According to a new market report published by Transparency Market Research "Water Soluble Fertilizers (Nitrogen, Potassium, Phosphate and Others) Market For Fertigation and Foliar Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019", the global water soluble fertilizers market was valued at USD 2.44 billion in 2012 and is expected to reach USD 13.72 billion by 2019, growing at a CAGR of 5.6% over the forecast period from 2013 to 2019. The global water soluble fertilizer market volume was 9,433.0 kilo tons in 2012.
Growth of fertigation application of water soluble fertilizers aided by the growing adoption of micro irrigation systems is anticipated to be the key driver for global water soluble fertilizers market over the next six years. However, harmful effects of over fertilization, such as ocean dead zones, ground water contamination and disturbance in ecological balance, is expected to hinder market growth over the forecast period.
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Water soluble fertilizers are mineral fertilizer formulations that are completely soluble in water. These fertilizers find utility in fertigation and foliar application which require micro irrigation systems for dispensing the water soluble formulations of nutrients. Micro irrigation systems include drip irrigation equipment, micro sprinklers and sprays among others. Such systems help in better, controlled dispersion of water soluble fertilizers while being economical about the amount of fertilizer and water utilized as well as the energy and labor spent on applying the fertilizers.
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Water soluble fertilizers market in Asia Pacific is expected to grow at a CAGR of 5.1% given huge demand from China and India. Owing to increasing adoption rate of micro irrigation systems in the region, the demand for water soluble fertilizers is expected to be extensive in the coming years. Moreover, Latin America and Africa constituting Rest of the World accounts for 16 % of the global market and is expected to show significant rise in water soluble fertilizer demand due to the growth potential of agriculture in countries such as Brazil, Argentina and South Africa among others. Fertigation and foliar application utility in greenhouses, turf and horticulture crops for is expected to drive demand in North America as well as Europe. However, North American market with large farms and less area under irrigation has shown slow adoption of micro irrigation systems leading to relatively low growth rate compared to Asia Pacific.
Fertigation and foliar are key applications for the water soluble fertilizers market. Fertigation dominated the application market and accounted for more than 65% of the total market in 2012. The growing adoption of water soluble fertilizers is one of the major factors driving the demand for fertigation and further demand for water soluble fertilizers.
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Nitrogen and potassium were the most used type of nutrients in water soluble fertilizer formulations and together accounted for more than 60% of the revenue generated from the overall market in 2012. Phosphate segment generated revenue of USD 294.7 million in 2012 and is projected to grow at a CAGR of 5.6% from 2013 to 2019. Others segment comprising of secondary and micronutrients, includes calcium, sulphur, magnesium, iron, chlorine and manganese among others. Agrium Inc., Yara International, PotashCorp, The Mosaic Company, Haifa Chemicals, ICL Fertilizers, QAFCO, CF Industries, K+S AG, Uralchem, SQM and SinoFert are some of the key players in the global water soluble fertilizers market.