Water Soluble Fertilizers Market Projected to Surpass $8 Billion by 2026, Says Global Market Insights Inc.
The growth of the water-soluble fertilizers market is ascribed to the rising food demand and population across the world, says this report.
SELBYVILLE, Del., August 11, 2020 (Newswire.com) - Based on Global Market Insights Inc., report, the water soluble fertilizers market was estimated at $6.58 billion in 2019 and is slated to exceed $8 billion by 2026, registering a CAGR of 7.3% from 2020 to 2026. The report provides a thorough analysis of the major winning strategies, market estimations as well as size, main investment avenues, competitive scenarios, drivers and opportunities, and wavering industry trends.
The water soluble fertilizers market is driven by the limited availability of cultivable land and evolving food consumption patterns. In fact, rapid urbanization and economic growth have fostered momentous dietary changes in today’s population. Further, increasing consumption of meat is fueling the animal feed demand. It is noted that for producing a ton of poultry meat, nearly two tons of grain feed is needed. Likewise, a ton of beef and pork meat requires around seven, and four tons of grain feed is required respectively. The rising demand for food grain from the livestock sector will positively impel product penetration across the sector.
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In terms of product, potassium-based products like potassium nitrate, potassium sulfate, and potassium chloride, will observe over a 7% CAGR through the forecast time period. The growth is ascribed to the fact that potassium does not just improve the crop quality but further provides crop resistance to drought, lodging, and disease. In addition, the product is also required for activating nearly 80 enzymes throughout the plant further signifying its importance across the sector.
Key reasons for water soluble fertilizers market growth:
- Rising water scarcity across the world.
- Growing product demand from the horticulture sector.
- Increasing wheat demand across Europe.
2026 forecasts anticipate the ‘fertigation’ mode of application segment showing appreciative growth:
The fertigation application segment is expected to witness substantial growth since it increases crop yield by almost 25%-30% and further manages nutrients as per plant requirements. The process also reduces nutrition loss since both major as well as micronutrients can be put in one solution through irrigation. Moreover, it saves energy, labor, and time, thereby growing its demand for improving crop production across plantations and greenhouses.
Europe & North America to witness remunerative growth:
The European water soluble fertilizers market is anticipated to grow at a considerable rate over the estimated timeframe. This growth is ascribed to limited availability of arable land and crop yield lag, except in Central and Southeastern Europe. Moreover, the growing demand for wheat in the region will encourage substantial growth in the market landscape. As per the European Commission, the region, in 2019, had about 250 kg per capita wheat consumption yearly.
The North American water soluble fertilizers market held around 15% industry share in 2019 and is ascribed to the decreased consumption in the U.S. market. This reduction further indicates a combination of low international prices for several crops along with unfavorable weather conditions in major agricultural and fertilizer consuming parts of the central U.S.
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Leading market players:
Prominent market players analyzed in the water-soluble fertilizer industry report include The Mosaic Company, Haifa Group, Israel Chemical Ltd. (ICL), K+S Aktiengesellschaft, Nutrien Ltd., and Yara International ASA among others. They have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform, offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company-level, and cross-sectional statistics that make our offering a stand-out for decision-makers.
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Source: Global Market Insights Inc.
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