The global water-soluble fertilizer market was valued at USD 15.08 billion in 2019 and is anticipated to reach USD 36.26 billion by 2032, growing at a compound annual growth rate (CAGR) of 7.12% during the forecast period. Europe led the market in 2019, accounting for a 35.54% share. In the United States, the market is poised for significant growth, with projections suggesting it will reach USD 6.49 billion by 2032. This growth is largely attributed to the rising demand for high-quality crops, which is driving the adoption of specialty fertilizers.
Water-soluble fertilizers are highly efficient, easily dissolving in water for direct soil application, reducing wastage and ensuring better nutrient absorption. Investments in research and development to create advanced fertilizers are expected to propel market growth further. Additionally, increasing awareness of sustainable agricultural practices, focused on enhancing crop longevity and yield, has boosted the demand for environmentally friendly fertilizers. The presence of established manufacturers and the expanding global agricultural sector are also key factors expected to positively influence the growth of the water-soluble fertilizer market in the coming years.
Information Source: https://www.fortunebusinessinsights.com/water-soluble-fertilizers-wsf-market-102146
Socio-Economic Impact of the COVID-19 Pandemic on the Water-Soluble Fertilizer Market
The COVID-19 pandemic has profoundly affected numerous industries globally, including the water-soluble fertilizer (WSF) market. Government-enforced restrictions and widespread business closures aimed at controlling the virus have led to significant socio-economic disruptions. Agriculture, a vital sector, has been particularly impacted, facing challenges such as labor shortages, supply chain disruptions, and reduced demand. These factors are expected to result in a temporary decline in the WSF market's projected compound annual growth rate (CAGR) as the industry continues to navigate these uncertainties and adapt to evolving constraints.
Increasing Collaborations Among Leading Companies to Drive Market Growth
Collaborations and partnerships among leading companies have become a pivotal growth strategy in the WSF market. Major players are increasingly working together to expand their global footprint and strengthen their market reach. For example, in December 2019, Van Iperen announced the expansion of its operations into North America by establishing a subsidiary in the United States. Renowned for its diverse portfolio of specialty fertilizers, Van Iperen has built a strong international presence, partnering with prominent companies like Milliken. This strategic initiative not only enhances Van Iperen’s domestic influence but also reinforces its position in the agricultural and food and beverage industries, driving further market growth.
Asia Pacific to Lead with High CAGR, Driven by Local Manufacturers and Resource Challenges
The water-soluble fertilizer (WSF) market is analyzed across five major regions: North America, South America, Europe, Asia Pacific, and the Middle East and Africa. Among these, Asia Pacific is poised to record the highest compound annual growth rate (CAGR) during the forecast period. Key drivers include the region’s declining arable land and limited water resources, which are increasing the demand for efficient fertilizers. Additionally, the presence of numerous large-scale local manufacturers, combined with growth in imports and exports, is expected to significantly fuel market expansion in this region.
North America is also projected to experience notable growth, driven by increased investments in research and development from leading companies. In Europe, the market, valued at USD 5.36 billion in 2019, is anticipated to grow steadily, supported by strong regional demand and ongoing advancements in fertilizer technology.
List of companies profiled in the report:
- SQM (Santiago, Chile)
- Nutrien Ltd. (Saskatoon, Canada)
- ICL (Tel-Aviv, Israel)
- Yara International (Oslo, Norway)
- Haifa Chemicals Limited (Haifa, Israel)
- The Mosaic Company (Florida, United States)
- EuroChem (Zug, Switzerland)
- Coromandel International Limited (Secunderabad, India)
- Qatar Fertilizer Company (Qatar)
- COMPO EXPERT (Munster, Germany)
Industry Developments
January 2020: Gujarat Agro Industries Corporation (GAIC) revealed plans to import water-soluble fertilizer (WSF) products from China to Ahmedabad. These fertilizers will be marketed under GAIC's innovative brand, "AGRO," representing a new generation of agricultural solutions designed to improve productivity and efficiency in farming practices.
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