Global Water Soluble Fertilizer Market Expected To Observe Major Growth By 2020
Deerfield Beach, FL -- (SBWIRE) -- 08/24/2017 -- Zion Market Research has published a new report titled "Water Soluble Fertilizers (Nitrogen, Potassium, Phosphate and Others) Market for Fertigation and Foliar Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2014 – 2020." According to the report, the global water soluble fertilizers market was valued at USD approximately USD 2.60 billion in 2014 and is expected to reach approximately USD 3.80 billion by 2020, growing at a CAGR of over 5% between 2015 and 2020. In terms of volume, global water soluble fertilizers market stood at approximately 10.0 million tons in 2014.
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Water soluble fertilizers are formulation of mineral fertilizer, which primarily used in agricultural sector. Water soluble fertilizer is one of the important fertilizers as compared to other chemical fertilizer owing to its higher solubility in water. To achieve higher yield and better economy of cultivation efficient uptake of nutrients from soil is necessary. This can be achieved using fertilizers which are readily soluble in water. Water soluble fertilizers can be delivered through foliar or fertigation method. Using these methods, water soluble fertilizers can be applied through irrigation water and delivered directly at the root zone from where they are readily absorbed and used elsewhere in the plant system.
Nitrogen, phosphate and potassium are key product segments of the water soluble fertilizers market. Nitrogen is one of the most widely used water soluble fertilizers across the world. Nitrogen dominated the global water soluble fertilizers market in terms of both volume and revenue. In terms of volume, it accounted for over 60% share of the volume consumed in 2014. Phosphate and potassium are also accounted for significant market share of the global water soluble fertilizers market.Potassium is one of the fastest growing segment and is expected to witness fastest CAGR during the forecast period.
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Foliar and fertigation are the two important application method used to deliver water soluble fertilizers. Fertigation method dominated the global water soluble market with around two third shares of the global market in 2014. Water soluble fertilizers helps avoid over fertilization of soil and reduce the wastage of fertilizers. Thus it increases the crop yield by 80 to 90 percent.
Asia Pacific has been remained the key driving factor for the growth of the water soluble fertilizers market. Demand for water soluble fertilizers is mainly driven by strong growth of agriculture sector in emerging economies like India and China in the region. Asia Pacific holds over 60% share of the global water soluble fertilizers market. Asia Pacific is followed by North America, Europe and Latin America.
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Key industry participants in the global water soluble fertilizers include, Yara International ASA, Israel Chemical Limited, Agrium Inc., The Mosaic Company, Haifa Chemicals Limited, Compo GmbH & Co. KG, Coromandel International Ltd., Hebei Monband Water Soluble Fertilizer Co., Ltd., K+S AG and Sociedad Quimica Y Minera SA (SQM).
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