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Water soluble fertilizers market 2017 forecast
Jul. 29, 2013
Water soluble fertilizers are fertilizers that can be dissolved in water and added or leached out of the soil easily. It is easy to control the precise amount of nutrients available to plants with the help of water soluble fertilizers. This market is estimated to grow at a CAGR of 4.5% from 2012 to 2017, reaching 8,895.4 thousand metric tons by 2017. The Water Soluble Fertilizers Market Report forecast.
The global market has grown significantly in the last few years and a similar trend is expected to follow for the next five to seven years. Factors such as increasing cost of commodity fertilizers, ease of application of water soluble fertilizers, innovative production practices, new product offerings and increased availability, and the advent of micro irrigation and mechanized irrigation systems are driving this market, globally. Mergers & acquisitions, partnerships, agreements, collaborations, and joint ventures are the major developmental initiatives taken up by key companies in global water soluble fertilizers market.
Though the market is primarily driven by fertigation application, foliar application is gaining awareness and its usage is expected to contribute to future consumption growth of this market. Horticultural crops such as vegetable, fruits and flower crops are major crop types which are driving the global market. On the other hand, there is a rising trend for use of water soluble fertilizers on turf and ornamental crops, as well. Plantation crops and hydroponics are expected to emerge as important crop segments for water soluble fertilizers market. North America and Europe are the leading consumers – together accounting for more than 70% of the consumption on a global scale. Asia-Pacific is estimated to be the fastest growing region in terms of revenue. Growth is particularly high in emerging countries such as China, India, Israel, and Brazil.
The global water soluble fertilizers market is driven by many factors such as increasing adoption of micro irrigation systems by farmers and subsidies provided by respective governments, increasing applications of greenhouses and high rate of efficiency. The main obstacle in the growth of global market is the seasonal demand and high cost in comparison to regular soil applied or commodity fertilizers.
To capitalize on the growth trend in the global market, several leading fertilizer companies are making efforts towards research & development and manufacturing of water soluble fertilizers. Furthermore, fertilizer companies are gradually expanding their product offerings within this product line to meet the growing demand for water soluble fertilizers. Some of these companies include Agrium (Canada), Israel Chemical (Israel), Iowa Fertilizer (Egypt), Qatar Fertilizer (Qatar), Yara International (Norway), and Sinochem Fertilizer Co. Ltd (China).
Source: AgroNews
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