Water-Soluble Fertilizers Market Size and Growth by 2030

Coverage: Water-Soluble Fertilizers Market covers analysis By Type (Nitrogenous, Phosphatic, Potassic, Blends, and Others), Form (Dry and Liquid), Mode of Application (Foliar and Fertigation), Crop Type (Cereals and Grains, Fruits and Vegetables, Pulses and Oilseeds, and Others), and Geography

Publication Month : Apr 2024

  • Report Code : TIPRE00009418
  • Category : Chemicals and Materials
  • Status : Upcoming
  • No. of Pages : 150
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[Research Report] The water-soluble fertilizers market size is expected to grow from US$ 10.07 billion in 2022 to US$ 16.70 billion by 2030; it is estimated to register a CAGR of 6.5% from 2022 to 2030.

Market Insights and Analyst View:

Water-soluble fertilizers are fertilizers that are dissolved in water and applied directly to the plant through foliar application and drip irrigation to increase nutrient use efficiency. The use of drip irrigation helps to reduce nitrous oxide emissions compared to other irrigation systems, like furrows and sprinklers. The foliar application provides liquid fertilizer directly to the leaves instead of the soil. This is a target-oriented approach, as nutrients are applied directly to plant tissues during critical growth stages. Water-soluble fertilizers are mainly based on the three essential plant macronutrients such as nitrogen, phosphorus, and potassium. Out of the total of sixteen elements needed to sustain plant life, N-P-K is always the leading ingredient of water-soluble fertilizers. N-P-K are mobile nutrients and will move downward and upward from the point at which they were taken up with foliar application. They are transported out of the leaves to growing parts such as buds, younger leaves, and growing roots with higher demands.

Water-soluble fertilizer helps to achieve highly accurate levels of fertilizer distribution as nutrition is applied evenly in terms of time and quantity, throughout the entire growth cycle. They also lower the potential of damage by salt being dosed in an uneven pattern throughout the cultivated area of the land. Use of soluble fertilizers helps to decrease the variation of nutrient concentration in soil. The increasing demand for environmentally friendly fertilizers that can significantly improve crop nutrient uptake is driving the growth of the water-soluble fertilizers market.

Growth Drivers and Challenges:

The major factor driving the water-soluble fertilizers market size is the growing adoption of water-soluble fertilizers due to their various advantages. The global agricultural industry is facing the challenges of feeding a growing population with limited lands. Hence, growers across the spectrum are actively looking to increase their capacity to produce healthy crops with higher yields. One of the most important tools in the tool kit of modern farmers is water-soluble fertilizers. Water-soluble fertilizers are dissolved in water and are applied directly to the plant through drip irrigation and foliar application in order to increase nutrient use efficiency. Water-soluble fertilizers exhibit a range of desirable properties. Water-soluble fertilizers have superior purity, overall handling properties, efficacy as plant nutrients, and long-term thermal stability as compared to other formulations. The growing availability of water-soluble NPK grade is challenging the dominant position of other formulations. Soluble, safe, easy to apply, and ideal for all plants are some of the advantages of water-soluble fertilizers. The soluble properties of water-soluble fertilizers allow it to be applied to the soil and the leaves of the plants. With these fertilizers, it is possible to control the amount of fertilizer required for each plant so it can be given to plants of all sizes, including seedlings. Water-soluble fertilizers can also be applied to the roots. The solubility of these fertilizers makes it the ideal choice for all plants, such as greenhouse plants, fruit plants, and plants of all sizes.

Water-soluble fertilizers are applied by many means, such as they can be fed to the plants through a sprinkler system, via injection, or it can be dropped overhead by a plane. Various easy methods of application of these fertilizers make the fertilization process a lot easier. Further, the new product innovations in the market are expected to offer more lucrative opportunities for water-soluble fertilizers market growth. Players operating in the market are highly focused on developing new and innovative products to fulfill the demand of farmers. However, substitute products such as organic farming alternatives are expected to hamper the water-soluble fertilizers market growth.

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Water-Soluble Fertilizers Market: Strategic Insights

water-soluble-fertilizers-market
Market Size Value inUS$ 10.07 billion in 2022
Market Size Value byUS$ 16.70 billion by 2030
Growth rateCAGR of 6.5% from 2022 to 2030
Forecast Period2022-2030
Base Year2022
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Report Segmentation and Scope:

The "Global Water Soluble Fertilizers Market" is segmented based on type, form, mode of application, crop type, and geography. Based on type, the market is segmented into nitrogenous, phosphatic, potassic, blends, and others. The market is segmented based on form into dry and liquid. The market is segmented based on the mode of application into foliar and fertigation. The water-soluble fertilizers market is segmented based on crop type into cereals and grains, fruits and vegetables, pulses and oilseeds, and others. The market, based on geography is segmented into North America (US, Canada, and Mexico), Europe (Germany, France, Italy, the UK, Russia, and Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America)

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Segmental Analysis:

Based on the mode of application, the market is segmented into foliar and fertigation. The fertigation segment held a significant water-soluble fertilizers market share and is expected to register significant growth over the studied period. The fertigation method effectively controls the existing nutritional deficiency in the plants. Water-soluble fertilizer application with fertigation systems helps to manage nutrients and water to maximize yield and quality.

Regional Analysis:

Based on geography, the water-soluble fertilizers market is divided into five key regions: North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa. The Asia Pacific region held a significant share of the global water-soluble fertilizers market. The factors driving the demand for water-soluble fertilizers in the Asia Pacific are rising food consumption, growing demand for high-efficiency fertilizers, and various benefits associated with the use of water-soluble fertilizers. Further, Europe is also one of the major regions for the consumption of water-soluble fertilizers. The agriculture industry in the region is highly adopting innovative technologies. Growing adoption of water-soluble fertilizers due to their benefits and rising food consumption are driving the demand for water-soluble fertilizers in Europe.

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Industry Developments and Future Opportunities:

Various initiatives taken by the key players operating in the water-soluble fertilizers market are listed below:

  • In April 2023, Agritech firm Zuari FarmHub partnered with Novozymes South Asia Pvt. Ltd and announced the launch of its 100% water-soluble fertilizer ‘Poorna Advanced” with innovative LCO Promoter Technology. The product incorporates Novozymes’ technology that facilitates faster nutrient absorption by plants.
  • In June 2023, ICL announced the North American launch of a new line of advanced foliar and fertigation solutions under their Nova brand of water-soluble fertilizers. Flagship products include Nova FINISH, Nova PULSE, Nova ELEVATE, and Nova FLOW. High-solubility of Nova brand solutions for foliar and fertigation helps farmers deliver essential nutrients more effectively.
  • In January 2020, the Gujarat Agro Industries Corporation (GAIC) launched various grades of imported water-soluble fertilizers at an event in Ahmedabad, India.
  • In July 2023, Yara announced that it has opened its first water-soluble fertilizer plant in China. The plant will support Yara China’s strategy to offer sustainable solutions tailored to local crops, helping increase productivity and profitability for farmers in the country and globally.
  • In October 2020, Gujarat State Fertilizers & Chemicals Limited launched two new products, Calcium Nitrate, and Boronated Calcium Nitrate, in the growing water-soluble fertilizer category. Calcium Nitrate and Boronated Calcium Nitrate are Water Soluble Fertilizers available in a double-nutrient combination. They are available in powder or granular form.
  • In February 2022, Yara acquired for an undisclosed sum a 14% stake in Brazilian online farm products trade platform Orbia, majority owned by Germany's Bayer AG BAYGn.DE.

Covid-19 Impact:

The COVID-19 pandemic affected almost all industries in various countries. Lockdowns, travel restrictions, and business shutdowns in regions such as North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa hampered the growth of several industries, including the chemicals and materials industry. The shutdown of manufacturing units of companies disturbed global supply chains, manufacturing activities, and delivery schedules. Various companies witnessed delays in product deliveries and a slump in sales of their products in 2020. The negative impact of the pandemic on the agriculture industry negatively impacted the water-soluble fertilizers market growth. The negative impact of the pandemic on supply chain, manufacturing, and distribution adversely impacted water-soluble fertilizer consumption. Supply chain disruption caused an increase in the prices of raw materials. The pandemic also caused an increase in the prices of water-soluble fertilizers. The COVID-19 pandemic also negatively impacted import and export activities within different countries.

However, various industries are coming on track after supply constraints affecting these industries are resolving gradually. Moreover, the rising demand for water-soluble fertilizers is substantially promoting the growth of the water-soluble fertilizers market.

Competitive Landscape and Key Companies:

A few players operating in the global water-soluble fertilizers market include Gujarat State Fertilizers and Chemicals Limited, IFFCO, Haifa Negev Technologies LTD, ICL, Anorel, NordFert Ltd, SABIC, Greenstar Fertilizers Limited, SQM S.A., and Yara. Players operating in the market focus on providing high-quality products to fulfill customer demand. Players operating in the market also focus on adopting various strategies such as investment in research and development activities, new product launches, collaborations, and partnerships in order to stay competitive in the market.

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type, Form, Mode of Application, Crop Type, and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

The List of Companies

1. Agrium, Inc.
2. Compo GmbH and Co. KG
3. Coromandel International
4. Haifa Chemicals
5. Iowa Fertilizer
6. Israel Chemical Ltd.
7. Sociedad Química Y Minera SA
8. TATA Chemicals
9. The Mosaic Company
10. Yara International ASA

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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