As per the analysis by Market Research Future (MRFR), the global water-soluble fertilizers market is anticipated to amass significant market value, expanding at a notable CAGR during the forecast period from 2018 to 2023.
The increasing demand for nutritious food for the growing population is predicted to a significant factor driving the global water-soluble fertilizers market 2020. The increasing loss of crop due to nutrient deficiency is likely to enhance the usage of water-soluble fertilizers, which can augment the market. Further, water-soluble fertilizers are lesser contaminated, which can surge its demand and grow the market. Water-soluble fertilizers are easily soluble in water, and therefore they are preferred more with modern irrigation system, which can surge its demand.
On the contrary, the expenses associated with water-soluble fertilizers are anticipated to impede the market growth during the forecast period. However, its large scale application, along with the above-stated factors, are expected to counter the obstructing factors and boost the demand relentlessly.
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The segment analysis of the global water-soluble fertilizers market is done by type, product type, and application.
The type-based segments of the global water-soluble fertilizers market are macronutrient fertilizers and micronutrient fertilizers. Macronutrient fertilizers segment is further segmented into phosphatic, nitrogenous, and potassic. Micronutrients fertilizers segment is further segmented into calcium, magnesium, iron, trace elements, and others. The nitrogenous segment is likely to show significant growth and dominate the market during the forecast period.
The crop-type based segments of the global water-soluble fertilizers market are turf & ornamentals, horticultural crops, field crops, and others, including plantation and hydroponics. Among all segments, horticultural crops segment is estimated to display significant growth during the review period.
The application-type based segments of the global water-soluble fertilizers market are fertigation and foliar. The fertigation segment is projected to acquire the largest market share during the forecast period.
Based on the region, the global water-soluble fertilizers market is segmented into Europe, North America, Asia-Pacific, and the Rest of the World (RoW).
As per the analysis, Europe is estimated to dominate the global water-soluble fertilizers due to the growing awareness among cultivators. Further, the growing technological development in manufacturing fertilizers is likely to be another factor strengthening the regional market.
North America is anticipated to acquire the second position during the forecast period. The region is likely to progress owing to the growing awareness among cultivators. The US, Canada, and Mexico are projected to make the most significant contribution during the evaluation period.
The APAC region is anticipated to grow at the fastest pace during the review period owing to the growing demand for water-soluble fertilizers. Countries like India, China, Pakistan, and Bangladesh are anticipated to make the most substantial contribution during the review period. The region is expected to progress due to the implementation of innovative ideas and the support of the government. Further, the region is experiencing a tremendous rise in population which is likely to enhance the demand for food in the coming period.
The MEA region is anticipated to acquire the last position owing to the presence of slow economic development. However, the region can develop due to the growing awareness in the coming period.
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Some of the established players of the global water-soluble fertilizer market are Agrium Inc.(Canada), Yara International ASA (Norway), K+S Aktiengesellschaft (Germany), Israel Chemical Limited (Israel), Sociedad Quimica Y Minera SA (SQM) (Chile), The Mosaic Company (US), Coromandel International Limited (India), EuroChem Group AG (Switzerland), Compo GmbH & Co (Germany), and Haifa Chemicals Limited (Israel)
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