The global water soluble fertilizers market size is expected to reach USD 22.0 billion by 2024, at a registering a CAGR of 6.5% over the forecast period, according to a new report by Grand View Research, Inc. Rising demand for the product as they improve crop quality and increases crop production output significantly will augment market growth over the forecast period. Increasing crop production in countries including China, India, the U.S., Indonesia, Brazil, Japan and Mexico on account of growing population will drive industry size over the next eight years. Decreasing availability of arable land is expected to fuel the product demand over the forecast period.
Horticultural crops are projected to show significant revenue gains at a CAGR of 6.8% from 2016 to 2024 owing to rising consumption of fruits, vegetables, spices and medicinal plants. Moreover, rapid economic development, government support, advancements in fertilizer manufacturing is anticipated to propel market demand.
Further key findings from the report suggest:
• Foliar accounted for 30.4% of the overall volume and will show steady growth in light of rising application in various fruits & vegetables including tomatoes, beans, and melons. However, high cost as compared to fertigation will pose a challenge to its growth.
• Europe accounted for 37.6% of the overall revenue share in 2015 and is expected to witness significant gains in light of rising food security concern owing to growing population along with high export demand for food products including wheat and cereals from Germany, France, Italy and UK. Moreover, the presence of key participants including Yara International, Bunge Ltd., Agrium, Eurochem, Potash Corp, and CF Industries will promote industry growth.
• Latin America will witness substantial revenue rise at a CAGR of 7.2% from 2016 to 2024 on account of the presence of various major participants including The Mosaic Company, Potash Corp, and Haifa Chemicals. Development of agricultural policies and government schemes to promote micro irrigation systems, which dispenses water soluble fertilizers will augment industry size.
• Water soluble fertilizers industry is dominated by major participants including Agrium Inc., Potash Corp, Israel Chemicals Limited, The Mosaic Company, K+S AG, and Yara International ASA. Ongoing product innovation to produce efficient and cost-effective fertilizers is expected to lead to industry expansion over the next eight years.
• In April 2016, Yara International expanded the Rio Grande fertilizer plant capacity in Brazil to create one of the most modern fertilizer sites. In December 2015, Yara International acquired Greenbelt Fertilizers to expand the fertilizer business in Zambia and surrounding areas that were experiencing fast agricultural growth. In March 2015, Israel Chemicals planned to build a potassium nitrate production plant to meet growing demand for soluble specialty fertilizers.
Fertilizer Industry Size was valued at USD 201.3 Million Tons in 2021 and is projected to expand at a CAGR of 1.2% during 2022 to 2030.
Water Soluble Fertilizer Market Segmentation
Grand View Research has segmented the global water soluble fertilizers market on the basis of product, crop type, application, and region:
Water Soluble Fertilizers Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 – 2024)
• Secondary nutrients
Water Soluble Fertilizers Crop Type Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 – 2024)
• Turf & ornamental
Water Soluble Fertilizers Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 – 2024)
Water Soluble Fertilizers Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 – 2024)
• North America
• Asia Pacific
• Latin America
- South Africa
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.