LONDON--(BUSINESS WIRE)--The water-soluble fertilizers market is expected to grow by USD 4.36 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth according to the latest market research report by Technavio. Request a free sample report
Rapid urbanization and industrialization have reduced arable land. Improper agricultural practices and deforestation have further reduced the fertility of arable land. Developing countries including China, Brazil, and India will require an additional 120 million hectares of land by 2030 to fulfill the demand for food grains. As arable land is declining globally, food production can be improved only by improving the yield from existing farms. This will increase the use of fertilizers including water-soluble fertilizers to meet the growing food demand. Therefore, the reduction in arable land across the world is expected to drive the growth of the global water soluble fertilizers market during the forecast period.
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As per Technavio, the adoption of 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 significant trends and market drivers that will influence market growth over 2020-2024.
Water Soluble Fertilizers Market: The Adoption of Hydroponics
Hydroponics method of cultivation consumes less space and requires less amount of water and pesticides as compared to traditional farming. Owing to space constraints, the demand for hydroponics cultivation is gaining momentum in urban areas. The method can be used to grow a variety of crops such as spinach, strawberries, herbs, and lettuce. In this method, the crop is cultivated in water using nutrient solutions including water-soluble fertilizers. This will lead to an increase in the demand for water soluble fertilizers. Thus, the increasing preference for hydroponics is one of the key trends that will support the growth of the market.
“Many European countries such as Spain, Ukraine, Germany, Russia, and the UK exhibit a high demand for water soluble fertilizers. Similarly, in North America, the US government supports the agriculture sector by offering incentives and subsidies. The country uses nitrogenous and phosphate-based water soluble fertilizers extensively for crops such as maize and wheat. These factors are expected to boost the growth of the global water soluble fertilizers market over the forecast period,” says an analyst at Technavio.
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Water Soluble Fertilizers Market: Segmentation Analysis
This market research report segments the water soluble fertilizers market by type (nitrogenous, phosphatic, potassic, and others) and geography (APAC, Europe, MEA, North America, and South America).
Europe led the market in 2019, followed by North America, APAC, South America, and MEA respectively. The dominance of Europe can be attributed to the well developed agricultural sector and the high demand for water soluble fertilizers in the region.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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