Water Soluble NPK Fertilizers Global Market Report 2024

The global water soluble npk fertilizers market has grown strongly in recent years. It will grow from $12.81 billion in 2023 to $13.69 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth observed in the historical period can be attributed to several factors, including agricultural intensification, the global growth of the population, a shift towards commercial farming practices, increased demand for high-value crops, adherence to environmental regulations, a rise in horticulture and floriculture activities, government subsidies and incentives in agriculture, a growing awareness of crop nutrition practices, and the influence of climate variability on the need for crop resilience. These factors collectively contributed to the expansion of the market for water-soluble NPK fertilizers during the historical period.

The global water soluble npk fertilizers market is expected to see strong growth in the next few years. It will grow to $17.44 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The anticipated growth in the forecast period can be attributed to several factors, including the rising global demand for food, the adoption of climate-smart agriculture practices, the increasing trend of soilless cultivation methods, incorporation of biostimulants and micronutrients, economic growth influencing farming practices, and a heightened focus on crop-specific nutrient management. Major trends expected in the forecast period include the promotion of hydroponic and soilless farming techniques, the development of customized nutrient formulations, the integration of digital agriculture and farm management technologies, the incorporation of micronutrients into fertilizer formulations, technological advancements in fertilizer manufacturing processes, the adoption of precision agriculture technologies, and an increased emphasis on specialty crop cultivation. These trends signify the evolving landscape of water-soluble NPK fertilizers, aligned with advancements in agricultural practices, technology, and sustainability.

The escalating demand for horticulture crops is projected to drive the growth of the water-soluble NPK fertilizer market. Horticulture crops typically encompass fruits, vegetables, and ornamental plants. The increasing cultivation of such crops will lead to a heightened usage of water-soluble NPK fertilizers. These fertilizers are preferred due to their water solubility and nutritional benefits, fostering improved plant growth and productivity. For example, estimates from the Indian Department of Agriculture and Farmers Welfare projected India's total horticulture output to reach 341.63 million tons in 2021-22, reflecting a substantial increase of approximately 7.03 million tons (or a 2.1% rise) from the previous year. Consequently, the rising demand for horticulture crops is anticipated to be a driving force behind the growth of the water-soluble NPK fertilizers market.

The expansion of the global population is poised to propel the growth of the water-soluble NPK fertilizers market. A surge in the global population translates to an increased number of people residing in specific areas or regions, fostering demographic growth. Water-soluble NPK fertilizers play a pivotal role in boosting global food production by offering readily available and balanced nutrient supplies, ensuring higher crop yields to meet the burgeoning demands of a growing population. As per estimates by the United Nations in November 2022, the world's population is anticipated to expand by nearly 2 billion people over the next three decades, reaching 9.7 billion by 2050 from the current 8 billion. Hence, the escalating population is expected to drive the growth trajectory of the water-soluble NPK fertilizers market.

The adoption of advanced technology stands out as a significant trend influencing the water-soluble NPK fertilizers market. Key market players are actively integrating innovative technologies into their fertilizer offerings, focusing on enhancing root growth, disease resistance, and sustaining their market positions. For instance, in September 2021, Coromandel International Limited, an India-based chemical manufacturing company, introduced the GroShakti Plus fertilizer based on EnPhos Technology. This technology fosters robust plant development, improved disease resistance, better root development, faster growth, and higher-quality yields. With a comprehensive nutrient composition comprising major NPK nutrients, this complex fertilizer offering demonstrates substantial promise for farmers, showcasing an amalgamation of technological advancements and agricultural efficacy.

Major players in the water-soluble NPK fertilizer market are intensifying their focus on introducing high-purity fertilizers as a strategic advantage. These high-purity fertilizers are characterized by their elevated concentrations of vital plant nutrients while maintaining minimal impurities. For instance, in June 2023, ICL Group Ltd., an Israel-based fertilizer company, introduced an advanced line of water-soluble micronutrients and N-P-K fertilizers tailored for the North American agriculture market. These products are engineered to offer high-purity formulations of water-soluble N-P-Ks and micronutrients, precisely catering to crop nutrient requirements. Their specialized composition is designed for efficient nutrient delivery through foliar and fertigation methods. What sets these products apart is their unique formulation, maximizing solubility and exhibiting a high degree of compatibility with a wide range of herbicides and crop protectants. This compatibility significantly enhances their effectiveness in agricultural applications.

In September 2021, Yara Suomi Oy, a Finland-based chemical company specializing in fertilizer production and distribution, made a strategic acquisition by purchasing Ecolan Oy for an undisclosed sum. This acquisition by Yara aims to bolster its portfolio of organic fertilizers, expand its range of crop nutrition solutions, and extend its product reach across Europe. Ecolan Oy, based in Finland, is recognized for its expertise in producing recycled fertilizers.

Major companies operating in the water soluble npk fertilizers market report are Haifa Chemicals Ltd., Yara International ASA, Arab Potash Company, OMEX Agricultural Holdings Limited, Acron Group, Coromandel International Limited, EuroChem Group AG, Hebei Monband Water Soluble Fertilizer Co. Ltd., Indian Farmers Fertiliser Cooperative Limited, ICL Group Ltd., K+S Aktiengesellschaft AG, PhosAgro PJSC, Uralchem Integrated Chemicals Company, Grupa Azoty S.A., Chambal Fertilisers and Chemicals Ltd., Deepak Fertilisers and Petrochemicals Corporation Limited, Nutrien Ltd., Iowa Fertilizer Company, Qatar Fertiliser Company, Israel Chemical Limited, Sociedad Quimica Y Minera SA, BMS Micro-Nutrients NV, Compo Expert, Nutrien Limited, The Mosaic Company, Gujarat Aksha Fertilizer Company, Tanvi Bio Chemical Pvt Ltd., Volkschem Crop Science Pvt Ltd., Antares Chem Private Limited, Ram Shree Chemicals

Europe was the largest region in the water soluble NPK fertilizers market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the water soluble npk fertilizers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the water soluble npk fertilizers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main crop types associated with water-soluble NPK fertilizers include field crops, horticultural crops, ornamentals, and other crop varieties. Field crops encompass herbaceous plants commonly cultivated in agricultural fields, such as hay, grains, or cotton. These water-soluble fertilizers are applied through methods like foliar application (spraying on leaves) and fertigation (application through irrigation systems).

This report provides water soluble NPK fertilizers market statistics, including water soluble NPK fertilizers industry global market size, regional shares, competitors with a water soluble NPK fertilizers market share, detailed water soluble NPK fertilizers market segments, market trends and opportunities, and any further data you may need to thrive in the water soluble NPK fertilizers industry. This water soluble NPK fertilizers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The water-soluble NPK fertilizers market consists of sales of water-soluble NPK fertilizers such as compound fertilizers. Values in this market are "factory gate" values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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