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The global water soluble fertilizers market is expected to gain impetus from the increasing demand for specialty fertilizers to improve the production of high-quality crops. This information is given by Fortune Business Insights™ in a recently published report, titled, “Water Soluble Fertilizers Market Size, Share & Industry Analysis, By Type (Nitrogenous, Phosphatic, Potassic, and Others), By Application (Foliar and Fertigation), By Crop Type (Field Crop, Horticulture, Turf & Ornamentals, and Others), and Regional Forecasts, 2019 – 2026). The report further states that the water soluble fertilizers market size was USD 14.34 billion in 2018 and is projected to reach USD 23.09 billion by 2026, exhibiting a CAGR of 6.28% during the forecast period (2019-2026).
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Drivers & Restraints-
Rising Population across Developing Countries to Boost Growth
The demand for water soluble fertilizers is expected to surge in the coming years owing to the rapid growth of population in the developing economies worldwide. This has further raised concerns regarding the sufficiency of food available for the masses, as well as various food production solutions. Besides, the increasing cases of nutrient deficiency in crops and the reduction in arable land across several economies would contribute to the water soluble fertilizers market growth during the forthcoming years.
Horticulture Segment to Lead Backed by High Demand for Nutrition-rich Diet
Based on crop type, the market is divided into turf & ornamentals, horticulture, field crop, and others. Out of these, the field crop segment held 18.94% water soluble fertilizers market share in 2018. This growth is attributable to the rising demand for food owing to the increasing population. The horticulture segment is expected to lead the market backed by the high demand for nutrition-rich diets amongst the masses.
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