LONDON--(BUSINESS WIRE)--The global water soluble fertilizers market is expected to post a CAGR of almost 6% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Factors such as rapid industrialization and urbanization have reduced arable land across the world. In addition, unsuitable agricultural practices and deforestation have reduced the fertility of the available arable land. This has compelled farmers to increase the use of water soluble fertilizers to improve the yield from existing farms. With growing population and increasing demand for food, the growth of the global water soluble fertilizers market will accelerate significantly during the forecast period.
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As per Technavio, the increasing preference for hydroponics will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Water Soluble Fertilizers Market: Increasing Preference for Hydroponics
Farmers are increasingly adopting hydroponic cultivation methods due to the reduction in arable land. This technique involves the cultivation of crops in water using nutrient solutions and water-soluble fertilizers. The hydroponic cultivation method requires less space and can also be used for vertical farming practices. The rising popularity of hydroponics is expected to boost the growth of the global water soluble fertilizers market.
“Apart from the increasing preference for hydroponics, the adoption of precision farming and the rise in the demand for micronutrient-based water soluble fertilizers are some other major factors that will boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Water Soluble Fertilizers Market: Segmentation Analysis
This market report segments the global water soluble fertilizers market by type (nitrogenous, phosphatic, potassic, and others), mode of application (fertigation and foliar) and geography (APAC, Europe, MEA, North America, and South America).
The European region led the market in 2018, followed by North America, APAC, South America, and MEA respectively. During the forecast period, the European region is expected to maintain its dominance over the global market. This is due to the presence of a well-developed agricultural sector and the increasing use of technology in farming practices.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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