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Water Soluble NPK Fertilizers Market | CMI PR

Water Soluble NPK Fertilizers Market, by Application (Foliar and Fertigation), by Crop Type (Field Crops, Horticultural Crops, Ornamentals, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

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Water Soluble NPK Fertilizers Market | CMI PR

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  1. Coherent Market Insights Market Research and Business Consulting Services https://www.coherentmarketinsights.com/ WATER SOLUBLE NPK FERTILIZERS MARKET ANALYSIS

  2. WATER SOLUBLE NPK FERTILIZERS MARKET ANALYSIS • Water Soluble NPK Fertilizers Market, by Application (Foliar and Fertigation), by Crop Type (Field Crops, Horticultural Crops, Ornamentals, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

  3. Water soluble fertilizers are fertilizers that can be dissolved in water and added or leached out of the soil easily. Moreover, with water soluble fertilizers, it is easy to control the precise amount of nutrients available to the plants. The global water soluble NPK fertilizers market is estimated to surpass US$19,041.8 million by the end of 2027 in terms of revenue, exhibiting a CAGR of 6.2% during the forecast period (2020-2027). • Drivers • The rising global population and growing industrialization have led to limited availability of arable land. Moreover, increasing population is driving demand for food. In order to meet the rising demand from the population, the amount of crop produced should be adequate. The positive outlook of farmers towards the use of technology and new products to maximize the yield is also an important factor responsible for increasing demand for water soluble NPK fertilizers. • Among regions, Europe held dominant position in the global water soluble NPK fertilizers market in 2019, reporting 38.7% market share in terms of revenue, followed by North America and Asia Pacific.

  4. Figure 1. Global Water Soluble NPK Fertilizers Market Revenue Share (%), By Region, 2019

  5. Market Restraints • Increasing growth of organic agricultural practices across the world coupled with regional government initiatives to promote organic farming are creating negative environment for the water soluble NPK fertilizers market growth. For instance, according to the Research Institute of Organic Agriculture (FiBL) report, in 2015, globally, over 50.9 million hectares of land was occupied by organic agricultural activities. The  regions  with  the  largest  areas  of  organic  agricultural  land  include Oceania  (22.8  million  hectares,  which  is  almost  45%  of  the  world’s  organic agricultural  land)  and  Europe  (12.7  million  hectares,  25%). Moreover, in July 2020, Chhattisgarh Government (State in India) launched the GodhanNyay Scheme to promote rural livelihoods along with organic farming. The scheme aims at increasing income of farmers & cattle ranchers, promote organic compost, reduce chemical fertilizer usage and improve soli health.

  6. Market Trends • The growth of the water soluble NPK fertilizers market is expected to be driven by the rapid increase in the global horticulture crop production despite the rise in crop prices and labor costs. For instance, according to India Brand Equity Foundation, total fruits production in India was pegged at 96.45 million tons in 2017 which increased to 97.97 million tons in 2018.The utilization of water soluble NPK fertilizers in horticulture is also driven by the shifting preference of consumers for dietary food and increasing demand for fruits & vegetables. The use of water soluble NPK fertilizers enables farmers to grow more food in limited lands and gain considerable return on investments.

  7. Figure 2. Global Water Soluble NPK Fertilizers Market Revenue Share (%), By Application, 2019

  8. On the basis of application, the water soluble NPK fertilizers market is segmented into foliar and fertigation. In 2019, the fertigation segment accounted for 76.8% of the revenue share. • Global Water Soluble NPK Fertilizers Market - Impact of Coronavirus (Covid-19) Pandemic • The pandemic has impacted the agricultural supply chain, as many countries are under lockdown and have sealed their borders to curb the spread of the virus. Strict containment measures imposed by governments of various countries and preventive measures to control the impact of the outbreak have led to restriction of transportation and affected the growth of several markets across the globe. The water-soluble NPK fertilizers market growth has been slightly affected by logistics during the pandemic. Logistical precautions have caused a delay in shipments, which is hampering the supply chain of the Water-soluble NPK fertilizers market. The water-soluble NPK fertilizers market growth has been affected primarily following the outbreak of COVID-19 in China, which is the most significant producer and consumer of phosphates. However, the demand has not been affected as fertilizers as a commodity comes under ‘essential’ category. • Competitive Section • Key players operating in the global water soluble NPK fertilizers market include Acron Group, Arab Potash Company, Compo Expert GmbH, Coromandel International Limited, Eurochem Group, Haifa Chemicals Ltd., Hebei Monband Water Soluble Fertilizer Co. Ltd., Indian Farmers Fertiliser Cooperative Limited, Israel Chemicals Limited, K+S Aktiegesellschaft, OMEX, PhosAgro Group, PT Petrokimia Gresik, Sichuan Guoguang Agrochemical, SQM S.A., The Mosaic Company, Uralchem Group, and Yara International ASA.

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