The global water-soluble fertilizer market was valued at USD 15.08 billion in 2019 and is expected to grow to USD 36.26 billion by 2032, with a compound annual growth rate (CAGR) of 7.12% during the forecast period. Additionally, the U.S. water-soluble fertilizers market is anticipated to expand significantly, reaching an estimated USD 6.49 billion by 2032, fueled by increasing demand for high-quality crops and the adoption of specialty fertilizers. In 2019, Europe led the water-soluble fertilizer market, holding a 35.54% market share.
The growth of the water-soluble fertilizer market is driven by the increasing demand for efficient fertilizers that enhance nutrient uptake in crops and deliver nutrients in a controlled manner. The rising adoption of advanced farming techniques, along with the growing demand for fruits, vegetables, and other high-value, nutrient-rich crops, is expected to significantly contribute to the market's revenue growth.
Information Source: https://www.fortunebusinessinsights.com/water-soluble-fertilizers-wsf-market-102146
Socioeconomic Changes from the Covid-19 Pandemic Adversely Impact the WSF Market
The recent COVID-19 outbreak has negatively impacted numerous industries worldwide. Government-imposed restrictions and lockdowns forced businesses to shut down, leading to significant socioeconomic disruptions. The pandemic's effects have permeated various sectors, with agriculture being one of the hardest hit in recent months. As efforts to curb the virus's spread continue, the water-soluble fertilizers (WSF) market is expected to experience a decline in its compound annual growth rate (CAGR) in the coming years.
Company Collaborations Emerge as a Key Trend Among Global Businesses
The market's growth in recent years has been influenced by several factors, with collaborations among major companies playing a pivotal role. Large-scale businesses are increasingly partnering to expand their geographical presence. For instance, in December 2019, Van Iperen announced the expansion of its operations in North America through its US subsidiary. The company, which already has a strong global presence and collaborates with entities like Milliken, offers a diverse range of water-soluble and specialty fertilizers. This move not only strengthens its domestic footprint but also signals its ambitions in the food and beverage industry.
Asia Pacific to Witness the Highest CAGR; Large-Scale Companies Drive Growth
The report highlights market trends across five key regions: North America, South America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific is projected to register the highest CAGR in the coming years. Factors such as degrading arable land and limited water resources in several countries across the region will directly influence market growth. The presence of numerous large-scale local manufacturers, along with increasing product imports and exports, will further support the market's expansion. Meanwhile, North America is also expected to see significant growth, driven by rising investments in product research and development by major companies. In 2019, the European market was valued at USD 5.36 billion and is anticipated to grow steadily in the foreseeable future.
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:
In January 2020, Gujarat Agro Industries Corporation (GAIC) revealed plans to import water-soluble fertilizer (WSF) products from China to Ahmedabad. These products will be marketed under the agency’s new-generation fertilizer brand, “AGRO.”
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