The Water-Soluble Fertilizers Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Water-Soluble Fertilizers Global Market Report 2024, 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 in the historic period can be attributed to increasing awareness of crop nutrient requirements, rise in greenhouse and hydroponic cultivation, government initiatives and subsidies, shift towards sustainable agriculture, improved access 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 growth in the forecast period can be attributed to rising global population and food demand, focus on nutrient efficiency and crop yield, expansion of controlled environment agriculture, market emphasis on sustainable agriculture. Major trends in the forecast period include precision agriculture adoption, technological advancements in formulations, rising demand for high-quality crops, growing emphasis on environmental sustainability, shift towards hydroponic and fertigation systems.
The increasing need for fertilizers that are water soluble is expected to propel the growth of the water-soluble fertilizers market in the coming future. Water-soluble fertilizers are fertilizers that are soluble readily in water and are applied directly to the crop. The increasing need for water-soluble fertilizers is expanding the water-soluble fertilizers market since nutrients can be easily managed by the use of water-soluble fertilizers, and leaching and erosion have little impact on them. For instance, in June 2022, according to the House of Lords Library, a UK-based Chamber of Lords’ library and information resource, which is the upper chamber of the United Kingdom’s Parliament, Potash fertilizer prices had climbed by 165%, while phosphate fertilizer prices had increased by 120% to 128%, depending on the diversity. Therefore, the increasing need for fertilizers that are water soluble is driving the market.
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The water-soluble fertilizers market covered in this report is segmented –
1) By Type: Nitrogenous, Phosphatic, Potassic, Other Types
2) By Form: Dry, Liquid
3) By Crop Type: Field Crops, Horticultural Crops, Plantation, Turf And Ornamentals, Other Crop Types
4) By Application: Foliar, Fertigation
Product innovation is the key trend gaining popularity in the water-soluble fertilizers market. Major companies operating in the water-soluble fertilizers market are focused on developing innovative products to strengthen their position in the market. For instance, in July 2022, SQM, a Chile-based chemical firm that provides iodine, lithium, and industrial chemicals as well as plant nutrition, launched Ultrasoline K Plus a water-soluble fertilizer. Ultrasoline K Plus is composed of iodine, 13.7% nitrogen, and 46.3% potassium, and it has been supported by over 100 field tests with growers. By using Ultrasoline K Plus, crops may avoid iodine shortages without running the danger of applying too much iodine. Ultrasoline K Plus is created using an ecologically friendly technique that produces up to 40% fewer greenhouse emissions in addition to satisfying the demands of international markets.
The water-soluble fertilizers market report table of contents includes:
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