PUBLISHER: The Business Research Company | PRODUCT CODE: 1414679
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414679
“Water-Soluble Fertilizers Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on water-soluble fertilizers market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for water-soluble fertilizers? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The water-soluble fertilizers market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Water-soluble fertilizers, commonly known as fertilizers that readily dissolve in water, are administered directly to plants through methods such as drip watering and foliar spraying to enhance nutrient utilization efficiency. The use of water-soluble fertilizers simplifies nutrition management, as nutrient levels remain unaffected by leaching and erosion.
The primary categories of water-soluble fertilizers include nitrogenous, phosphatic, potassic, and others. Nitrogenous, pertaining to substances that are nitrogen compounds or contain nitrogen, plays a crucial role in the development and reproduction of plants. The growth of pasture and crops often responds positively to an increase in soil nitrogen supply, and nitrogen fertilizers are commonly employed to address this requirement. These fertilizers are available in both dry and liquid forms. The diverse range of crops covered by water-soluble fertilizers includes field crops, horticultural crops, plantation crops, turf and ornamentals, and others. Applications of water-soluble fertilizers encompass foliar and fertigation methods.
The water-soluble fertilizers market research report is one of a series of new reports from The Business Research Company that provides water-soluble fertilizers market statistics, including water-soluble fertilizers industry global market size, regional shares, competitors with a water-soluble fertilizers market share, detailed water-soluble fertilizers market segments, market trends and opportunities, and any further data you may need to thrive in the water-soluble fertilizers industry. The water-soluble fertilizers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The water-soluble fertilizers market size has grown strongly in recent years. It will grow from $14.48 billion in 2023 to $15.26 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth observed in the historical period can be attributed to the heightened awareness of crop nutrient requirements, the upsurge in greenhouse and hydroponic cultivation, governmental initiatives and subsidies, the shift towards sustainable agriculture, and improved accessibility to agricultural information.
The water-soluble fertilizers market size is expected to see strong growth in the next few years. It will grow to $19.16 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The anticipated growth in the forecast period can be attributed to the increasing global population and demand for food, a heightened focus on nutrient efficiency and crop yield, the expansion of controlled environment agriculture, and a market emphasis on sustainable agriculture. Major trends expected in the forecast period include the adoption of precision agriculture, technological advancements in formulations, a rising demand for high-quality crops, an increased emphasis on environmental sustainability, and a shift towards hydroponic and fertigation systems.
The anticipated growth in the water-soluble fertilizers market is expected to be driven by the increasing demand for fertilizers that readily dissolve in water. Water-soluble fertilizers, which easily dissolve in water and are directly applied to crops, are gaining prominence due to their effective nutrient management and minimal susceptibility to leaching and erosion. For example, in June 2022, Potash fertilizer prices surged by 165%, and phosphate fertilizer prices increased by 120% to 128%, depending on the variety, as reported by the House of Lords Library. This trend underscores the rising need for water-soluble fertilizers in the market.
The expected expansion of crop production is poised to fuel the growth of the water-soluble fertilizers market. Crop production involves cultivating crops or plants to obtain yields for various purposes, such as human consumption or industrial uses. Water-soluble fertilizers find application in crop production due to their advantages, including quick nutrient availability, precise application, uniform distribution, flexibility in timing, compatibility with controlled environments, and potential for reducing environmental impact. According to agricultural production statistics from the Food and Agriculture Organization (FAO) in December 2022, the global production of primary crop commodities reached 9.5 billion metric tons in 2021, marking a two percent increase from the previous year. Therefore, agricultural practices and the diversity of crops are key factors driving the growth of the water-soluble fertilizers market.
The water-soluble fertilizers market is experiencing a significant trend towards product innovation, with major companies concentrating on developing inventive solutions to enhance their market presence. As an example, in July 2022, SQM, a Chile-based chemical firm specializing in iodine, lithium, industrial chemicals, and plant nutrition, introduced Ultrasoline K Plus, a novel water-soluble fertilizer. Comprising iodine, 13.7% nitrogen, and 46.3% potassium, Ultrasoline K Plus underwent over 100 field tests with growers, ensuring that crops can address iodine deficiencies without the risk of overapplication. The environmentally friendly production process of Ultrasoline K Plus results in up to 40% fewer greenhouse emissions, aligning with international market demands.
Major companies in the water-soluble fertilizers market are adopting a strategic partnership approach to introduce revolutionary nutrient-efficiency products. Strategic partnerships involve companies leveraging each other's strengths and resources for mutual benefits. For instance, in March 2021, The Mosaic, a US-based agriculture company specializing in phosphate, potash, and urea, partnered with Sound Agriculture, a US-based biotech company. Together, they aim to develop and distribute a proprietary mix of bio-inspired chemistry and essential micronutrients, contributing to the nutrient efficiency sector's growth. This collaboration allows Mosaic and Sound Agriculture to scale their technology rapidly, utilizing their technical expertise and market access.
In July 2021, ICL Group Ltd., a global leader based in Israel, specializing in agriculture, food, and industrial products, acquired Compass Minerals' South American Plant Nutrition Business for approximately US$420 million. This acquisition positioned ICL as Brazil's leading specialty plant nutrition company, enhancing its product portfolio with advanced solutions such as enhanced efficiency fertilizers, controlled-release fertilizers, soil and foliar micronutrients, and secondary nutrients. Compass Minerals, a US-based provider of essential minerals, contributed to the expansion of the water-soluble fertilizers market through this strategic move.
Major companies operating in the water-soluble fertilizers market report are Nutrien Ltd., Israel Chemicals Ltd., Coromandel International Limited., The Mosaic Company, K+S AKTiengesellschaft, Agrium Inc., Iowa Fertilizer Company, Qatar Fertiliser Company, Israel Chemical Limited, Sociedad Quimica YMinera SA (SQM), Yara International ASA, BMS Micro-Nutrients NV, COMPO EXPERT INDIA PRIVATE LIMITED, Haifa Group, Indian Farmers Fertiliser Cooperative Limited, EuroChem Group AG, UralChem Holding PLC, Sinochem Fertilizer Co. Ltd., Hebei Monband Water Soluble Fertilizer Co. Ltd., Potash Corporation of Saskatchewan Inc., Shandong Kingenta Ecological Engineering Co. Ltd., National Liquid Fertilizer, Arab Potash Company, Omex Agriculture Inc., Everris International B.V., Agafert Srl, Nagarjuna Fertilizers & Chemicals Ltd., Grupa Azoty S.A., Gujarat Agro Industries Corporation Ltd., Zuari Agro Chemicals Limited
Asia-Pacific was the largest region in the water-soluble fertilizers market in 2023. The regions covered in the water-soluble fertilizers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the water-soluble fertilizers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The water-soluble fertilizers market consists of sales of urea phosphate, potassium nitrate, mono potassium phosphate, ammonium nitrate, sulfate of potash, and mono ammonium phosphate. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.