Liquid Fertilizers Market Size, Share, Future Growth, Challenges, 2024-2032
Market Overview:
The global liquid fertilizers market size was valued at USD 2,771.86 million in 2023 and is expected to be worth USD 2,885.23 million in 2024. The market is projected to reach USD 4,123.96 million by 2032, recording a CAGR of 4.57% during the forecast period.
Liquid fertilizers are water-soluble fertilizer solutions containing key nutrients that plants need to grow, such as nitrogen (N), phosphorus (P), and potassium (K), as well as micronutrients, such as iron (Fe), zinc (Zn), and manganese (Mn). They are designed to be diluted with water and applied straight to the soil or leaves of plants. Emerging markets are increasingly embracing modern farming technologies and techniques, such as precision agriculture and protected cultivation.
LIST OF KEY COMPANIES PROFILED IN THE REPORT:
Nutrien Ltd. (Canada)
Yara International ASA (Norway)
Peptech Biosciences Ltd. (India)
Foxfarm Soil & Fertilizer Co. (U.S.)
Benefert B.V. (Netherlands)
ICL Group (Israel)
Mahafeed Speciality Fertilizers (India) Pvt. Ltd. (India)
CF Industries Holdings, Inc. (U.S.)
The Mosaic Company (U.S.)
Kugler Company (U.S.)
Segmentation:
Nitrogen Segment to Account for Major Market Share Due to its Need for Quantity and Quality of Crop Yields
Based on nutrient type, the market is segmented into nitrogen, potassium, phosphate, and micronutrients. The nitrogen segment is projected to account for a major share of the global market. Nitrogen is crucial for healthy plant growth, and a lack of it in the soil can reduce the quantity and quality of crop yields.
Fertigation to Capture Major Share Due to its Ability to Enhance Nutrient Uptake and Promote Balanced Growth
Based on mode of application, the market is segmented into foliar, soil, fertigation, and others. The fertigation segment is projected to capture a major share of the global market. Fertigation provides even nutrient distribution, enhancing nutrient uptake and promoting balanced growth. It enables precise control over application rates and timing to cater to the specific needs of crops at various growth stages.
Urea Ammonium Nitrate Segment to Capture Major Share with its Increased Adoption for Fertigation
Based on major component, the market is segmented into calcium ammonium nitrate, urea ammonium nitrate, potassium nitrate, phosphorous pentoxide, and others. The urea ammonium nitrate is anticipated to capture a major share of the global market. UAN is increasingly being adopted for fertigation, which combines fertilizer and water application through irrigation systems.
Grains & Cereal Crops Segment to Capture Major Share Due to its Increased Demand
Based on crop type, the market is segmented into grains & cereal crops, oilseeds & pulses, fruits & vegetables, and others. The grains & cereals segment is expected to capture a major share of the global market. Grains & cereals are vital for the global food supply, feeding billions. With the growing population, the demand for food grains remains high, making efficient nutrient management essential for optimal yields.
With respect to region, the market covers North America, Europe, Asia Pacific, South America, and the Middle East and Africa.
Source: fortunebusinessinsights.com/liquid-fertiliz..
Report Coverage:
The report has conducted a detailed study of the market and highlighted several critical areas, such as leading applications, major components, nutrient types, mode of applications, crop types, and key market players. It has also focused on the latest market trends and key industry developments. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.
Drivers and Restraints:
Rapid Expansion of Greenhouse Vegetable Production to Fuel Market Growth
The swift expansion of greenhouse vegetable production significantly influences the market. Greenhouse farming provides a regulated environment, allowing plants to grow more efficiently and achieve greater yields per area compared to traditional open-field farming. This method enhances the efficiency of resource use, including water, nutrients, and land. In greenhouses, the liquid fertilizers can be accurately delivered through irrigation systems, which minimizes wastage and optimizes nutrient absorption by plants.
However, farmers, particularly in the Middle East & Africa, often lack knowledge about the correct application of liquid fertilizers in precise amounts, which hinders liquid fertilizers market growth.
Regional Insights:
Asia Pacific Dominated Market Due to Region’s Significant Agricultural Activity
Asia Pacific was valued at USD 1,358.69 million in 2023, holding the largest liquid fertilizers market share. This region, home to populous nations such as China and India, drives significant agricultural activity, resulting in high demand for boosting crop yields.
In North America, the market is projected to experience substantial growth due to rising demand for efficient fertilizers. The adoption of protected agriculture methods, including greenhouses and hydroponics, is further fueling the market’s expansion.
Competitive Landscape:
Key Players to Focus on Expanding Production Capabilities to Address Projected Demand for Liquid Fertilizers
Notable key players operating in this market are Nutrien Ltd., Yara International, ICL Group, CF Industries Holdings, Inc., and others. The manufacturers are expanding production capabilities by constructing new facilities or enhancing existing ones to address the projected demand for liquid fertilizers.
Notable Industry Development:
July 2024: Mivena B.V., a producer of high-quality fertilizers for professional users, introduced a new line of vegan liquid fertilizers and organic granulated fertilizers at the International Turf tradeshow BTME Harrogate, U.K., as well as the International Horticulture tradeshow IPM Essen, Germany.