PUBLISHER: SkyQuest | PRODUCT CODE: 1473902
PUBLISHER: SkyQuest | PRODUCT CODE: 1473902
Global Water-Soluble Fertilizer Market size was valued at USD 16.96 billion in 2022 and is poised to grow from USD 17.98 billion in 2023 to USD 28.65 billion by 2030, growing at a CAGR of 6% in the forecast period (2024-2031).
Population growth, an increase in the demand for high-value crops, and the growing use of precision farming techniques are the main drivers of this industry expansion. Furthermore, the region's need for bio-based and environmentally friendly water-soluble fertilizers is being driven by the rising demand for organic and sustainable farming methods. Based on our thorough investigation, we discovered that the growing use of hydroponic and greenhouse agricultural techniques has made North America a sizable market for water-soluble fertilizers. The growing need for bio-based and organic water-soluble fertilizers in both regions is also highlighted in the research. The region's market is expanding as a result of the use of cutting-edge technology like fertigation and the move to organic farming methods.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Water-Soluble Fertilizer Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Global Water-Soluble Fertilizer Market Segmental Analysis
Global Water-Soluble Fertilizer market is segmented by crop type, Form, Product, application, and region. Based on crop type, the market can be segmented into Cereals, Vegetables, Fruits, Plantation, Turf & Ornamentals, Greenhouse Crops. Based on application, the market can be segmented into foliar sprays, and fertigation systems. By form, the market is segmented into Dry [Granules, Powder], Liquid. By product, the market is segmented into Nitrogenous, Micronutrients, Phosphatic, Potassium. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Drivers of the Global Water-Soluble Fertilizer Market
The growing demand for high-value crops and the requirement for improved crop yields is one factor propelling the market for water-soluble fertilizers. It is well recognized that water-soluble fertilizers may precisely and specifically nourish plants, improving crop quality and yields. Because they lessen the chance of groundwater pollution and nutrient runoff, they are also more environmentally friendly. As a result, in order to satisfy the rising demand for premium, high-yield crops, growers and farmers are using water-soluble fertilizers more frequently. In the next years, this tendency is anticipated to propel the market for water-soluble fertilizers.
Restraints in the Global Water-Soluble Fertilizer Market
The expense of water-soluble fertilizers is one possible barrier to their use. Because of the procedures involved in their formulation and manufacture, water-soluble fertilizers can be more costly than conventional granular fertilizers. Their application can also call for certain tools or systems, which would raise the entire cost. For small-scale producers or those with tight funds, this can be a constraint. For some crops and growing systems, water-soluble fertilizers may still be a wise investment due to their advantages, such as their rapid absorption and focused nutrient delivery.
Market Trends of the Global Water-Soluble Fertilizer Market
Growth in the use of hydroponic and greenhouse farming techniques is one of the main trends in the global market for water-soluble fertilizers. These methods enable year-round agricultural production while also making effective use of resources like water and nutrients. Furthermore, expanding urbanization and population expansion are driving up the need for high-quality crops, which in turn is pushing up the requirement for water-soluble fertilizers and precision agriculture. The need for bio-based and environmentally friendly water-soluble fertilizers is being driven by another trend: the move toward organic and sustainable farming methods. In general, it is anticipated that these trends will keep propelling the expansion of the worldwide market for water-soluble fertilizers in the upcoming years.