Global Water Soluble Fertilizers Market 2019-2023 | 6% CAGR Projection Over the Next Five Years | Technavio
The global water soluble fertilizers market is expected to post a CAGR of nearly 6% during the forecast period 2019-2023, according to the latest market research report by Technavio.
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Technavio has published a new market research report on the global water soluble fertilizers market from 2019-2023. (Graphic: Business Wire)
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 increases 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.
As per Technavio, increasing preference for hydroponics will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global water soluble fertilizers market 2019-2023 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
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.
“Europe has a well-developed agricultural sector that uses various technologies to improve farming. Many European countries such as Spain, Ukraine, Germany, Russia, and the UK exhibit a high demand for water soluble fertilizers. Furthermore, growth in the agricultural sector in Europe is expected to increase the 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.
Global water soluble fertilizers market: Segmentation analysis
This market report segments the global water soluble fertilizers market by type (nitrogenous, phosphatic, potassic, and others), by application (fertigation and foliar), and by geography (APAC, Europe, MEA, North America, and South America).
Europe led the market in 2018, 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.
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