asserts that the water-soluble fertilizers market is estimated to showcase a healthy CAGR during the appraisal period (2018 to 2023). Decreasing land suitable for agriculture is likely to favor the market growth in the coming years. Water-soluble fertilizers are referred to as fertilizers of synthetic or natural origin which can easily mix with a solvent, before being applied on crops. Water-soluble fertilizers make it easy to maintain the right amount of nutrients available to the plants. Such fertilizers rapidly dissolve in the water and help in foliar and fertigation by releasing the essential nutrients at the leaves and roots of the leaves.
Market Potential and Pitfalls
The global water-soluble fertilizers market is gradually stealing the limelight with the decreasing land suitable for agriculture. The ever-increasing population has increased the necessity of food security, due to which the demand for fertilizers has intensified. Water-soluble fertilizers are highly efficient when compared to other types of fertilizers. This is likely to enhance the market growth during the appraisal period. Water-soluble fertilizers can easily dissolve in water and are thus more suitable with modern irrigation systems. Such fertilizers can be applied easily and are quickly absorbed by the plants through foliar and fertigation. The rate of utilization and absorption of water-soluble fertilizers are significantly high as compared to conventional chemical fertilizers. The efficient use of such fertilizers also prevents the contamination of groundwater. Such factors are anticipated to bolster the market across the globe.
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The water-soluble fertilizers possess few impurities and low conductivity when compared to chemical fertilizers. Moreover, the fertilizer concentration of such fertilizers is easy to adjust and is thus a safe option for the young seedlings. The application of water-soluble fertilizers in greenhouse, economic incentives with fertigation in order to limit the consumption of groundwater, subsidies by the government for the adoption of technologies, and augmenting demand for micro-irrigation systems are likely to foster the market growth in the long run.
On the contrary, the threat of substitutes by organic farming alternatives coupled with the high cost of production are some of the major concerns likely to vitiate the market growth of water-soluble fertilizers throughout the appraisal period.
Industry Updates:
April 09, 2018: A leader in the commercialization and production of biostimulants and specialty nutrients, Valagro will be presenting Opifol. It is an innovative line of water-soluble foliar fertilizers which has been specially designed for the nutrition of row crops.
Competitive Dashboard:
The prominent players operating in the global water-soluble fertilizers market comprises EuroChem (Switzerland), Coromandel International Limited (India), Haifa Chemicals Limited (Israel), Yara International ASA (Norway), Sociedad Quimica Y Minera SA (SQM) (Chile), K+S Aktiengesellschaft (Germany), The Mosaic Company (US), Agrium Inc. (Canada), Israel Chemical Limited (Israel), and Compo GmbH & Co (Germany).
Segment Analysis:
The water-soluble fertilizers market has been segmented on the basis of crop type, product type, and application.
By mode of product type, the global water-soluble fertilizers market has been segmented into micronutrient fertilizers and macronutrient fertilizers.
By mode of crop type, the global water-soluble fertilizers market has been segmented into horticultural crops, field crops, turf & ornamentals, and others. Among these, the horticultural crops are likely to expand at the fastest growth rate due to an increased demand for high crop productivity and augmenting demand for vegetables and fruits.
By mode of application, the global water-soluble fertilizers market has been segmented into fertigation and foliar. Among these, the fertigation segment is predicted to occupy the maximum market share as this technique enables the fertilizers to distribute evenly.
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Regional Insights:
Geographically, the water-soluble fertilizers market span across regions namely, Europe, North America, Asia-Pacific, and the Rest-of-the-World (RoW).
Considering the global scenario, the water-soluble fertilizers market is dominated by the European region and is predicted to retain its dominance in the coming years. The growth is attributed to the presence of high technological advancements in the manufacturing of fertilizers. Moreover, with the augmenting awareness regarding crop nutrition among the cultivators, the market in this region is estimated to flourish.
The Asia Pacific is presumed to be a prominent region in the global market owing to an increased adoption rate of merchandise and micro-irrigation systems in this region. Moreover, the growing agricultural yield in economies like India, China, Thailand, and Australia is estimated to contribute to the global market. Moreover, the ever-increasing population in this region along with the increasing income of the middle-class population have further triggered the demand for water-soluble fertilizers in this region.
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