WATER SOLUBLE NPK FERTILIZERS MARKET ANALYSIS

Global high purity quartz market was valued at US$ 13.97 Bn in 2022, exhibiting a CAGR of 7.2% in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 24.37 Bn by 2030. Water soluble fertilizers are fertilizers that can be dissolved in water and added or leached out of the soil easily. With water soluble fertilizers, it is easy to control the precise amount of nutrients available to the plants.

Covid-19 Impact on Global Water Soluble NPK Fertilizers Market

The pandemic has impacted the agricultural supply chain, as many countries was lockdown and have sealed their borders to curb the spread of the virus. Strict containment measures imposed by governments of various countries and preventive measures to control the impact of the outbreak have led to restrictions on transportation and affected the growth of several markets across the globe. The water-soluble NPK fertilizers market growth has been slightly affected by logistics during the pandemic. Logistical precautions have caused a delay in shipments, which is hampering the supply chain of the Water-soluble NPK fertilizers market. The water-soluble NPK fertilizers market growth has been affected primarily following the outbreak of COVID-19 in China, which is the most significant producer and consumer of phosphates. However, the demand has not been affected as fertilizers as a commodity comes under the ‘essential’ category.

Global Water Soluble NPK Fertilizers Market - Drivers

The increasing demand for water soluble NPK fertilizers due to high nutritional content

The rising global population and growing industrialization have led to limited availability of arable land. Moreover, the increasing population is driving demand for food. In order to meet the rising demand from the population, the amount of crop produced should be adequate. The positive outlook of farmers towards the use of technology and new products to maximize yield is also an important factor responsible for increasing demand for water soluble NPK fertilizers.

Global Water Soluble NPK Fertilizers Market - Restraints

Instability and hazardous nature of water soluble NPK fertilizers

Increasing growth of organic agricultural practices across the world coupled with regional government initiatives to promote organic farming are creating negative environment for the water soluble NPK fertilizers market growth. For instance, according to the Research Institute of Organic Agriculture (FiBL) report. The  regions  with  the largest  areas  of  organic  agricultural  land  include Oceania  (22.8  million  hectares,  which  is  almost  45%  of  the  world’s  organic agricultural  land)  and  Europe  (12.7  million  hectares,  25%). Moreover, in July 2020, Chhattisgarh Government (State in India) launched the Godhan Nyay Scheme to promote rural livelihoods along with organic farming. The scheme aims at increasing the income of farmers & cattle ranchers, promoting organic compost, reducing chemical fertilizer usage, and improve soli health.

Global Water Soluble NPK Fertilizers Market - Segmentation

On the basis of application in 2022, the Foliar segment has accounted for the largest market share of 77% in terms of value. Fertigation facilitates water and nutrient supply in the active root zone. This method improves the absorption levels of crops. It minimizes fertilizer usage and reduces nutrient losses. Through this method, nearly 80-90% efficiency can be maintained. Fertigation helps in saving up to 25% of nutrients.

Figure 1: Global Water Soluble NPK Fertilizers Water Soluble NPK Fertilizers Market, By Application, 2022

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Global Water Soluble NPK Fertilizers Market - Opportunities

The rising new opportunities

The rising new opportunities are elevating the demand of the market. The concern and awareness of fertilizers as nutrition deficiency correctors and the rising popularity of fertilizers due to their proper nutritional value are setting wide opportunities for the market.

Ease of Application

Fertiliser that can dissolve in water and is easily absorbed by plants is referred to as water-soluble fertilizer. When compared to standard chemical fertilizers, its uptake and utilization severely water-scarce regions, large-scale farms, and high-quality, high-valued cash crops; during irrigation, the fertilizer is dissolved in the water, i.e., the integration of water and fertilizer.

Global Water Soluble NPK Fertilizers Market - Trends

Complex fertilizers are manufactured by specific processes

Complex fertilizers are manufactured by specific processes, which are based on the nutritional requirement of final products. The steam granulation process is widely used. Major manufacturers use numerous production technologies. For Instance, FEECO International uses pipe reactor, drum granulation, spherodizer granulation, and other technologies for manufacturing water soluble NPK fertilizers. FEECO International, Inc. was founded in 1951 as an engineering and equipment manufacturer. FEECO is recognized globally as an expert in providing industry-leading process design, a range of engineering capabilities, including everything from process development and sample generation, feasibility studies, to detailed plant engineering, as well as manufacturing to a variety of industries, including: fertilizer and agriculture.

Global Water Soluble NPK Fertilizers Market - Regional Insights

Europe held a dominant position in the global water soluble NPK fertilizers market in 2022, reporting 39.0% market share in terms of revenue, followed by North America and Asia Pacific.

Figure 2: Global High Purity Quartz Market, By Region, 2022

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Global Water Soluble NPK Fertilizers Market - Key Developments

• In January 2020, Gujarat Agro Industries Corporation (GAIC), an Indian state agency, which promotes agro-based industries, launched imported WSF products. The product will be marketed under the agency’s new-generation fertilizer brand “AGRO”. Agro-industries have the potential to employ the rural population not only in farming but also in off-farm activities such as handling, packaging, processing, transporting, and marketing of food and agricultural products.
• In December 2019, Van Iperen International strengthened its presence in the U.S. market with its subsidiary. The company exclusively works with Milliken to offer a broad range of specialty fertilizers. Van Iperen International is a Dutch producer of Specialty Fertilizers and Biostimulants for fertigation and foliar application. We are eager to change the rules of the game in plant nutrition providing innovative solutions to growers for making conventional agriculture more sustainable.
• In February 2020: In an undisclosed transaction, the ICL Group acquired Growers Holdings, a company that supplies specialty minerals to address humanity's sustainability challenges in food, agricultural, and industrial markets.
• In November 2021: Coromandel International Ltd has selected Vishakhapatnam, India, as the site for a new sulfuric acid plant.

Global Water Soluble NPK Fertilizers Market - Key Players

Major players operating in the global water soluble NPK fertilizers market include Acron Group, Arab Potash Company, Compo Expert GmbH, Coromandel International Limited, Eurochem Group, Haifa Chemicals Ltd., Hebei Monband Water Soluble Fertilizer Co. Ltd., Indian Farmers Fertiliser Cooperative Limited, Israel Chemicals Limited, K+S Aktiegesellschaft, OMEX, PhosAgro Group, PT Petrokimia Gresik, Sichuan Guoguang Agrochemical, SQM S.A., The Mosaic Company, Uralchem Group, and Yara International ASA.

*Definition: A water-soluble fertilizer with an optimum combination of Nitrogen, Phosphorous, Potassium, and Sodium. It is readily soluble in water and is best for drip irrigation and foliar application of fertilizer