Water-Soluble Fertilizers Market Growth and Share 2023, Trends Analysis, Demand, Challenges, Business Opportunities and Future Outlook 2033: SPER Market Research
Water soluble fertilizers are easily added to or removed from the soil. When employing water-soluble fertilizers, it is straightforward to control the precise amount of nutrients made available to plants. The NPK number listed on the label for these water-soluble fertilizers refers to the grade, not the concentration. Nitrogen, phosphorus, and potassium are represented by the letters N, P, and K, respectively.
According to SPER market research, ‘Global Water-Soluble Fertilizers Market Size- By Form, By Product, By Crop Type, By Application – Regional Outlook, Competitive Strategies and Segment Forecast to 2032’ state that the Global Water-Soluble Fertilizers Market is predicted to reach USD 27.26 billion by 2032 with a CAGR of 4.66%.
The market for Water-Soluble Fertilizers is driven by numerous growth drivers. Due to growing urbanization, a stronger economy, and more trade liberalization, Asia and Southeast Asia are predicted to produce more high-value crops, which will raise the demand for water-soluble fertilizers. It is projected that farmers will use water soluble fertilizer more frequently if it is subsidized in developing markets. The Government of India, for example, provided fertilizer companies with various facilities to supply innovative, carefully developed, and specialty fertilizer products in an effort to improve the efficacy of fertilizer use and raise agricultural output across the country.
On the other hand, the World Bank reports that fertilizer prices have risen since 2022 as a result of rising input costs, supply issues, and export restrictions in China. Concerns over fertilizer affordability have grown as a result of the Ukrainian situation. Rising natural gas prices, particularly in Europe, prompted widespread decreases in ammonia production—a critical feedstock for nitrogen-based water-soluble fertilizers. Natural gas is an important raw material in the production of water-soluble fertilizers, and the price of natural gas dictates the producer’s profit. Even if fertilizer prices remain constant, the expected increase in natural gas prices will diminish margins.
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The epidemic’s socioeconomic consequences have had a severe impact on the global economy. A reduction in total output has been caused by a halt in the manufacturing of specialist fertilizers as a result of lockouts in numerous significant regions that produce specialty fertilizers. The supply chain for these fertilizers has been hampered by international trade restrictions imposed by various governments, but the supply chain should improve with the easing of these restraints.
Furthermore, the regional study of the water-soluble fertilizers market reveals a dynamic environment with distinct trends and variables impacting growth in various geographic locations. The market in North America is characterized by a growing emphasis on sustainable agriculture practices and an increase in the adoption of precision farming techniques. The United States, in particular, is a major player in the region, with a strong emphasis on improved fertilization techniques. Additionally, some of the market key players are Doggett, Ferti Technologies, Garsoni International, Grow More, Haifa, ICL Specialty Fertilizers, Master Plant-Prod, National Liquid Fertilizer, Miller Chemical & Fertilizer, Plant Marvel, Timac Agro USA, Yara, PRO-SOL, SQM, Sun Gro Horticulture.
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Water-Soluble Fertilizers Market Scope
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