Nitrogenous Water Soluble Fertilizer Global Market Report 2024

The nitrogenous water soluble fertilizer market has grown strongly in recent years. It will grow from $60.97 billion in 2023 to $65.53 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. Historical growth in the nitrogenous water-soluble fertilizer market can be largely attributed to several factors. These include farmers' preferences and increasing awareness regarding fertilizers, the specific nutrient requirements of crops, ongoing research and development initiatives, market competition driving innovation, and the focus on achieving higher crop yields and improved crop quality.

The nitrogenous water soluble fertilizer market is expected to see strong growth in the next few years. It will grow to $84.4 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. Anticipated growth in the nitrogenous water-soluble fertilizer market in the upcoming period can be attributed to several key factors. These include the growing global population and subsequent increase in food demand, heightened emphasis on environmental sustainability practices, the adoption of precision agriculture techniques, the impact of climate change on agricultural practices, and the rising levels of awareness and education within the agricultural sector.

The nitrogenous water-soluble fertilizer market is set for substantial growth, driven by the increasing favorability of commercial agriculture. These fertilizers, integral to agricultural practices for managing nutrients, are witnessing escalated demand. For instance, as reported by GOV.UK in May 2022, the significant surge in both total crop output income by $11,782 million and total livestock output income by $17,626 million in 2021 underscores the correlation between the expansion of commercial agriculture and the rise in nitrogenous water-soluble fertilizers.

A burgeoning demand for organic farming practices is projected to be a key driver for the nitrogenous water-soluble fertilizer market. Organic farming, emphasizing sustainability and eschewing GMOs and artificial additives, benefits from these fertilizers due to their rapid nutrient availability, improved uptake, and reduced environmental impact. As highlighted by GOV.UK in May 2023, the increase of 0.4% in land farmed organically to 509 thousand hectares in 2022 indicates a rising inclination towards organic farming, fueling the demand for nitrogenous water-soluble fertilizers.

Technological advancements stand as a prominent trend shaping the nitrogenous water-soluble fertilizer market landscape. Key market players are actively innovating to maintain their market standing. For instance, Yara International's September 2022 launch of the YaraIrix system showcases a novel approach to nitrogen water-soluble fertilizers. This system, coupled with a user-friendly app and hardware options, facilitates precise nitrogen calculations for different crop growth phases, enhancing efficiency and reducing resource wastage.

Market leaders within the nitrogenous water-soluble fertilizer domain prioritize innovation by introducing next-generation water-soluble fertilizers. These fertilizers, rapidly dissolvable in water and offering balanced nitrogen content, stimulate robust plant growth and improved crop yield. ICL Group Ltd.'s October 2023 launch of water-soluble fertilizers - nova pulse, nova finish, nova elevate, and nova flow - illustrates this commitment. Specifically formulated to meet crop nutrient needs, these fertilizers ensure enhanced solubility, compatibility, and ease of application, alleviating nutrient deficits and augmenting plant health and productivity.

In September 2021, Yara International, a Norwegian chemical company specializing in fertilizer production, completed the acquisition of Ecolan Oy for an undisclosed sum. This strategic move significantly enriches Yara's product range, particularly in the realm of organic fertilizers, while also bolstering the effectiveness of crop nourishment. Ecolan Oy, a Finnish company known for its expertise in nitrogenous water-soluble fertilizers, now falls under the umbrella of Yara International, marking an expansion in their fertilizer offerings.

Major companies operating in the nitrogenous water soluble fertilizer market report are Israel Chemicals Ltd., Yara International ASA, K+S AG, Coromandel International Limited, Sociedad Química y Minera de Chile, The Mosaic Company, Nutrien Ltd., COMPO GmbH & Co. KG, EuroChem Group AG, BASF SE, Adama Agricultural Solutions Ltd., Uralchem Group, Nufarm Limited, Qatar Fertilizer Company, Haifa Group, Koch Fertilizer LLC, CF Industries Holdings Inc., Kugler Company, Turf Care Supply Corp., Bunge Limited, Tessenderlo Group, Sinofert Holdings Limited, Deepak Fertilizers and Petrochemicals Corporation Limited, Zuari Agro Chemicals Ltd., Rashtriya Chemicals & Fertilizers Ltd., Apache Corporation, Sinochem Corporation, Mears Fertilizer Inc., Gujarat State Fertilizers & Chemicals Ltd., Saudi Basic Industries Corporation, Brandt Consolidated Inc., Plant Food Company Inc., Greenfeed Agro Sdn Bhd, Wilbur-Ellis Company LLC, Shikefeng Chemical Industry Co. Ltd., Sapec Agro Business SA.

Europe was the largest region in the nitrogenous water soluble fertilizer market in 2023. The regions covered in the nitrogenous water soluble fertilizer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the nitrogenous water soluble fertilizer market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types in the nitrogenous water-soluble fertilizer market include macroelement WSF, microelement WSF, and other variations. Macroelement WSF consists of nitrogen, phosphorus, potassium, and additional trace elements, available in liquid or solid forms. These fertilizers cater to various crop types such as field crops, horticultural crops, turf, ornamentals, and others. They are available in both dry and liquid forms for application through foliar spraying and fertigation methods.

The nitrogenous water soluble fertilizer market research report provides nitrogenous water soluble fertilizer market statistics, including nitrogenous water soluble fertilizer industry global market size, regional shares, competitors with a nitrogenous water soluble fertilizer market share, detailed nitrogenous water soluble fertilizer market segments, market trends and opportunities, and any further data you may need to thrive in the nitrogenous water soluble fertilizer industry. This nitrogenous water soluble fertilizer 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 nitrogenous water soluble fertilizer market consists of sales of products such as calcium nitrate fertilizer, and magnesium nitrate fertilizer. 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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