About this market
Increase in demand from developing countries will drive the growth of the water soluble fertilizers market. The growth of agriculture to meet the growing food requirement have contributed to the market growth. The growing demand for high quality fertilizers coupled with technology driven irrigation in countries like China India, Brazil are expected to drive the demand for water soluble fertilizers in the coming years. ’ s analysts have predicted that the water soluble fertilizers market will register a CAGR of nearly 6% by 2023.
Market Overview
Growth in fertilizer industry
The global water soluble fertilizers market is witnessing the growth in fertilizer industry. The deficiency of potassium, nitrogen, and phosphorous in soil has increased the use of fertilizers to improve agriculture yield. Increased agricultural activities to meet the food requirements of the growing population will increase the consumption of water soluble fertilizers during the forecast period.
Health concerns regarding the use of water soluble fertilizers
Water soluble fertilizers contains different type of chemicals that are mixed to increase the yield and productivity of crops. Chemicals present in these fertilizers are absorbed by food crops. These chemicals are absorbed by the food crops, which eventually enter the food chain and lead to severe health issues. These chemicals can contaminate water bodies and adversely affect the environment, which will impede the growth of the market
For the detailed list of factors that will drive and challenge the growth of the water soluble fertilizers market during the 2019-2023, view our report.
Competitive Landscape
The market appears to be fragmented and with the presence of several companies. Factors such as the growth in fertilizer industry and growing demand from developing countries, will provide considerable growth opportunities to water soluble fertilizers manufactures. Haifa Group, ICL, Nutrien Ltd., SQM, and Yara are some of the major companies covered in this report.