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The rising adoption of effectual fertilizers and fertigation methods has come to be the foremost reason to the ever-growing demand for liquid fertilizers. Recent crop nutrients essentially provide crops with optimum rates of nutrients during the growth cycle in the most proficient manner possible, and without degrading water resources and soil which is predicted to boost the demand for liquid soluble fertilizers. The ever-growing demand for liquid fertilizers has prompted market players to focus on expanding their product range.
The increasing efforts by prominent players to expand their liquid fertilizers portfolio and increasing mergers and acquisition activities are projected to drive the market in the upcoming years. Prominent players in liquid fertilizers market are actively capitalizing in R&D activities in the collaboration with the raw material suppliers to develop innovative and novel liquid fertilizers for diversified applications across horticultural and field crop commodities.
The ever-rising focus on food security amidst rapidly growing population has nudge authorities to turn their attention towards sustainable solutions that doesn’t threaten their long-term strategic interests. Global demand for food is fuelling the demand for nitrogen, phosphorus, potassium, and combined NPK liquid fertilizers. A number of factors, including population growth, loss of crops due to nutrient scarcity within them, escalating demand for high-value crops, and changing consumer diet due to increasing prosperity in emerging economies, continue to have a positive effect on demand. Overall, this spells an attractive outlook for liquid fertilizers industry. The ease of application and use and increasing adoption of precision farming is fuelling the demand of liquid fertilizers.
The high price of the liquid fertilizers is leading to increase in overall agricultural cost of production which is predicted to be a restraining factor for market growth.
Key Market Driver -
Increasing Adoption of Efficient Fertilizers and Fertigation Techniques
Key Market Restraint -
High Price of the Product
The prominent players operating in the global liquid fertilizers market are Yara International ASA, Nutrien Ltd., Israel Chemical Ltd., Haifa Chemical Ltd, Grupa Azoty, The Mosaic Company, Sociedad Química y Minera de Chile S.A., K+S Aktiengesellschaft, Plant Food Company Inc., EuroChem Group, and Others.
The synthetic liquid fertilizers are predicted to hold prominent share in the global liquid fertilizers market. The high adoption of synthetic liquid fertilizers is predicted to remain a major driving factor for synthetic liquid fertilizers market growth. The tremendously increasing population along with rising demand for food is forcing growers to utilize most efficient fertilizers to ensure optimum yield which is expected to boost the sale of synthetic liquid fertilizers. Moreover, the increasing adoption of organic fertilizers is fuelling the production of organic liquid fertilizers.
Nitrogen is extensively used in the preparation of liquid fertilizers as it is one of the essential nutrients to achieve optimum plant growth. Therefore, insufficient nitrogen in the soil can decrease the yield quantity as well as quality which is expected to boost the demand for liquid nitrogen fertilizers. Liquid fertilizers are widely utilized in various fertigation techniques. The high adoption of precision farming and increasing area under sprinkler irrigation across the world is increasing the sales of liquid fertilizers. Nonetheless, foliar application of liquid fertilizers is growing at significant pace as it’s an efficient way of supplying micronutrients to the plant.
The rapid expansion of the horticulture sector across the globe, especially in developed countries is leading to increased use of liquid fertilizers. The high profit margin associated with the cultivation of fruits and vegetables is gravitating farmers to utilize liquid fertilizers in spite of their high price.
North America is predicted to hold significant share in the global market of liquid fertilizers. The presence of large area under sprinkler irrigation across the region is expected to drive the liquid fertilizers market within the region. For instance, according to the United States Geological Survey, in 2015, around 55% (34,700 thousand acres) of irrigated land in the U.S. was armed with sprinkler irrigation systems. The search for efficient agri-inputs for crop production coupled with, the growing concerns over the residues of traditional agri-inputs are predicted to drive the sales of liquid fertilizers within the region.
Asia Pacific is likely to grow at healthier pace in the global liquid fertilizers market. The increasing cost of traditional fertilizers and their adverse effect on environment eases application of liquid fertilizers within Asia Pacific. The increased advancements in the automated irrigation systems are the major driving factors behind the growing market and increased demand of liquid fertilizers. The growing awareness regarding nitrogenous liquid fertilizers treatment for restoring the soil nutrients and improving the overall soil fertility is driving the sales momentum of liquid fertilizers.
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