The Global Water Soluble Fertilizers Market was worth $12.24 billion in 2016 and estimated to be growing at a CAGR of 5.73%, to reach $16.17 billion by 2021.
The market is showcasing evident potential in the mentioned forecasting period. The market continues to gain momentum with the rapid increase in increased demand of food across the globe with increasing population.
Water Soluble Fertilizers are the fertilizers that readily dissolve in water to give nutrition to crops.
Water Soluble Fertilizers (WSF) are readily soluble in water.
Being soluble in water, they release nutrients to the roots of the plants through the process of osmosis. These nutrients absorbed are then transferred to various parts of plants, leaves, stems .etc.
where they are used in plant’s mechanism. These fertilizers are mainly used through two ways, Fertigation and Foliar application.
While in Fertigation, WSF are directly inserted into irrigation system, in Foliar system, these fertilizers are directly applied to leaves of the plants.
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With increasing needs of food in families with increasing population around the globe, there has been a huge demand of fertilizers. Big farmers or even smaller ones need to keep their crops safe as the crops are also highly vulnerable to various diseases which spread very fast.
Because their livelihood depend on the farming only, they need to invest in WSF to safeguard these crops to prevent themselves from getting into huge loss. In addition, for poor people, vegetarian food is the only way to survive, which profits the WSF market.
These are the few factors driving this market, globally. Water Soluble Fertilizers are facing challenges mainly because of increasing spending capabilities of people, people tend to eat non-vegetarian more often which indirectly affects this market a little bit.
The rise of industrialization has led to the conversion of huge amount farming land into some industrial purpose, which is leading farmers away from this job, hence affecting this market.
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The Global market for Water Soluble Fertilizers is broadly categorized into Crop type grown, application of the water soluble fertilizer and type of the WSFs. On the basis of Crop Type Grown, it is segmented into Field, Horticultural, and Turf & Ornamentals.
On the basis of how they are used (application), they are further segmented into Fortigation and Foliar method. On the basis of type of WSF, they are divided into Nitrogenous, Potassic, Phosphatic and Micronutrients.
Potassic and Micronutrients based WSF are expected to show the huge growth among other types as there is a balanced need of all the nutrients for plants. Fertigation mode is most commonly used to apply WSF.
On the basis of geography, the global market is analysed under various regions namely North America, Europe, Asia-Pacific, Middle East & Asia and Latin America. The Water Soluble Fertilizers market was dominated by Europe as of 2016, with the overall market share of over 38% globally.
Europe was followed by North America and Asia-Pacific. Asia Pacific is predicted to grow at a fastest rate in the coming few years.
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Some of the major companies dominating the market, by their products and services include PR Agro Nutri Private Ltd. (India), CF Industries (US), The Mosaic Company (US), Israel Chemicas (Israel), Eurochem (Switzerland), Terra Nitrogen Company (US), PT Petrokimia Gresik (Indonesia), Sinofert Holdings (Hong Kong), Americas Petrogas (Canada) and Sirius Minerals (UK).
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