DUBLIN--(BUSINESS WIRE)--The "Liquid Fertilizers Market by Type (Nitrogen, Phosphorus, Potassium, and Micronutrients), Mode of Application (Soil, Foliar, and Fertigation), Major Compounds (CAN, UAN, MAP, DAP, and Potassium Nitrate), Crop Type, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global liquid fertilizers market size is estimated to be valued at USD 2.5 billion in 2019 and is projected to reach USD 3.1 billion by 2025, recording a CAGR of 3.7%.
Factors such as the growing demand for high-efficiency fertilizers, the adoption of precision farming and protected agriculture, increasing environmental concerns, and rapid growth in greenhouse vegetable production are projected to drive the growth of this market.
The key participants in the liquid fertilizers market include K+S Aktiengesellschaft (Germany), Yara International ASA (Norway), Agrium Inc. (Canada), Israel Chemicals Limited (Israel), and Sociedad Qumica y Minera de Chile (Chile). These players have been implementing different strategies to achieve growth in the liquid fertilizers market.
The nitrogen segment is projected to be the largest segment in the liquid fertilizers market during the forecast period.
Nitrogen is one of the most-widely consumed nutrients among all the macro and microelements required for plant growth. It is used to build amino acids, which produce proteins, and take part in almost every biochemical reaction performed in a plant. Inadequate nitrogen (N) availability in the soil is a common problem that farmers often witness. Therefore, additional liquid nitrogen fertilization is required to eradicate this problem.
Urea, ammonium nitrate, ammonium sulfate, and calcium nitrate are commonly available nutrient sources of liquid nitrogen. In addition, various combinations of nutrients are manufactured and used to provide nutrition to plants. Urea is one of the most commonly used sources of nitrogen.
The cereals & grains segment is projected to witness the fastest growth during the forecast period.
By crop type, the liquid fertilizers market is segmented into cereals & grains, oilseeds & pulses, fruits & vegetables, and other segments. The dominance of the cereals & grains segment is attributed to the increasing consumption of liquid fertilizers for these crops, particularly in the Asian and North American countries. In addition, due to the increasing demand for crops, such as corn, wheat, rice, and sorghum, across various industries, the consumption of crop protection chemicals is projected to increase for improving the yield of these cereals.
Due to these factors, the segment is projected to grow at the highest CAGR during the forecast period. Asia Pacific held the largest share in the liquid fertilizers market for the cereals & grains segment, majorly due to the high production of crops, including corn, wheat, and rice, in countries such as the US, China, India, and Japan.
The Asia Pacific market is estimated to account for the largest market share due to the rapid adoption of advanced technologies for improving the yield of crops in the region.
According to the FAOSTAT, the Asia Pacific region contributed to more than 60% of the global population in 2017, with China and India being two of the most populous countries in the world. Hence, the increase in food demand from this region has led to a surge in the use of liquid fertilizers.
The growth rate of the Japanese market is also projected to be high as compared to that of the other regions, due to the adoption of precise and advanced systems for farming, as well as controlled-environment agriculture. There are more global players in the market that are focusing on entering the Asia Pacific region through the adoption of strategies such as mergers & acquisitions or partnerships.
The Asia Pacific market is projected to grow at the highest rate due to the increase in demand from countries such as India and China. The high cost of these fertilizers is a key factor inhibiting the growth of the Asia Pacific market.
Market Dynamics
Drivers
- Growth in Demand for Enhanced High-Efficiency Fertilizers
- Ease of Use and Application of Liquid Fertilizers
- Adoption of Precision Farming and Protected Agriculture
- Increase in Environmental Concerns
- Rapid Growth in Greenhouse Vegetable Production
Restraints
- High Handling Costs
- Lack of Awareness About Application Practices Among Farmers
Opportunities
- New Emerging Economies
- Increase in the Production and Yield of Crops
- Need to Improve Pasture Production
Challenges
- Growth in Demand for High-Efficiency Fertilizers
-
Unfavorable Regulatory Standards
Company Profiles
- Nutrien Ltd.
- Yara International ASA
- Israel Chemical Ltd.
- K+S Aktiengesellschaft
- Sociedad Qumica Y Minera De Chile (SQM)
- The Mosaic Company
- Eurochem Group
- CF Industries Holdings, Inc.
- OCP Group
- OCI Nitrogen
- Wilbur-Ellis Company
- Compass Minerals
- Kugler
- Haifa Group
- Compo Expert GmbH
- Agroliquid
- Plant Food Company, Inc.
- Foxfarm Soil and Fertilizer Company
- Agro Bio Chemicals
- Agzon Agro
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