Water Soluble Fertilizers Market projected to grow with significant CAGR over the forecast period
Market Overview of Water Soluble Fertilizers Market
Fertilizers are mainly used to improve crop yield. Water soluble fertilizers are those which easily gets dissolved in water, hence the nutrients intake of plants and their utilization is better. Water soluble fertilizers are gaining popularity over conventional fertilizers as – due to their solubility in water it becomes possible to supply fixed amount of nutrients to the crops, their ease of application, low labour cost and low risk of soil pollution.
Drivers and Constraints of Water Soluble Fertilizers Market
Drivers – Pressure to meet the food demand of growing population, low crop yield due to nutrient deficient soil, low labour charges, inclination towards eco-friendly agricultural practices, government support to encourage drip irrigation in order to address the water scarcity issue etc.
Constraints – Lack of awareness regarding the benefits of soluble fertilizers and an unfavorable regulatory policies likely to hamper the growth of the water soluble fertilizers market.
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Water Soluble Fertilizers Market – Segmentation
The global water soluble fertilizers market can be broadly segmented on the basis of fertilizer type, crop type, and mode of application.
On the basis of the fertilizer type, the market can be segmented as below:-
- Phosphatic
- Nitrogenous
- Potassic
- Micronutrients
- Others
On the basis of the crop type, the market can be segmented as below:-
- Horticulture crops
- Field crops
- Turf & ornamentals
- Others
On the basis of the mode of application, the market can be segmented as below:-
- Foliar
- Fertigation
Region Wise Analysis of the Water Soluble Fertilizers Market
On the basis the regions, the global water soluble fertilizers market can be divided into five important regions. They are:-
- North America
- Latin America
- Europe
- Asia-Pacific
- Middle East and Africa
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The main growth drivers in the North American region are – more adoption of eco-friendly agricultural practices, increased cultivation of fruits and vegetables etc.
Similarly, in Europe, the growth drivers are – a rising awareness about benefits of water soluble fertilizers, diversification of the water soluble fertilizers business in the region, more R & D activities, and a growing popularity of eco-friendly agricultural practices.
Asia-Pacific is likely to have a bigger share of the revenue due to more and more adoption of eco-friendly agricultural practices and easily available product in this market.
Key Market Players of the Water Soluble Fertilizers Market
Few key players in the industry are listed below:-
- Agrium Inc. (Canada)
- Yara International ASA (Norway)
- COMPO GmbH & Co. KG (Germany)
- K+S Aktiengesellschaft (Germany)
- Israel Chemical Limited (Israel)
- Sociedad Quimica Minera SA (SQM) (Chile)
- Coromandel International Limited (India)
- Haifa Chemicals Limited. (Israel)
The major players are adopting strategies like mergers, acquisitions, collaborations, new product launch and approval.
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Key Developments in the Water Soluble Fertilizers Market
- January, 2017 – acquisition of Huludao Magpower Fertilizers Co, a Chinese company by K+S Aktiengesellschaft in order to expand its water soluble fertilizers business in China.
- May, 2017 – launch of fertilizers product by Israel chemical ltd in the UK market.
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