Water Soluble Fertilizers Market Set For Rapid Growth And Trend By 2026 Agrium, ICL, Iowa Fertiliz
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Water Soluble Fertilizers Market to Witness Robust Expansion by 2026 Key Players Include Agrium, ICL, Iowa Fertilizer and More
The global water soluble fertilizers market is projected to reach USD 20.64 billion by 2027, exhibiting a CAGR of 4.4% during the forecast period. Water soluble fertilizers are fertilizers that can be dissolved in water and applied to crops through fertigation or foliar application. They provide nutrients to plants in a readily available form and help to enhance crop quality and yield.
The major factors driving the growth of the water soluble fertilizers market are the increasing demand for food security due to the rising population, the limited availability of arable land, the growing adoption of advanced farming practices, and the rising demand for high-value crops such as fruits, vegetables, and ornamentals. Water soluble fertilizers are also preferred over conventional fertilizers as they reduce nutrient losses, prevent soil salinity, and improve water use efficiency.
The water soluble fertilizers market is segmented by type, application, crop type, and region. By type, the market is classified into nitrogenous, phosphatic, potassic, and micronutrients. Nitrogenous water soluble fertilizers accounted for the largest share of the market in 2019, as nitrogen is an essential macronutrient for plant growth and development. Phosphatic water soluble fertilizers are expected to witness the fastest growth during the forecast period, as phosphorus plays a vital role in root development, flowering, and fruiting of crops.
By application, the market is divided into fertigation and foliar application. Fertigation is the dominant application segment of the water soluble fertilizers market, as it allows uniform distribution of nutrients to crops through irrigation systems. Foliar application is expected to register a higher CAGR during the forecast period, as it provides rapid absorption of nutrients by plant leaves and helps to correct nutrient deficiencies.
By crop type, the market is categorized into field crops, horticulture crops, turf and ornamentals, and others. Horticulture crops are the largest and fastest-growing crop type segment of the water soluble fertilizers market, as they require high-quality fertilizers to enhance their nutritional value, taste, color, and shelf life. Water soluble fertilizers are widely used for horticulture crops such as fruits, vegetables, flowers, and herbs.
By region, the market is analyzed across North America, Europe, Asia-Pacific, and Rest of the World (RoW). Asia-Pacific is the largest and fastest-growing region in the water soluble fertilizers market, owing to the large population base, high demand for food security, increasing adoption of modern irrigation systems such as drip and sprinkler irrigation, and favorable government policies and initiatives to promote water soluble fertilizers. China, India, Japan, and Australia are some of the key countries contributing to the growth of the market in this region.
The water soluble fertilizers market is highly competitive and fragmented with the presence of several global and regional players. Some of the key players operating in the market include Agrium Inc., Israel Chemicals Ltd., Iowa Fertilizer Company LLC., Yara International ASA., The Mosaic Company., Haifa Group., Coromandel International Ltd., SQM S.A., Uralchem Holding P.L.C., and Compo GmbH & Co. KG. These players are adopting various strategies such as mergers and acquisitions, product launches, expansions, partnerships, collaborations, and investments to gain a competitive edge in the market. ec8f644aee