Water Soluble Fertilizers Market Trends 2021 Global Demand Analysis to 2026
As per reports, the global water soluble fertilizers market size could cross USD 8 billion in terms of value through 2026.
Delaware, United States – August 2, 2021 /MarketersMedia/ —
The global water soluble fertilizers market size has witnessed tremendous growth over the years owing to the increase in population levels propelling the demand for different food products. The water scarcity conditions in both developed, as well as developing nations, has also supported the need for water soluble fertilizers.
A rise in disposable income among people across the globe has led to a change in the food consumption patterns along with the restricted availability of cultivable land has necessitated the use of the product. Rapidly urbanization supported by economic improvement among the people has showcased major dietary changes.
Increasing consumption of meat due to the need to higher protein intake has escalated the demand for animal feed. To produce a high amount of poultry meat, approximately two tons of grain feed is needed. Similarly, a ton of beef and pork requires four and seven tons of grain feed. The rising demand for food grain for livestock will support the demand for quality fertilizers.
Mentioned below are some of the leading factors expected to boost the industry size over the next few years.
• Potassium-based water soluble fertilizers
With respect to the type of product, potassium- based ingredients like potassium sulfate, potassium chloride, and potassium nitrate have gained considerable demand over time. Potassium helps in enhancing the quality of the crop as well as offers superior crop resistance to lodging, disease, and drought. Moreover, potassium is needed to activate over 80 enzymes throughout the plant, which signifies its importance.
• Key fertigation application
Concerning the application spectrum, water soluble fertilizers find use in fertigation as it increases the yield of crop by nearly 25% to 30% and also helps in managing the nutrients as required by the plants. This process helps in reducing the loss as major and micronutrients can be applied in a single solution with the help of irrigation. Moreover, it also helps in saving time, energy, and labor, driving the demand for greenhouse crop production and plantation.
• Growing consumption of fruits
The rising consumption of fruits worldwide due to their health benefits has driven the use of the fertilizers. Increasing incidences of chronic diseases due to the low intake of fruits have driven the need for fruits and vegetable production across the globe. The products help in reducing risk related to coronary diseases, stroke, cancer, and have additional health benefits.
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• Agricultural produce during COVID-19 pandemic
The novel coronavirus outbreak has driven the demand for fruits and vegetables in order to increase the intake of vitamins and minerals and strengthen the immune system. Even during the nationwide lockdown announced by the governments across the globe in a bid to control the spread of the infection, agricultural production continues to meet the essential food requirements of the people.
Most people switched to the consumption of natural fruits and vegetables instead of packaged food in order to build their immunity. Water soluble fertilizers market share will expand at a notable pace across emerging economies hit with COVID-19 related impact on the food market.
• High wheat production in Europe
Regionally speaking, Europe water soluble fertilizers market has witnessed robust expansion over the years due to the crop yield lag as well as the limited presence of arable land except for Central and Southeastern Europe. The rising demand for wheat has also supported the demand for the fertilizers. As per the European Commission, in the year 2019, the region had nearly 250 kg per capita wheat consumption each year.
The water soluble fertilizers market is endowed with many leading companies that are constantly working towards improving their presence in the industry to achieve a competitive edge as well as to expand their product portfolio. These companies are entering into joint ventures, acquisitions, and mergers to meet their expansion needs.
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