Water-Soluble Fertilizers Market Size, Share, Growth, Trends: Current Analysis and Forecast (2022-2028)

The water-soluble fertilizers market is expected to witness a CAGR of around 6% during the forecast period. Fertilizers that are 100 percent soluble in water are known as water-soluble fertilizers. When applied using foliar spray and fertigation methods, these fertilizers ensure that the nutrients in the fertilizer are readily absorbed and utilized by the plant system without being wasted through evaporation, leaching, or runoff. Moreover, water-soluble fertilizers make it simple to mix and ensure that plants have access to the necessary nutrients. It is rapidly soluble in water and also aids in foliar and fertigation by releasing vital nutrients into the root zone and leaves. The growth of the water-soluble fertilizers market is being boosted by these benefits.

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As the population is increasing worldwide, with this the demand for agricultural products is also increasing. The increase in population will create a high demand for field crops such as rice, cotton, wheat, oilseeds, and other grains in developing countries is expected to augment industry demand over the forecast period.

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Based on type, the market is segmented into nitrogenous, phosphatic, potassic, and others. The nitrogenous category is to witness higher CAGR during the forecast period due to its contribution to higher crop yield. This is mainly due to the nitrogen required for the synthesis of amino acids, which are the building blocks for the synthesis of proteins, in order for plants to grow and develop. Moreover, the high crop loss by nutrient deficiency and the high efficiency of nitrogenous water-soluble fertilizers reduces this crop loss which will drive the growth of the market.

On the basis of crop type, the market is categorized into field crop, horticulture, turf & ornamentals, and others. Among these, the horticulture category to hold a significant share of the market in 2020. This is mainly due to the growing demand for food with high nutritional value is the major factor that will propel the market growth during the forecast period.

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For a better understanding of the market adoption of the water-soluble fertilizers market, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at the fastest CAGR during the forecast period. This is mainly due to the large population in the region and the high demand for nutritional food. Moreover, rising agricultural yields is one of the major factors in the countries like China, India, and Australia. Furthermore, rising investment and government subsidies in the agriculture sector will boost the demand for fertilizers in the region. For instance, the Indian Government increased subsidy allocation for fertilizers from USD 9.83 million to more than USD 11 million in 2019. These factors are also contributing to the growth of the water-soluble fertilizers market.

Some of the major players operating in the market include Nutrien Ltd., Yara, ICL, Haifa Chemicals, Mosaic, Coromandel International Limited, K+S Aktiengesellschaft, SQM S.A., TATA Chemicals Ltd., OAFCO

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Global Water-Soluble Fertilizers Market Segmentation

Market Insight, by Type