Source: Global Market Insights
Water soluble fertilizers market, an emerging vertical in the chemicals industry, is progressing on a lucrative path, of late. This can be reasoned to the water-soluble fertilizers’ ability to be dissolved in water and added or leached out of the soil easily. Besides, the product application enables easy control of amount of nutrients available for the crops.
Different water-soluble fertilizer products available in the market include nitrogenous fertilizers, phosphatic fertilizers, micronutrients like zinc, iron, manganese, and potassium fertilizers. Over the recent years, the demand for nitrogenous fertilizers is skyrocketing owing to its ability to enhance the crop yield. Nitrogen supports the synthesis of amino acids, resulting in the growth and development of plants. Moreover, a rise in research studies around nitrogen fertilizers would as well support the growth dynamics of water soluble fertilizers market over 2023-2032.
Given below is a brief outlook of the factors that would prompt the water soluble fertilizers market expansion in the coming years-
1. Escalating food demand
A rise in global population and subsequent need for food production would offer positive growth prospects for the overall water soluble fertilizers market. As per estimates by the United Nations, the world population is forecast to reach 8.5 billion by 2030, further increasing to 9.7 billion in 2070 and about 11.2 billion by 2100 end. This has generated a substantial need for food production. Speaking of the growing food demand, it would be essential to mention that FAO anticipates the food production statistics to grow 60% by 2050 to feed a population of 9.3 billion.
This surge can be sufficed by the use of effective water soluble fertilizers owing to its positive attributes like high utilization rates, ability to improve nutrient availability in the soil, and higher crop yield in limited areas.
Elaborating further, North America water soluble fertilizers market is touted to capture a business share of 15% over the foreseeable future, given the growing regional population.
2. Superior benefits of fertigation
The fertigation application of water soluble fertilizers is gaining momentum worldwide. The process enables water soluble fertilizers to be delivered to plants with irrigation. Some of the prominent advantages associated with the fertigation technique includes cost savings, controlling administered rates, optimizing water consumption, eliminating nature pollution with reduced chemical applications, promoting rapid root growth, and inhibiting fertilizer leakage.
The most commonly used water-soluble fertilizers for fertigation constitute urea ammonium nitrate, ammonium nitrate, potassium chloride, calcium nitrate, potassium nitrate, and more. Besides, the technique is known to increase the crop yield by 25 to 30% with equal use of fertilizers.
3. An upsurge in product innovations
Different leaders operating in the water soluble fertilizers production and sales business are coming up with new product developments and strategic initiatives that enable them to carve a niche in the overall market.
Speaking of one such initiatives, Smartchem Technologies Limited, India, introduced its water soluble fertilizer to support the onion growers in the country. Labeled as Croptek, the product falls under the company’s flagship brand Mahadhan. With this initiative, it would be safe to declare that the vegetables segment across the overall water soluble fertilizers market would accrue gains of 10% over the stipulated time.
The following years are speculated to observe a demand spurt for water soluble fertilizers, mainly due to the increasing need to suffice the growing hunger population across different regions and need for proper crop yield. In fact, the African region is set to emerge as a regional hub for the market through 2030 on grounds of the growing fruit cultivation in the region. According to industry analysts, the Middle East and Africa water soluble fertilizers market would reflect an annual growth rate of 7.5% over the analysis period.
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