The water soluble fertilizer market is anticipated to witness momentous growth over the forecast timeframe owing to the rising population and growing consumer inclination towards healthy diets rich with fresh fruits and vegetables. Water soluble fertilizers are a type of fertilizers which can be easily dissolved in water and added or leached out of the soil with ease. With these fertilizers it is very easy to control the exact amount of nutrients available in the soil for plants. The key goal of fertilizing is supplying plants with correct amount of nutrients, and not toxifying the soil through over-fertilization.
Utilization of water soluble fertilizers is one of the simple ways of ensuring that plants keep receiving the maximum amounts nutrients that they can absorb, thus leading to their growth. These fertilizers are considered to be the easiest and most extensively used fertilizers, when it comes to for any beginner or someone who is a professional gardener or farmer.
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The water soluble fertilizer market is segmented in terms of form, product, mode of application, crop type, and regional landscape.
Based on product, the water soluble fertilizer market is categorized into potassic, phosphatic, micronutrients, and nitrogenous. The micronutrients segment will grow with the CAGR of around 8% through the forecast timeframe owing to its increasing deficiency in the soil. Micronutrients are vital elements which are utilized by plants, generally in small quantities. Micronutrients are meant for directing affecting crop growth and plant development. Cobalt, manganese, zinc, molybdenum, chlorine, copper, boron, are some of the essential micronutrients.
With respect to crop type, the water soluble fertilizer market is classified into greenhouse crops, plantation, turf & ornamentals, fruits, vegetables, and cereals. The greenhouse crops segment presently accounts for around 14% share in the overall market. Rising sales of greenhouse crops will further increase product demand in the sector. The greenhouse crops market itself is further anticipated to register a remunerative growth trend owing to the rising demand for locally sourced vegetables and herbs.
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From a regional frame of reference, LATAM currently accounts for over 10% share in the overall market. Rising demand for food will spur the product demand in the region over the coming years. In fact, Latin America is one of the leading foods producing and exporting regions across the globe. The region will witness growth owing to its booming agricultural industry, massive natural wealth, and a family farming sector which plays an essential role in the economic security of the local population.
Middle East & Africa market will grow with the CAGR of around 8% through the forecast time period owing to increasing water scarcity in the region.