Liquid Fertilizer Market Forecast
Liquid Fertilizer Market Size was valued at USD 2.70 billion in 2022. The Liquid Fertilizer market industry is projected to grow from USD 2.80 Billion in 2023 to USD 3.52 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 3.90% during the forecast period (2023 – 2030). Increasing awareness of the benefits of liquid fertilizers for both crop yields and environmental sustainability are the key market drivers enhancing the market growth.
Liquid fertilisers are one of the most advanced forms used for plant development under specific circumstances. They are advanced techniques to produce the appropriate nutrient for the plant. The product is majorly used to increase the food security levels of several platforms. The liquid fertilisers are absorbed by the pores, roots and leaves of the plants. They are rich in micronutrients required for the growth of specific hormones of the plants. The seedlings of the plants also face early growth due to the nourishments provided.
Liquid fertilizers are more efficient than traditional dry fertilizers as they provide nutrients directly to the roots of plants, leading to better crop yields. This has led to a growing demand for liquid fertilizers in agriculture. Furthermore, growing demand for food due to population growth: The population is expected to reach 9 billion by 2050, which will require an increase in food production. Liquid fertilizers are being increasingly used to improve crop yields and ensure food security.
There are several factors driving the growth of the liquid fertilizer market. These include:
- The increasing demand for food, as the global population continues to grow.
- The need for more efficient and effective fertilizers, in order to reduce the environmental impact of agriculture.
- The development of new technologies, which are making it easier to produce and apply liquid fertilizers.
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Synthetic and artificially produced fertilisers are predicted to hold a major share of the global market due to the multiple factors driving the market. The rising demand for food is inclining the manufacturers towards producing and utilising the maximum liquid fertilisers. There has been an increased consciousness among consumers regarding the usage of organic products. Hence, this has led the manufacturers to yield more optimum fertilisers that will fuel the plant’s growth through technical ways and drive the market dynamics.
However, some factors exist that restrain the market’s growth and development. The excessive usage of fertilisers in plants has unhealthy effects on the environment. The release or discharge of the unfiltered liquid fertilisers into water bodies polluted the sources and the organisms in the water bodies. This caused high levels of water pollution due to nitrates and phosphates. The pandemic also disrupted the supply chain of the Liquid Fertilizer Market, leading to a major setback to the growth of the market dynamics.
The Liquid Fertilizer Market is majorly segmented into the type and mode of the application category.
Depending on the product category, the market is segmented into the organic and synthetic markets. Depending upon its type, the market is again segmented into nitrogen, phosphate and potassium. The sub-segments of the crop types include fruits and vegetables, oilseeds and pulses and cereals and grains. The Liquid Fertilizer Market is segmented into fertigation, foliar and soil, depending upon the mode of application.
By region, the Liquid Fertilizer Market is majorly spread over North America, South America, Europe, Africa and Asia-Pacific. Parts like Germany, Italy, France, the UK, South Korea, Japan, China, and India dominate the global market with influencing factors.
Several key players have been collaborating among themselves and launching products that benefit the Liquid Fertilizer Market. Potential product launches benefit the market trends. Some of them are Yara International ASA (Norway), K+S Aktiengesellschaft (Germany), The Mosaic Company (US), Israel Chemical Ltd. (Israel), and EuroChem Group (Switzerland). This leads to healthy competition on the market front.
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