Global Water Soluble NPK Fertilizers 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.
Driver
The water-soluble fertilizers demand is projected to witness continuous growth
The water-soluble fertilizers demand is projected to witness continuous growth during the forthcoming years due to the rising requirement for specialty fertilizers to enhance the production of high-quality crops. The growing world population in several developing and under-developed countries has raised concerns over food security and existing food production solutions. Growing initiatives by the government to promote specialty fertilizers and the launch of programs to educate farmers about the novel fertilizer type and its benefits will aid market growth.
Market Opportunities
The More use of Water Soluble fertilizers over conventional fertilizers
The numerous advantages of Water Soluble diseases over conventional diseases similar as advanced crop crop and nutrient availability in the soil. They’re fairly precious, but they're easy to apply and give indeed feeding. They're easy to use, especially on vessel shops. There's no threat of burning a factory as long as you follow marker directions for dilution, and the nutrients, in result, are available to plant roots incontinently.
Market Restraints
Increasing growth of organic agricultural practices across the world
Increasing growth of organic agricultural practices across the world coupled with regional government initiatives to promote organic farming are creating a negative environment for the water soluble NPK fertilizers market growth.
Key Takeaways:
- Among crop type, field crops segment held the largest revenue share of 58.4% in the global water soluble NPK fertilizers market in 2022 Field crops can be defined as crops, which are cultivated commercially on a large scale. Fields crops include cotton, wheat, maize, and corn among others. For instance, according to the same source, in September 2019, the United States Department of Agriculture estimated the U.S. cotton crop to reach 4.68 kilo tons by 2019-20. The increasing cultivation of field crops is expected to drive growth of the field crops segment during the forecast period.
- 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 Fertilizer 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.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/water-soluble-npk-fertilizers-market-4379
Market Trends
Growth in population coupled with increasing demand for food
Among regions, Europe accounted for a significant market share in 2019. This is attributed to the growth in population coupled with increasing demand for food, which is driving demand for water soluble NPK fertilizers. For instance, according to the World Bank data in 2016, European Union witnessed a population of 445.5 million, which increased and reached 447.5 million by 2019. This increase in population will lead to an increased demand for agriculture (fruits, and vegetables, among other foods), and thereby boost the growth of the water soluble NPK fertilizers market during the future period.
Competitive Section:
- Key Companies
- 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 Fertilizer 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
- Yara International ASA
