The recent report published by Transparency Market Research, titled “Water Soluble Fertilizers Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019”, studies the global market for water soluble fertilizers from the perspective of the present trends seen in the agricultural sector. According to the report, the global water soluble fertilizers market is likely to reach US$3.53 billion by 2019, growing from US$2.44 billion in 2012 at a 5.6% CAGR. Based on volume, the market stood at 9,433.0 kilo tons in 2012.Irrigation has played a key role in improving agricultural production around the world. Globally, the demand for better agricultural yield has vastly increased, which has brought about further improvement in existing irrigation technologies. The practice of fertilizer application is developed to acknowledge this heightened need for sustainable agriculture.
The report identifies increasing adoption of micro irrigation systems as a primary growth driver for the global market for water soluble fertilizers. The most common type of micro irrigation systems used during irrigation are micro sprays and sprinklers and drip irrigation equipment. These are advanced systems that enable control over the dispersion of water soluble fertilizers, thereby ensuring economical use of fertilizers, water, and energy. Despite offering a spectrum of benefits, the global water soluble fertilizers market will suffer from the adverse environmental effects of over-fertilization, such as contamination of groundwater, ocean dead zones, and the resultant disturbance in ecological balance, as noted in the report.
Based on application, key segments of the water soluble fertilizers market comprise fertigation and foliar technology. According to the report, in 2012, fertigation accounted for a whopping 70% of the global water soluble fertilizers market. With regard to the nutrients used in water soluble fertilizers formulations, nitrogen and potassium are the most common variants identified in the report. These nutrients collectively accounted for 80% of total revenue generated in the water soluble fertilizers market in 2012. In the same year, the phosphate segment generated US$294.7 million and is projected to develop at a 5.6% CAGR between 2013 and 2019. The others segment of the water soluble fertilizers market includes micronutrients such as iron, sulfur, magnesium, manganese, calcium, and chlorine.
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According to the report, Asia Pacific is a lucrative market for water soluble fertilizers, expanding at a positive 5.1% CAGR over the forecast period. High demand for advanced irrigation facilities from the agriculture sectors in India and China is likely to boost the water soluble fertilizers market incredibly. The rise in adoption of micro irrigation systems in Asia Pacific will also significantly fuel the demand for water soluble fertilizers. Rest of the World held 15% of the market and, as per the study, the water soluble fertilizers market has tremendous growth potential across countries such as South Africa, Argentina, and Brazil during the forecast period.