LONDON--(BUSINESS WIRE)--According to Technavio Research Report "Liquid Fertilizer Market by type (nitrogen, phosphate, potassium, and micronutrients) and geography (APAC, North America, Europe, South America, and MEA) is witnessed to grow USD 1.66 billion, at a CAGR of 3% from 2019 to 2023”.
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Liquid nitrogen fertilizers to garner the highest share
Nitrogen liquid fertilizer is anticipated to contribute the highest share in the market during the forecast period as it plays a crucial role in providing nutrients to improve the overall plant health. Nitrogen fertilizers including ammonium nitrate (UAN) and calcium ammonium nitrate (CAN) support plant and leaf growth leading to improved vegetable and fruit production. In addition, the rising need for high crop yields will positively impact the demand for liquid nitrogen demand in the forthcoming years. Furthermore, the rising need to increase the productivity of arable lands is encouraging vendors to offer high-quality grades of liquid nitrogen fertilizers, which will boost market growth during the forecast period.
“The demand for liquid fertilizers is increasing significantly due to their ease of handling, blending, and application as compared to granular fertilizers. In addition, liquid fertilizers are faster-acting and can be applied using spray cans or sprinkles. These advantages will boost the demand for liquid during the forecast period,” says a senior research analyst at Technavio.
Growing awareness of organic fertilizers to boost growth
Organic fertilizers decompose easily in the soil and help enrich the nutrient quality of the soil. In addition, they prevent environmental hazards including agricultural runoff and hypertrophication to a large extent. Thus, the use of organic fertilizers is cost-effective and environment-friendly as they help in eliminating toxic residues from the soil and improve cultivation practices. Furthermore, other factors including the favorable government policies and subsidies, growing awareness about organic farming, and the increasing sale of organic food products are fostering the demand for organic fertilizers. Thus, with the growing awareness about eco-friendly fertilizers among farmers and cultivators, the global liquid fertilizer market is anticipated to witness significant growth during the next few years.
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Liquid fertilizer market to witness fastest adoption in the APAC region.
With the rapid growth in population in the emerging economies, there has been an increase in agricultural activities to cater to the growing need for wheat, corn, vegetables, and fruits. In addition, the rising shift in preference from grain-based diet to high protein-based diet in emerging economies including India and China is further expected to drive the demand for nitrogen-based liquid fertilizers to facilitate production of high-yielding crops that are rich in protein. Strong government support for agriculture in countries such as India will emerge as one of the key factors that will accelerate the liquid fertilizer market growth during the forecast period.
Few Major Players for the Liquid Fertilizer Market are:
- Israel Chemicals Ltd.
- K+S AKTIENGESELLSCHAFT
- Nutrien Ltd.
- SQM SA
- Yara International ASA
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