Fertilizers are the substances added to increase the yield by supplying crops with the nutrients the soil lacks. Water soluble fertilizers are the type of fertilizers that are dissolved in water and applied to plants at the base or foliage throughout the growing season. The addition of fertilizer often leads to double or triple the yield. Ever growing demand for agricultural products is the major reason for growth in demand of water soluble fertilizers. Global demand for fertilizer nutrients is estimated to grow at 1.8 percent per annum from 2015 to 2019.
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The main advantage of water soluble fertilizer over other type of fertilizers is the more rapid impact, ease of use and easier coverage. Hence, water soluble fertilizer are witnessing rapid growth in demand. Water soluble fertilizers can also be applied more frequently than granular fertilizers, therefore can be used according to the need and availability. The growing awareness over organic farming may affect the use of water soluble fertilizer in future.
Water Soluble Fertilizer market: Drivers and Restraints
The ever increasing population is the main reason of increasing demand for food. The amount of yield produced hence has to be adequate to meet the demands. The positive outlook towards using technology and new products to maximize the yield is another factor responsible for driving the demand of water soluble fertilizers. The fertilizers world consumption in 2014/15 is growing by more than 3% year-on-year. The water soluble fertilizer industry was valued around U.S. $ 11 Bn and expected to grow at a CAGR of more than 5%.
On the other hand the harmful environmental effects of use of fertilizers such as imbalance in ecology, high traces of fertilizers in food and water resources may restrain the consumption of water soluble fertilizers. Furthermore, stringent government laws and awareness towards organic farming may slow down the consumption and demand of water soluble fertilizer in coming years.
Water Soluble Fertilizer Market: Segmentation
On the basis of type, the global water soluble fertilizer market is segmented into:
- Secondary Nutrients
On the basis of types of application, the global water soluble fertilizer market is segmented into:
Water Soluble Fertilizer Market: Region Wise Outlook
Europe is estimated to be the largest market for global water soluble fertilizer with more than 1/3rd of the total consumption. In terms of growth rate, Asia pacific is the fastest growing market for the global water soluble fertilizer. Economic developments in African countries are estimated to benefit the water soluble fertilizer market during the forecast period.
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Water Soluble Fertilizer Market: Key Players
Some of the key players identified in the global water soluble fertilizer market are Agrium Inc., Israel Chemical Ltd., The Mosaic Company, Haifa Chemicals Ltd., Yara International ASA, Zuari Industries Ltd., Indian Farmers Fertilizer Cooperative, Coromandel International Ltd., Rashtriya Chemicals & Fertilizers among many others.