Water soluble fertilizers are fertilizers that can be dissolved in water and added or leached out of the soil easily. Moreover, with water soluble fertilizers, it is easy to control the precise amount of nutrients available to the plants. The global water soluble NPK fertilizers market is estimated to surpass US$ 19,041.8 million by the end of 2027 […]
Exploring the Growth Potential of Water Soluble NPK Fertilizers Market
Water soluble fertilizers are fertilizers that can be dissolved in water and added or leached out of the soil easily. Moreover, with water soluble fertilizers, it is easy to control the precise amount of nutrients available to the plants. The global water soluble NPK fertilizers market is estimated to surpass US$ 19,041.8 million by the end of 2027 in terms of revenue, exhibiting a CAGR of 6.2% during the forecast period (2020-2027).
The global water soluble NPK fertilizers market is projected to surpass US$ 19,041.8 million by 2027 and is expected to exhibit a CAGR of 6.2% between 2020 and 2027.
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Drivers
The rising global population and growing industrialization have led to limited availability of arable land. Moreover, 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 the yield is also an important factor responsible for increasing demand for water soluble NPK fertilizers.
Market Restraints
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, in 2015, globally, over 50.9 million hectares of land was occupied by organic agricultural activities.
Market Trends
The growth of the water soluble NPK fertilizers market is expected to be driven by the rapid increase in the global horticulture crop production despite the rise in crop prices and labor costs. For instance, according to India Brand Equity Foundation, total fruits production in India was pegged at 96.45 million tons in 2017 which increased to 97.97 million tons in 2018.The utilization of water soluble NPK fertilizers in horticulture is also driven by the shifting preference of consumers for dietary food and increasing demand for fruits & vegetables.
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Competitive Section
Key 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 Aktiengesellschaft, OMEX, PhosAgro Group, PT Petrokimia Gresik, Sichuan Guoguang Agrochemical, SQM S.A., The Mosaic Company, Uralchem Group, and Yara International ASA.
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