Water Soluble Fertilizer Market Size, Demand, Growth Analysis, Share, Revenue and Forecast 2027
The global water soluble fertilizers market size is projected to reach USD 20.64 billion by the end of 2027. The increasing investment in the research and development of efficient products will have a huge impact on the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled “Water Soluble Fertilizer Market Size, Share & COVID-19 Impact Analysis, By Type (Nitrogenous, Phosphatic, Potassic, and Others), Application (Foliar and Fertigation), Crop Type (Field Crop, Horticulture, Turf & Ornamentals, and Others), and Regional Forecasts, 2020 – 2027,” the market was worth USD 15.08 billion in 2019 and will exhibit a CAGR of 4.4% during the forecast period, 2020-2027.
Water soluble fertilizers are products that can be easily dissolved in water and added to the soil. The process of adding fertilizers directly to the soil helps avoid wastage. The massive investments in the research and development of efficient fertilizers will emerge in favor of growth of the overall market in the coming years. The increasing demand for sustainable products, driven by the increasing awareness regarding crop life and yield has led to a wider adoption of environment-friendly fertilizers. The presence of several large scale manufacturers, coupled with the rising agriculture industry across the world will have a direct impact on the growth of the water soluble fertilizers market in the foreseeable future.
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List of companies profiled in the report:
- SQM (Santiago, Chile)
- Nutrien Ltd. (Saskatoon, Canada)
- ICL (Tel-Aviv, Israel)
- Yara International (Oslo, Norway)
- Haifa Chemicals Limited (Haifa, Israel)
- The Mosaic Company (Florida, United States)
- EuroChem (Zug, Switzerland)
- Coromandel International Limited (Secunderabad, India)
- Qatar Fertilizer Company (Qatar)
- COMPO EXPERT (Munster, Germany)
Socio-economic Changes Caused by the Covid-19 Pandemic to have an Adverse Effect on WSF Market
The recent coronavirus outbreak has had an adverse effect on several industries across the world. Accounting to the efforts put in by governments across the world, businesses have been forced to shut down. The coronavirus outbreak has, thus, had a negative socio-economic impact. The trails of the Covid-19 pandemic has made its way into several industries and the agriculture sector is one the most-affected industries in the past few months. Due to the efforts that are being put to curb the spread of the coronavirus, the market is likely to witness a decline in its CAGR in the coming years.
Company Collaborations are an Increasing Trend Among Major Businesses Across the World
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of collaborations, driven by the efforts put by large scale companies to extend their geographical footprint, has had the highest impact on market growth. In December 2019, Van Iperen announced the expansion of its businesses operations in North America through its subsidiary in the US. The company already has a strong global presence and works with the likes of Milliken. The company boasts an attractive range of WSFs, with a broad range of specialty fertilizers. Through this subsidiary, the company will not just strengthen its domestic footprint, but will send out a statement of intent across the F&B industry.
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Asia Pacific to Exhibit a High CAGR; Presence of Several Large Scale Companies will Aid Market Growth
The report analyses the latest market trends across five major regions, including North America, South America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in Asia Pacific is projected to exhibit the highest CAGR in the coming years. The degrading arable land and the limited water resources in several countries across this region will have a direct impact on the growth of the regional market. The presence of several large scale local manufacturers, coupled with the increasing product imports and exports will bode well for the growth of the market in this region. The market in North America will also witness considerable growth in the coming years driven by the increasing investment in product R&D by large scale companies in this region. As of 2019, the market in Europe was worth 5.36 billion and this value is projected to increase at a considerable pace in the coming years.
January 2020: Gujarat Agro Industries Corporation (GAIC) announced that it will be importing WSF products in Ahmedabad from China. The product will be marketed under the agency’s new-generation fertilizer brand “AGRO”.
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