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The global water soluble fertilizer market size was valued at USD 15.08 billion in 2019 and is projected to reach USD 20.64 billion by 2027, exhibiting a CAGR of 4.4% during the forecast period.
The recognition and popularity of water-soluble fertilizers as an immediate nutrient deficiency corrector is increasing globally. Earlier, WSFs were popular mainly across the developed markets, but with growing research & development and active participation of fertilizer giants, these fertilizers are becoming a prominent part of the agriculture industry in developing economies as well.
The water-soluble fertilizers market growth is fueled by the escalating demand for efficient fertilizers that can significantly uplift the nutrient uptake within crops and can provide the nutrients in a regulated manner. Rising adoption of advanced farming practices, coupled with proliferating demand for fruits, vegetables, and other high-value crops with high nutritional value is expected to contribute positively in boosting the market revenue.
The outbreak of COVID-19 Disrupted the Supply Chain Management of Plant Nutrition Products
The outbreak of pandemic has negatively impacted the global market due to various socio-economic changes that have emerged during this pandemic. Halt in the manufacturing of specialty fertilizers across several prominent specialty fertilizer producing regions due to lockdowns has led to a slowdown in overall production. Trade restrictions imposed globally by various countries have disrupted the supply chain of these fertilizers, however with ease in restrictions the conditions are expected to improve in the upcoming months.
In developing economies, the demand for water-soluble fertilizers may remain sluggish in the upcoming months due to slowdown in the economy. Hence, a decline in demand for premium agriculture products is to lead to reduced spending of farmers on pricey agricultural inputs. However, the demand for WSFs is predicted to gain strong traction in the forthcoming years due to a predictable increase in demand for quality fertilizer inputs to address the issue of demand for food security. The pandemic has encouraged people to opt for a healthier lifestyle and boost immunity and hence the demand for nutrient-rich food such as fruits, vegetables, and nuts are predicted to rise. Rise in the demand for premium agricultural products in the upcoming years will offer growth opportunities for specialty fertilizers.
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Increasing Investment by Key Market Players in Product Development to Fuel the Market
Market players operating in the WSF market have realized the future growth potential of water-soluble fertilizer and hence, are making continuous efforts to innovate and launch new products in the market to establish their prominence. Companies are stepping up their production capacities of various WSF grades and expanding their global reach, which is aiding the popularity and demand for these fertilizers across countries where agriculture is practiced primarily. For instance, the Gujarat Agro Industries Corporation (GAIC) has imported water-soluble fertilizer product launches under the brand name ‘Agro’ in January 2020. The products included in the brand are customized grades of stage-specific and crop-specific fertilizers.
Proliferating Demand for High-Value Crop Produces to Support Market Growth
The water-soluble fertilizers demand is projected to witness continuous growth during the forthcoming years due to the rising requirement of specialty fertilizers to enhance the production of high-quality crops. The growing world population in several developing and under-developed countries has raised concerns over food security and existing food production solutions.
Growing initiatives by the government to promote specialty fertilizers and the launch of programs to educate farmers about the novel fertilizer type and its benefits will aid the market growth. However, the high price of these specialized fertilizers can act as a major restraint on the market growth, which in turn requires government subsidy facilities.
High Price of Water-soluble Fertilizer Products to Restrain the Market Growth
The high price of specialty fertilizers such as water-soluble fertilizer and controlled fertilizers can act as a major restraint on the market growth during the forecast period. Low-cost effectiveness of these fertilizer varieties can restrict their use in countries where per capita income is low. Fertilizer industry stakeholders are investing in R&D activities to innovate the more efficient fertilizers. The companies are also focusing on manufacturing technologies to increase production efficiency and to make these products more affordable to the crop producers including low-margin farmers.
Demand for Nitrogenous Fertilizer to Remain High
At the global level, the nitrogenous fertilizer segment is predicted to witness robust growth during the forecast years due to their contribution in higher crop yield. The demand for phosphatic fertilizers is expected to grow in the upcoming years on account of rising concerns related to crop loss due to frequently changing climatic conditions.
Fertigation to be the Widely Adopted Application Method
At the global level, fertigation is the most preferred application method for water-soluble fertilizer, as through this method pre-existing nutritional deficiency in the crop can be controlled effectively. The method is effective in saving fertilizer usage by up to 25% and as WSFs are costly crop nutrition commodities, applying them smartly through fertigation can effectively reduce the production cost of several crops.
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Horticulture Segment will Hold the Major Share”
At present, the horticulture segment is dominating the global marketplace and it is expected to be the fastest-growing segment during the forecast period. Increasing demand for a nutrition-rich diet globally is expected to drive the high-value crops demand, which is further anticipated to boost the segment’s growth. A number of horticulture crop varieties require specialized nutrients, favorable climatic conditions, and proper conditioning for appropriate growth and these fertilizers can fulfill that requirement efficiently.
Europe Water Soluble Fertilizers Market Size, 2019 (USD Billion)
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The Asia-Pacific market will register the fastest compound annual growth rate (CAGR) of 5.33% during the forecast period. Degrading arable land and limited water resources in agriculture-oriented Asian countries is generating the demand for highly efficient fertilizers such as WSFs. In Asia-Pacific, the investment by multinational agricultural giants such as ICL, Nutrien, Yara, and others has risen crucially as APAC is emerging as a profitable market for advanced fertilizers with high growth potential.
Growth in the production of high-value crops in Asia and Southeast Asia due to increasing urbanization, improving the economy, and high trade liberalization is projected to escalate the water-soluble fertilizer demand across the region. In developing markets, subsidizing water soluble fertilizer is expected to promote their usage among farmers at a speedy pace. For instance, the Government of India provided various facilities to fertilizer companies to launch innovatively customized and specialty fertilizer products to improve fertilizer use efficiency and improve agricultural productivity in the country.
At present, Europe holds the largest portion in the water soluble fertilizer market share attributed to the high adoption of specialized fertilizers in countries such as Russia, Spain, and France. Changing climatic conditions in Europe, coupled with high penetration of global specialty fertilizers producing companies in the European market, is fuelling the market growth. Furthermore, the expansion of businesses into the aforementioned fertilizer domain by regional conventional fertilizer leaders will help in enhancing the market size in Europe. For instance, in 2018, Eurochem Group, a leading global agribusiness group of major market players, headquartered in Switzerland, entered into the WSF business by inaugurating a USD 16 million WSF fertilizer production plant in Lithuania (Europe).
Increasing Consolidation in the Global Market to Intensify Competition
Market players operating in the WSF market have realized the future growth potential of water-soluble fertilizer and hence, are making continuous efforts to innovate and launch new products in the market to establish their prominence.
In recent years, market consolidation in the specialized fertilizer industry has increased and this has impacted the market positively. The establishment of Nutrien (merger of Potash Corporation and Agrium) in 2018 is one of the best examples. Companies operating in the global market such as SQM and ICL are centering on increasing their production capacities and increasing their market presence across the global market through acquisitions and collaborations.
The report provides qualitative and quantitative insights into the water-soluble fertilizer market. It also offers a detailed industry analysis of the WSF market size and growth rate for all possible market segments.
An Infographic Representation of Water Soluble Fertilizers (WSF) Market
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Along with this, the global water soluble fertilizer market report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights presented in the report are an overview of related markets, recent industry developments such as mergers & acquisitions, the regulatory scenario in critical countries, and key industry trends.
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Value (USD Million)
By Crop Type
Fortune Business Insights says that the value of the market was valued at USD 15.08 Billion in 2019 and is projected to reach USD 20.64 Billion by 2027.
Growing at a CAGR of 4.4%, the market will exhibit steady growth in the forecast period (2020-2027).
The nitrogenous fertilizer segment is expected to be the leading segment based on type in the global market during the forecast period.
Amplifying demand for high-quality agriculture inputs and rising prevalence of crop loss due to nutrient deficiency are driving the growth of the market.
SQM, Nutrien, ICL, and Yara International are few of the key players in the WSF fertilizers market.
Europe is expected to hold the highest market share in the global market in 2027.
Fertigation segment is expected to grow at the fastest pace during the forecast period.
Proliferating demand for more efficient fertilizer nutrients solutions is the key market trend that is driving the growth of the market
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