The water soluble fertilizers market has witnessed significant growth due to expansion in micro irrigation procedures worldwide. It is expected to register a CAGR of 5% by 2018. These fertilizers are soluble in water. The water soluble fertilizers market demand owes to growth in worldwide population and health issues related to non soluble fertilizers. However, decreasing area of cultivation, changes in ecological balance and contamination of ground water are likely to hamper the water soluble fertilizers market.
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The market is segmented into nutrients, applications and regions. On the basis of nutrients’ value, the market is fragmented into nitrogen, potassium, phosphate and others. Nitrogen and potassium accounted for more than 60% revenue and are the mostly used nutrients. Whereas, the phosphate nutrient type generated USD 295 million in 2012. On the basis applications, the market can be segmented as foliar and fertigation. Both foliar and fertigation are the significant applications of the water soluble fertilizers market.
Fertigation leaded the market and accounted for around 66% of total demand in 2012. On the basis of geography, the market is divided into Asia Pacific, North America, Europe and rest of the world. Demand for the water soluble fertilizers market has shown tremendous growth in Asia Pacific region, especially in India. It is expected to grow further.
North America and Europe are expected to show sluggish growth owing to less irrigation area and large farms. Moreover, Africa and Latin America accounted for 17% of the worldwide demand. These regions are estimated to experience imperative expansion in the water soluble fertilizers market. This is owing to the growing agricultural potential of countries like, Argentina, South Africa and Brazil.
Information Source: Radiant Insights