Growth in the global market for soluble fertilizers

plant for production of mineral fertilizers
Source: DollarPhotoClub

According to a new market report published by Transparency Market Research, the global water soluble fertilizers market was valued at USD 2.44 billion in 2012 and is expected to reach USD 13.72 billion by 2019, growing at a CAGR of 5.6% over the forecast period from 2013 to 2019. The global water soluble fertilizer market volume was 9,433.0 kilo tons in 2012.

The water soluble fertilizers market in Asia Pacific is expected to grow at a CAGR of 5.1% given the huge demand from China and India. Owing to the increasing adoption rate of micro irrigation systems in the region, the demand for water soluble fertilizers is expected to be extensive in coming years. Moreover, Latin America and Africa constituting Rest of the World accounts for 16 % of the global market and is expected to show significant rise in water soluble fertilizer demand due to the growth potential of agriculture in countries such as Brazil, Argentina and South Africa among others. Fertigation and foliar application utility in greenhouses, turf and horticulture crops is expected to drive demand in North America as well as Europe. However, the North American market with large farms and less area under irrigation has shown slow adoption of micro irrigation systems leading to relatively low growth rate compared to Asia Pacific.

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