Water soluble fertilizers are available both in powdered and liquid form and find high usage in the plantation, field, medicinal and aromatic crops. These products enhance the quality and quantity of food crops and protect plants from diseases and crop-damaging insects.
Water soluble fertilizers include NPK, ammonium sulfate, dipotassium phosphate, potassium nitrate and monopotassium phosphate. Increasing demand for food crops, food grains, vegetables and fruits on account of growing population in Asia Pacific is expected to increase the industry size over the forecast period.
Rising consumption of potassium as it stimulates growth, improves resistance to insects & diseases, enhances the efficiency of water usage and increases protein production will further propel industry growth over the upcoming years. Rising adoption of micro irrigation as it distributes fertilizers evenly and improves growth efficiency will increase demand for the product.
Limited availability of arable land on account of growing industrialization coupled with the rising population will increase consumption of the product over the next eight years, However, fluctuating raw material prices coupled with mounting demand for organic fertilizers will restrict the market expansion over the forecast period.
Availability of arable land in the U.S., 2000 – 2013 (In % of land area)
Asia Pacific will witness significant rise on account of growing agricultural yield in countries including China, India, Thailand, and Australia. Growing population, rising incomes coupled with increasing middle class, will drive demand for food & agricultural products, which in turn will augment market expansion.
Subsidies and available agricultural loans by Indian Government for the promotion of agriculture industry along with the implementation of “Make in India” policy will result in the growth of the water soluble fertilizers market over the forecast period.
The market is highly competitive in nature owing to the presence of numerous small and big scale manufacturers in China, Germany, U.S., Israel, and India. Key players include Agrium Inc., Potash Corp, Israel Chemicals Limited, The Mosaic Company, K+S AG, EuroChem, Coromandel International Limited, Compo GmbH & Co. KG, Haifa Chemicals Limited and Yara International ASA.
The Mosaic Company developed “MicroEssentials” using their patented technology Fusion. MicroEssentials is a unique, nutritionally balanced fertilizer granule containing nitrogen, phosphorous, sulfur and zinc. MicroEssentials improves nutrient uptake, offers uniform nutrient distribution, and season-long sulfur availability. Haifa Group’s monopotassium phosphate nitrogen free water soluble fertilizer is a highly efficient source of phosphorous and potassium for plants.
In-depth report on global water soluble fertilizer market by Grand View Research: