Abstract
Summary
According to MarketsandMarkets, the water-soluble fertilizers market size is estimated to be valued at USD 18.3 billion in 2023 and is projected to reach USD 23.9 billion by 2028, recording a CAGR of 5.5% in terms of value. Various factors, such as the rising demand for high-efficiency fertilizers, the increasing adoption of precision farming, and the growing trend of greenhouse vegetable production drive the market.
Water-soluble fertilizers are widely used in agriculture as they provide essential nutrients for plants’ growth and development. They are more effective than conventional fertilizers as they can be easily absorbed by plants, resulting in higher yields and better crop quality. Moreover, they can be easily applied through irrigation systems, making them a preferred choice for fertigation. The adoption of precision farming techniques such as drip irrigation and fertigation has increased significantly as they offer several advantages, such as reduced water and fertilizer use, improved crop yield and quality, and better resource management.
The water-soluble fertilizers market is expected to witness significant growth during the forecast period due to the increasing demand for high-efficiency fertilizers, the adoption of precision farming techniques, and the growing trend of greenhouse vegetable production. Manufacturers are continuously investing and expanding their market to meet the growing demand for water-soluble fertilizers. For example, Israel Chemical Ltd (ICL) expanded its phosphate production by opening a new phosphate recycling unit in the ICL fertilizer production site in Amsterdam, Netherlands.
“By type, the Potassic segment is the largest segment during the forecast period.”
Potassium is an essential nutrient plants require to perform various functions like water regulation, stomatal movements, enzyme activation, and photosynthesis. The sector for potassic water-soluble fertilizers is expected to be the largest over the projected period due to the demand for high-value crops such as fruits, vegetables, and flowers. Water-soluble fertilizers provide a convenient and effective way to deliver potassium to plants, as they dissolve easily in water and can be applied through fertigation systems. This has led to a shift in demand due to changing consumer preferences and an increasing need for convenience. Water-soluble fertilizers offer several advantages over traditional fertilizers, such as their ability to dissolve quickly in water and provide a high level of nutrient availability to crops. As a result of these benefits, companies are investing in new water-soluble fertilizer products to meet demand.
“By application, the fertigation segment is expected to grow at the highest growth rate during the forecast period.”
Fertigation involves the application of fertilizers through irrigation systems, enabling precise and efficient nutrient delivery to plants. This method of fertilizer application is widely adopted in agriculture, horticulture, and turf care. Water- soluble fertilizers are highly effective in fertigation systems, as they can be easily dissolved and distributed through the irrigation system. They offer advantages over traditional fertilizers, such as improved nutrient uptake, reduced leaching and runoff, and increased crop yields. Additionally, fertigation systems using water-soluble fertilizers enable farmers to customize nutrient delivery based on the specific needs of different crops, resulting in optimal growth and yield. These trends has led to the increased adoption of water-soluble fertilizers in fertigation.
“By crop type, the horticulture segment is expected to grow at the highest growth rate during the forecast period.”
The horticulture segment is the largest market for water-soluble fertilizers, and it is estimated to grow at the highest rate during the forecast period. Horticulture includes the cultivation of fruits, vegetables, flowers, and ornamental plants, which require high-quality fertilizers to enhance their growth and productivity. Water-soluble fertilizers are highly effective in providing essential nutrients to horticultural crops in a soluble form, enabling faster and more efficient nutrient uptake. Water soluble fertilizers can be customized to meet the specific nutrient requirements of different horticultural crops, ensuring optimal growth and yield. These flexibility in the application of water-soluble fertilizers have contributed to the increased adoption of water-soluble fertilizers in horticulture.
“By form, the dry segment is expected to dominate the market during the forecast period.”
Dry water-soluble fertilizers are widely used due to their benefits, such as easy handling and storage, longer shelf life, and cost-effectiveness. They are available in different forms, such as powder and granules, making it easy for farmers to apply them as per crop requirements. The increasing adoption of advanced farming techniques and the growing demand for high-quality crops are driving the growth of the dry water-soluble fertilizers market. Additionally, the increasing awareness about the benefits of water-soluble fertilizers over traditional fertilizers is further fuelling the demand for dry water-soluble fertilizers. They provide better absorption of nutrients by the crops, improving their overall health and yield, and can be customized as per the specific crops’ needs.
“Asia Pacific market is estimated to be the fastest-growing region in the water-soluble fertilizers market.”
Asia Pacific has a large population, leading to a high demand for food and agricultural products. Farmers are increasingly adopting high-efficiency water-soluble fertilizers to enhance crop yields and quality. Governments are focusing on sustainable agriculture practices, which involve the use of eco-friendly and efficient fertilizers. Precision farming techniques are also being adopted, which require the use of specialized fertilizers to optimize crop growth and yield. Water soluble fertilizers are well-suited to precision farming practices due to their ease of application and handling. Overall, the Asia Pacific’s increasing demand for high-efficiency fertilizers, adoption of sustainable agriculture practices, and adoption of precision farming techniques are driving the growth of the water-soluble fertilizers market.
Breakdown of Primaries:
In-depth interviews were conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Value Chain: Demand side- 41%, Supply side- 59%
By Designation: CXOs- 33%, Managers- 25%, Executives- 42%
By Region: Asia Pacific- 30%, Europe- 29%, North America- 24%, and RoW - 17%
Key-players operating in this market are Nutrien (Canada), Israel Chemical Company (Israel), Sociedad Quimicay Minera De Chile (SQM) (Chile), K+S aktiengesellschaft (Germany), Yara International (Norway), Haifa Chemicals Ltd (Israel), and Compo GmbH (Germany).
Research Coverage:
This research report categorizes the Water-soluble fertilizers market by Type (Nitrogenous, Phosphatic, Potassic, and Micronutrient), by Mode of Application (Fertigation and Foliar), by Crop Type (Field crops, Horticultural crops, Turf & Ornamentals, and Others), by Form (Dry and Liquid) and Region (North America, Europe, Asia Pacific, and RoW). The report’s scope covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the water-soluble fertilizers market. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, new product launches, mergers & acquisitions, partnerships, agreements, and other recent developments in the water-soluble fertilizers market. Competitive analysis of coming startups in the water-soluble fertilizers market is covered in this report.
Reasons to buy this report:
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall water-soluble fertilizers market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market’s pulse and provide them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
• Analysis of key drivers (High efficiency of water-soluble fertilizers coupled with rise in demand for nutritive foods, Ease of application, Rapid growth in greenhouse vegetable production, Decreasing arable land, Environment concerns), restraints (Growth in the organic fertilizers industry, The lack of awareness of water-soluble fertilizers among farmers), opportunities (Increasing awareness of adopting agricultural technologies in new emerging markets, Growing demand for water-soluble nutrients), and challenges (Increasing number of players with similar product formulations, Rising prices of natural gas) influencing the growth of the water-soluble fertilizers market
• Product Development/Innovation: Detailed insights on coming technologies, R&D activities, and product launches in the water-soluble fertilizers market.
• Market Development: Comprehensive information about lucrative markets – the report analyses the water-soluble fertilizers market across varied regions.
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the water-soluble fertilizers market.
• Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Nutrien, Israel Chemical Company, Sociedad Quimicay Minera De Chile (SQM), K+S Aktiengesellschaft, Yara International, and among others in the water-soluble fertilizers market.
Table of Contents
1 INTRODUCTION 36
1.1 STUDY OBJECTIVES 36
1.2 MARKET DEFINITION 36
1.3 STUDY SCOPE 37
1.3.1 INCLUSIONS & EXCLUSIONS 37
1.3.2 REGIONS COVERED 38
1.4 YEARS CONSIDERED 38
1.5 UNITS CONSIDERED 39
1.5.1 CURRENCY UNIT 39
1.5.2 VOLUME UNIT 40
1.6 STAKEHOLDERS 40
1.7 SUMMARY OF CHANGES 41
1.8 RECESSION IMPACT ANALYSIS 41
2 RESEARCH METHODOLOGY 42
2.1 RESEARCH DATA 42
2.1.1 SECONDARY DATA 43
- 2.1.1.1 Key data from secondary sources 43
2.1.2 PRIMARY DATA 43
- 2.1.2.1 Key data from primary sources 44
- 2.1.2.2 Key industry insights 44
- 2.1.2.3 Breakdown of primary interviews 45
- 2.1.2.4 Primary sources 46
2.2 MARKET SIZE ESTIMATION 46
2.2.1 APPROACH ONE: BOTTOM-UP 47
2.2.2 APPROACH TWO: TOP-DOWN 47
2.3 DATA TRIANGULATION 49
2.4 RESEARCH ASSUMPTIONS 50
2.5 RESEARCH LIMITATIONS 50
2.6 RECESSION IMPACT ON WATER-SOLUBLE FERTILIZERS MARKET 51
2.6.1 MACROECONOMIC INDICATORS OF RECESSION 51
3 EXECUTIVE SUMMARY 56
4 PREMIUM INSIGHTS 60
4.1 ATTRACTIVE OPPORTUNITIES FOR KEY WATER-SOLUBLE FERTILIZERS MARKET PLAYERS 60
4.2 WATER-SOLUBLE FERTILIZERS MARKET: SHARES OF MAJOR REGIONAL SUBMARKETS 61
4.3 ASIA PACIFIC: WATER-SOLUBLE FERTILIZERS MARKET, BY TYPE & KEY COUNTRY 62
4.4 WATER-SOLUBLE FERTILIZERS MARKET, BY TYPE & REGION 63
4.5 WATER-SOLUBLE FERTILIZERS MARKET, BY CROP TYPE 64
4.6 WATER-SOLUBLE FERTILIZERS MARKET, BY FORM 64
4.7 WATER-SOLUBLE FERTILIZERS MARKET, BY MODE OF APPLICATION 65
5 MARKET OVERVIEW 66
5.1 INTRODUCTION 66
5.2 MACROECONOMIC INDICATORS 67
5.2.1 GROWTH IN GLOBAL POPULATION AND POPULATION DENSITY 67
5.2.2 RISE IN FOOD PRICES 68
5.3 MARKET DYNAMICS 68
5.3.1 DRIVERS 69
- 5.3.1.1 High efficiency of water-soluble fertilizers coupled with rise in demand for nutritive food 69
- 5.3.1.2 Ease of application 69
- 5.3.1.3 Rapid growth in greenhouse vegetable production 69
- 5.3.1.4 Decrease in arable land for agriculture 70
- 5.3.1.5 Environmental concerns 70
5.3.2 RESTRAINTS 71
- 5.3.2.1 Growth in organic fertilizers industry 71
- 5.3.2.2 Limited awareness among farmers and high costs 71
5.3.3 OPPORTUNITIES 72
- 5.3.3.1 Government initiatives to increase awareness to adopt agricultural technologies in emerging markets 72
- 5.3.3.2 Growth in demand for water-soluble nutrients 72
5.3.4 CHALLENGES 72
- 5.3.4.1 Increasing number of players with similar product formulations 72
- 5.3.4.2 Rise in prices of natural gas 73
6 INDUSTRY TRENDS 74
6.1 INTRODUCTION 74
6.2 TRENDS IMPACTING CUSTOMERS’ BUSINESS 74
6.3 PRICING ANALYSIS 75
6.3.1 AVERAGE SELLING PRICE TREND ANALYSIS 75
6.4 VALUE CHAIN ANALYSIS 76
6.4.1 RESEARCH & PRODUCT DEVELOPMENT 76
6.4.2 RAW MATERIAL SOURCING 77
6.4.3 PRODUCTION AND PROCESSING 77
6.4.4 DISTRIBUTION 77
6.4.5 MARKETING & SALES 77
6.5 MARKET MAPPING AND ECOSYSTEM 78
6.5.1 DEMAND SIDE 78
6.5.2 SUPPLY SIDE 78
6.6 TRADE DATA 80
6.7 PORTER’S FIVE FORCES ANALYSIS 81
6.7.1 INTENSITY OF COMPETITIVE RIVALRY 82
6.7.2 BARGAINING POWER OF SUPPLIERS 82
6.7.3 BARGAINING POWER OF BUYERS 83
6.7.4 THREAT OF SUBSTITUTES 83
6.7.5 THREAT OF NEW ENTRANTS 83
6.8 TECHNOLOGY ANALYSIS 84
6.9 PATENT ANALYSIS 84
6.10 KEY CONFERENCES & EVENTS 87
6.11 TARIFF AND REGULATORY LANDSCAPE 88
6.11.1 REGULATOR BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 88
6.11.2 NORTH AMERICA: REGULATIONS 89
- 6.11.2.1 US 90
6.11.3 EUROPE: REGULATIONS 90
6.11.4 ASIA PACIFIC: REGULATIONS 91
- 6.11.4.1 China 91
- 6.11.4.2 Australia 91
- 6.11.4.3 India 91
6.12 KEY STAKEHOLDERS AND BUYING CRITERIA 92
6.12.1 INFLUENCE OF STAKEHOLDERS ON BUYING DECISIONS 92
6.12.2 BUYING CRITERIA 93
6.13 CASE STUDY 93
6.13.1 NEED FOR STANDARD NUTRIENT MANAGEMENT PRACTICES WITH LESS UTILIZATION OF FERTILIZERS 93
7 WATER-SOLUBLE FERTILIZERS MARKET, BY TYPE 94
7.1 INTRODUCTION 95
7.2 NITROGENOUS WATER-SOLUBLE FERTILIZERS 97
7.2.1 VARYING QUANTITIES AND TYPES OF NITROGENOUS FERTILIZERS REQUIRED AT DIFFERENT CROP GROWTH STAGES 97
7.2.2 TYPES OF NITROGENOUS FERTILIZERS 98
- 7.2.2.1 Urea 98
- 7.2.2.2 Ammonia 98
- 7.2.2.3 Ammonia nitrate 99
- 7.2.2.4 Urea-ammonia nitrate 99
7.3 PHOSPHATIC WATER-SOLUBLE FERTILIZERS 100
7.3.1 AWARENESS OF ILL EFFECTS OF LOW PHOSPHORUS IN PLANT GROWTH 100
7.3.2 TYPES OF PHOSPHATIC FERTILIZERS 101
- 7.3.2.1 Phosphoric acid 101
- 7.3.2.2 Monopotassium Phosphate 101
- 7.3.2.3 Monoammonium Phosphate 102
- 7.3.2.4 Diammonium Phosphate 102
- 7.3.2.5 Other Phosphatic Fertilizers 102
- 7.3.2.5.1 Acidulated monopotassium phosphate 102
- 7.3.2.5.2 Polyphosphate fertilizers 102
- 7.3.2.5.3 Urea phosphate 102
7.4 POTASSIC WATER-SOLUBLE FERTILIZERS 104
7.4.1 HIGH REQUIREMENT OF POTASSIUM FOR PROPER NUTRIENT UPTAKE 104
7.4.2 TYPES OF POTASSIC FERTILIZERS 105
- 7.4.2.1 Potassium chloride 105
- 7.4.2.2 Potassium nitrate 105
- 7.4.2.3 Potassium sulfate 105
7.5 MICRONUTRIENTS 106
7.5.1 MICRONUTRIENT DEFICIENCY LEADS TO STUNTED PLANT GROWTH 106
7.5.2 TYPES OF MICRONUTRIENTS 106
- 7.5.2.1 Calcium (Ca) 106
- 7.5.2.2 Sulfur (S) 107
- 7.5.2.3 Boron (B) 107
- 7.5.2.4 Chlorine (Cl) 107
- 7.5.2.5 Copper (Cu) 107
- 7.5.2.6 Iron (Fe) 107
- 7.5.2.7 Manganese (Mn) 107
- 7.5.2.8 Molybdenum (Mo) 107
- 7.5.2.9 Zinc (Zn) 108
8 WATER-SOLUBLE FERTILIZERS MARKET, BY MODE OF APPLICATION 110
8.1 INTRODUCTION 111
8.2 FOLIAR 112
8.2.1 EFFICIENT NUTRIENT ABSORPTION ALONG WITH HIGH PEST RESISTANCE 112
8.3 FERTIGATION 113
8.3.1 COST-EFFECTIVE AND EASY APPLICATION 113
9 WATER-SOLUBLE FERTILIZERS MARKET, BY CROP TYPE 115
9.1 INTRODUCTION 116
9.2 FIELD CROPS 117
9.2.1 HIGHEST DEMAND AMONG CROP TYPES ACROSS REGIONS 117
9.3 HORTICULTURE 119
9.3.1 INCREASE IN IMPORTANCE OF CONSUMING FRUITS & VEGETABLES AND TREND OF AESTHETIC DECORATION 119
9.3.2 ORCHARD CROPS 119
9.3.3 VEGETABLE & FLOWER CROPS 119
9.4 TURF & ORNAMENTALS 120
9.4.1 VARYING NUTRIENT REQUIREMENTS DEMAND OPTIMUM WATER-SOLUBLE FERTILIZERS 120
9.5 OTHER CROP TYPES 121
10 WATER-SOLUBLE FERTILIZERS MARKET, BY FORM 123
10.1 INTRODUCTION 124
10.2 DRY 126
10.2.1 EASE OF USE AND LONGER SHELF LIFE OF DRY FERTILIZERS 126
10.3 LIQUID 127
10.3.1 UNIFORM NUTRIENT AVAILABILITY AND CONVENIENCE IN APPLICATION 127
11 WATER-SOLUBLE FERTILIZERS MARKET, BY REGION 128
11.1 INTRODUCTION 129
11.2 NORTH AMERICA 131
11.2.1 NORTH AMERICA: RECESSION IMPACT ANALYSIS 131
11.2.2 US 136
- 11.2.2.1 Advancements in precision farming techniques 136
11.2.3 CANADA 138
- 11.2.3.1 Rise in demand for food and government support 138
11.2.4 MEXICO 139
- 11.2.4.1 Demand for sustainable agriculture practices 139
11.3 EUROPE 141
11.3.1 EUROPE: RECESSION IMPACT ANALYSIS 142
11.3.2 GERMANY 147
- 11.3.2.1 Increase in demand from agricultural industry and potential for crop-specific fertilizers 147
11.3.3 UK 148
- 11.3.3.1 Increase in consumer awareness and government support 148
11.3.4 FRANCE 150
- 11.3.4.1 Adoption of sustainable agriculture 150
11.3.5 ITALY 151
- 11.3.5.1 Demand for high-quality crops and government initiatives 151
11.3.6 SPAIN 153
- 11.3.6.1 Increase in farmer awareness and government initiatives 153
11.3.7 REST OF EUROPE 154
11.4 ASIA PACIFIC 156
11.4.1 ASIA PACIFIC: RECESSION IMPACT ANALYSIS 156
11.4.2 CHINA 162
- 11.4.2.1 High agricultural potential with larger arable land 162
11.4.3 INDIA 163
- 11.4.3.1 Government initiatives toward drip irrigation and fertilizer subsidies 163
11.4.4 JAPAN 165
- 11.4.4.1 Need to improve produce yield and quality 165
11.4.5 AUSTRALIA & NEW ZEALAND 167
- 11.4.5.1 Demand for high-quality crops 167
11.4.6 REST OF ASIA PACIFIC 168
11.5 REST OF THE WORLD (ROW) 170
11.5.1 ROW: RECESSION IMPACT ANALYSIS 170
11.5.2 BRAZIL 174
- 11.5.2.1 Adoption of National Fertilizer Plan 174
11.5.3 SOUTH AFRICA 176
- 11.5.3.1 Growth in popularity of water-soluble fertilizers 176
11.5.4 OTHERS IN ROW 178
12 COMPETITIVE LANDSCAPE 180
12.1 OVERVIEW 180
12.2 STRATEGIES ADOPTED BY KEY PLAYERS 180
12.3 HISTORICAL REVENUE ANALYSIS OF KEY PLAYERS 183
12.4 MARKET SHARE ANALYSIS 184
12.5 COMPANY EVALUATION QUADRANT (KEY PLAYERS) 185
12.5.1 STARS 185
12.5.2 PERVASIVE PLAYERS 185
12.5.3 EMERGING LEADERS 185
12.5.4 PARTICIPANTS 185
12.5.5 COMPANY PRODUCT FOOTPRINT (KEY PLAYERS) 186
12.6 COMPANY EVALUATION QUADRANT (STARTUPS/SMES) 189
12.6.1 PROGRESSIVE COMPANIES 189
12.6.2 STARTING BLOCKS 189
12.6.3 RESPONSIVE COMPANIES 189
12.6.4 DYNAMIC COMPANIES 190
12.7 COMPETITIVE SCENARIO 191
12.7.1 PRODUCT LAUNCHES 191
13 COMPANY PROFILES 196
13.1 KEY PLAYERS 196
13.1.1 NUTRIEN 196
13.1.2 ISRAEL CHEMICAL LTD. 200
13.1.3 SOCIEDAD QUÍMICA Y MINERA DE CHILE (SQM) 205
13.1.4 K+S AKTIENGESELLSCHAFT 208
13.1.5 YARA INTERNATIONAL 212
13.1.6 HAIFA GROUP 216
13.1.7 COROMANDEL INTERNATIONAL LIMITED 222
13.1.8 THE MOSAIC COMPANY 225
13.1.9 HEBEI MONBAND WATER SOLUBLE FERTILIZER CO., LTD. 228
13.1.10 EUROCHEM GROUP 231
13.2 OTHER PLAYERS 235
13.2.1 AGAFERT SRL. 235
13.2.2 SPIC 236
13.2.3 ARIES AGRO LIMITED 238
13.2.4 THE AZOTY GROUP 240
13.2.5 VAKI-CHIM 244
13.2.6 GUJARAT STATE FERTILIZERS & CHEMICALS LIMITED 245
13.2.7 INCITEC PIVOT LTD 248
13.2.8 IFFCO 250
13.2.9 MANGALORE CHEMICALS & FERTILIZERS LTD 251
13.2.10 DFPCL 252
14 ADJACENT AND RELATED MARKETS 253
14.1 INTRODUCTION 253
14.2 LIMITATIONS 253
14.3 AGROCHEMICALS MARKET 253
14.3.1 MARKET DEFINITION 253
14.3.2 MARKET OVERVIEW 254
14.4 SPECIALTY FERTILIZERS MARKET 255
14.4.1 MARKET DEFINITION 255
14.4.2 MARKET OVERVIEW 255
15 APPENDIX 257
15.1 DISCUSSION GUIDE 257
15.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 262
15.3 CUSTOMIZATION OPTIONS 264
15.4 RELATED REPORTS 264
15.5 AUTHOR DETAILS 265