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The global water soluble fertilizers market size is projected to reach USD 20.64 billion by the end of 2027. The presence of several large scale companies will have a direct impact on the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled “Water Soluble Fertilizer Market Size, Share & COVID-19 Impact Analysis, By Type (Nitrogenous, Phosphatic, Potassic, and Others), Application (Foliar and Fertigation), Crop Type (Field Crop, Horticulture, Turf & Ornamentals, and Others), and Regional Forecasts, 2020 - 2027,” the market was worth USD 15.08 billion in 2019 and will exhibit a CAGR of 4.4% during the forecast period, 2020-2027.
Water soluble fertilizers (WSF) are fertilizers that are used directly in soil. These products are easily soluble in water and can help minimize losses. They are preferred over spraying methods due to the low cost as well as less wastage. The massive investment in the development of sustainable fertilizers will bode well for the growth of the overall market in the coming years. The presence of several large scale companies will also emerge in favor of market growth. The rising awareness about crop health and crop life, coupled with the rising investments in integrating technologically advanced equipment for manufacturing will contribute to the growth of the market in the coming years. Moreover, the increasing variations in product offerings will have a positive impact on the growth of the overall water soluble fertilizers market in the foreseeable future.
Gujarat Agro Industries Announces Import of WSFs from China
The report highlights a few of the major industry developments of recent times and discusses their impact on the growth of the overall market. Accounting to the increasing awareness regarding the use of sustainable products in agricultural activities, the demand for such products has risen dramatically in recent years. As a result, several companies are looking to adopt strategies that will help the company cater to increasing sustainable needs. The massive demand for WSF products are consequential to the demand for clean-labelled produce as well as the efforts put in by government as well as private organizations with a bid to maximizing its use over its alternate counterparts. In January 2020, Gujarat Agro Industries announced that it will be importing WSF products from China for sale in domestic Indian market. This step will not just influence the growth of the regional market, but will also have a direct impact on the growth of the overall WSF market in the foreseeable future.
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Increasing Investment in Product R&D to Emerge in Favor of Market Growth
Among all the factors that have contributed to the growth of the market in recent years, the rising investments in the research and development of efficient products has been a pivotal to market growth. Accounting to the increasing product demand, there is an influx of start-ups in recent years and this has ultimately made a positive impact on the growth of the overall water soluble fertilizers market.
Market is Slightly Consolidated in Nature
The global water soluble fertilizers market is slightly consolidated in nature, with the presence of several large scale companies operating in several countries across the world. As a result, the competition is likely to intensify in the coming years. The increasing product demand has certainly encouraged start-ups and ultimately, these factors have also been essential to the growth of the market.
List of companies profiled in the report:
The global market is segmented on the basis of:
Value (USD Million)
By Crop Type