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The global water-soluble fertilizers market size is set to reach USD 23.09 billion by 2026 owing to the rapidly rising population numbers in the developing countries of Asia and Africa. Fortune Business Insights™ shares this information in its new report, titled “Water-Soluble Fertilizers Market Size, Share & Industry Analysis, By Type (Nitrogenous, Phosphatic, Potassic, and Others), Application (Foliar and Fertigation), Crop Type (Field Crop, Horticulture, Turf & Ornamentals, and Others), and Regional Forecasts, 2019 – 2026”. As per the report, the value of this market stood at USD 14.34 billion in 2018 and is expected to register a CAGR of 6.28% during the forecast period.
GAIC Infuses New Energy into the State’s Agriculture Sector with Imported WSFs
Encouraging the uptake of new-age agricultural inputs is one of the leading water-soluble fertilizers market trends and government organizations in many countries are doing just that. The Gujarat Agro Industries Corporation (GAIC), the agency promoting agro-based industries in the state, introduced imported water-soluble fertilizers in Gujarat’s agriculture sector in January 2020. The purpose behind this move is revitalize the demand and usage of high-grade agricultural inputs in the state. Having imported 300 tons of WSFs from China already, the GAIC aims to package and sell these products to farmers under its brand ‘AGRO’. The next step that agency plans to implement is launching of customized stage-specific and crop-specific fertilizers. Measures like these are necessary to provide the necessary support for the development of agriculture in emerging economies, which, in turn, would benefit the WSF market growth.
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Growing Demand for High-quality Crops to Boost the Market
There exists a wide gap in the world today in terms of accessibility and consumption of nutritious food. To fill this void, increasing agricultural productivity has become the top priority for most countries. More importantly, production of high-quality crops has become the center of attention, which is auguring well for the water-soluble fertilizers industry. Water-soluble fertilizers provide an efficient way to grow high-quality, nutrition-rich crops as they can be supplied in a targeted manner and in required doses to the roots of the crops. The demand for WSFs is also likely to spike in the wake of declining quality of arable land in agriculture-intensive countries such as India and China. This fall in quality has led to the production of nutrition-deficient crops and worsened the health of the vulnerable sections in these countries. Utilization of WSFs is increasingly seen as the optimal solution to this issue.
Development of Innovative Crop Solutions to Spur Competition
Key players are adopting a range of strategies to consolidate their position in this market, the water-soluble fertilizers market analysis says. Agriculture giants such as Nutrien and Yara are deeply engaged in developing novel products and widen their offerings for the market. These players are now focusing on enhancing their production and R&D capacities and expanding their footprint in the global marketplace.
Further Report Findings:
Global Water-soluble Fertilizers Market Scope Table of Segmentation:
Value (USD Million)
By Crop Type