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Water Soluble Fertilizers Market Research Report 2024
The global water soluble fertilizers market is expected to reach USD 22.0 billion by 2024 . Rising demand for the product as they improve crop quality and increases crop production output significantly will augment market growth over the forecast period . Increasing crop production in countries including China , India , the U . S ., Indonesia , Brazil , Japan and Mexico on account of growing population will drive industry size over the next eight years . Decreasing availability of arable land is expected to fuel the product demand over the forecast period .
Horticultural crops are projected to show significant revenue gains at a CAGR of 6.8 % from 2016 to 2024 owing to rising consumption of fruits , vegetables , spices and medicinal plants . Moreover , rapid economic development , government support , advancements in fertilizer manufacturing is anticipated to propel market demand .
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Further key findings from the Report :
Foliar accounted for 30.4 % of the overall volume and will show steady growth in light of rising application in various fruits & vegetables including tomatoes , beans , and melons . However , high cost as compared to fertigation will pose a challenge to its growth .
Europe accounted for 37.6 % of the overall revenue share in 2015 and is expected to witness significant gains in light of rising food security concern owing to growing population along with high export demand for food products including wheat and cereals from Germany , France , Italy and UK . Moreover , the presence of key participants including Yara International , Bunge Ltd ., Agrium , Eurochem , Potash Corp , and CF Industries will promote industry growth .
Latin America will witness substantial revenue rise at a CAGR of 7.2 % from 2016 to 2024 on account of the presence of various major participants including The Mosaic Company , Potash Corp , and Haifa Chemicals . Development of agricultural policies and government schemes to promote micro irrigation systems , which dispenses water soluble fertilizers will augment industry size .
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