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Water-soluble Fertilizers Market Size, Share, Trends, Growth Drivers, Key Opportunities, Top Companies, and Forecast 2023-2028

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Water-soluble Fertilizers Market Size, Share, Trends, Growth Drivers, Key Opportunities, Top Companies, and Forecast 2023-2028

June 28
16:10 2024
Water-soluble Fertilizers Market Size, Share, Trends, Growth Drivers, Key Opportunities, Top Companies, and Forecast 2023-2028
Water-soluble Fertilizers Market by Type (Nitrogenous, Phosphatic, Potassic, and Micronutrients), Mode of Application (Foliar and Fertigation), Form (Dry and Liquid), Crop Type and Region – Global Forecast to 2028

The water-soluble fertilizers market size is projected to reach $25.1 billion by 2028 from $18.3 billion in 2023, growing at a CAGR of 6.5% from 2023 to 2028. The water-soluble fertilizer industry has experienced a shift in demand due to changing consumer preferences and an increasing need for convenience. Water soluble fertilizers offer an advantage over traditional fertilizers, such as their quick dissolving ability in water and a high level of nutrient availability. Companies are investing in R&D to meet the market’s needs.

Water-soluble Fertilizers Market

Water-soluble Fertilizers Market Growth Drivers

The growth of the water-soluble fertilizers market is driven by several key factors:

Increasing Demand for High-Efficiency Fertilizers: Farmers are increasingly adopting water-soluble fertilizers due to their high nutrient efficiency and quick absorption by plants, leading to better crop yields.

Rising Global Population and Food Demand: As the global population continues to grow, the demand for food increases, driving the need for more efficient agricultural practices and inputs such as water-soluble fertilizers.

Advancements in Agricultural Techniques: The adoption of modern farming techniques, such as precision farming and fertigation, promotes the use of water-soluble fertilizers, which can be easily integrated into these systems.

Environmental Concerns and Sustainable Farming: Water-soluble fertilizers are considered more environmentally friendly compared to traditional fertilizers because they reduce nutrient runoff and minimize environmental pollution.

Government Support and Subsidies: Various governments are providing support and subsidies to promote the use of water-soluble fertilizers to ensure food security and sustainable agricultural practices.

Improved Crop Quality and Yield: These fertilizers help in improving the overall quality and yield of crops, making them a preferred choice among farmers aiming for better market prices and profitability.

Rising Awareness and Education: Increased awareness and education among farmers about the benefits of using water-soluble fertilizers are also contributing to market growth.

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The foliar mode of application is projected to grow at a significant rate during the forecast period.

The foliar mode of application offers numerous benefits, including enhanced resistance to diseases and pests, improved tolerance to drought and soil salinity, faster uptake of applied nutrients, and greater resistance to physiological disorders. Since soil nutrients can be lost due to leaching, foliar fertilization delivers nutrients directly to the leaf, where they are most needed by the plant. By using foliar applications, all nutritional issues can be addressed as the leaf efficiently absorbs all essential nutrients.

The increasing cultivation of horticulture is set to dominate the market during the study period

Horticulture, the science and art of cultivating high-value food and ornamental plants sustainably, aims to improve life quality, enhance the beauty and sustainability of our ecosystem, and benefit the human condition. Recently, the growing trend of cultivating fruits, vegetables, and decorative indoor plants has driven the demand for water-soluble fertilizers, which boost crop productivity.

Europe holds the highest market share during the forecast period.

The agriculture industry in Europe is experiencing significant technological advancements, with farmers increasingly adopting innovative practices. According to the World Bank data from 2021, a substantial portion of Europe’s arable farmland is dedicated to cereal production. In the same year, Eurostat reported that around 161.5 million hectares of land in the EU were under agricultural cultivation. Agriculture remains a primary occupation in countries like France and Italy, where the terrain includes mountainous, hilly regions, and coastal areas, much of which is used for farming. This diverse landscape supports a wide variety of crops and is characterized by numerous small-sized farms. The western part of Europe, in particular, sees a high adoption rate of intensive farming systems. Extensive research and development efforts in the region have led to the creation of customized, crop-specific products tailored to local needs.

Top Companies in the Water-soluble Fertilizers Market

The key players in the water soluble fertilizers industry are Nutrien (Canada), Israel Chemical Company (Israel), Sociedad Química y Minera De Chile (SQM) (Chile), K+S Aktiengesellschaft (Germany), Yara International (Norway), Haifa Chemicals Ltd (Israel), Coromandel International Ltd (India), The Mosaic Company (US), Hebei Monband Water Soluble Fertilizer Co., Ltd (China), EuroChem (Switzerland), among others. They recently have adopted key strategies leading the market players including product launches, agreements, and expansions to maintain their position in the market.

Nutrien is a Canadian fertilizer company, which is the largest producer of potash and the third-largest producer of nitrogen fertilizers in the world. It is the global agriculture retail network in major regions such as North America, South America, Europe, and Australia. The company entered several definitive agreements to acquire agricultural retailers across strategically important Brazil and the US regions. In July 2022, Nutrien announced that the company entered into an agreement to acquire Casa do Adubo, a Brazilian company, for approximately USD 400 Million. The acquisition includes 39 retail locations under Casa do Adubo, and 10 distribution centers, under Agrodistribuidor Casal.

Israel Chemical Ltd. is an Israel-based company that specialty manufactures fertilizers & phosphates and flame retardants & water treatment solutions. It manufactures liquid and water-soluble fertilizers and compound fertilizers in Spain, Holland, Germany, and Belgium and markets its fertilizer products globally, mainly in Europe, Brazil, India, China, and Israel. In June 2022, Israel Chemical Ltd. announced a long-term agreement with Indian Potash Limited (India) to supply polysulfate with a renewable option. The availability of polysulfate is expected to boost the ndian Government’s organic agriculture program. It will also help Israel Chemical Company penetrate and serve the Indian farmers as per their requirements and strengthen its position in the Indian and Asian markets.

Sociedad Química y Minera De Chile (SQM) is a global company based in Chile. They are the largest processors of agricultural goods across the globe. The company offers its fertilizers business under the specialty plant nutrients and potassium business segment and a wide range of water-soluble fertilizers such as potassium nitrate, potassium chloride, and potassium sulfate. The company operates globally through its subsidiaries, such as SQM North America Corp. (U.S.), SQM Europe N.V. (Belgium), and Soquimich S.R.L. Argentina (Argentina), with a geographic presence in North America, Latin America, Europe, and AsiaPacific.

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