Newark, Feb. 22, 2024 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, the global Liquid Fertilizers Market is expected to grow from USD 2.61 Billion in 2023 to USD 4.06 Billion by 2033, at a CAGR of 4.51% during the forecast period 2024-2033.
This growth is attributed to liquid fertilizers. It is considered the most effective way of delivering the needed nutrients to plants in the required concentration at the right time. This market is growing as there is demand to increase the crop yield to feed the expanding population.
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Competitive Strategy
To enhance their market position in the global Liquid Fertilizers market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In June 2023: ICL, a speciality mineral organization, launched its new line of advanced foliar and fertigation solutions under its water-soluble fertilizer brand, Nova, in the North American region. It helps the organization in helping the farmers deliver important nutrients in a better way, and it also expands the organization’s growth. All these factors are helping the organization expand its market share in the Liquid Fertilizers market.
Market Growth & Trends
Based on one of the studies, the global population is estimated to reach around 9.7 billion by 2050, so food production must be double the present level to meet the requirements in the future. The growing use of precision agriculture, which uses advanced analytical capabilities and evolving IoT abilities such as drones, etc., will help increase farming production. Also, the surge in disposable income in the emerging economies has led to the growing demand for food. Based on one of the studies, the food demand is anticipated to increase by 59% to 98% by 2050. Hence, there is a requirement to increase the production of crops; this can be done by either increasing the volume of agricultural land or by improving the productivity of the existing agricultural land using proper fertilizers like liquid fertilizers and irrigation along with advanced farming techniques. Liquid fertilizers help plants get all the important nutrients. These liquid fertilizers provide advantages like easy application, decreased environmental impact, and better nutrient absorption. There is a surge in the population, resulting in growing food demand, eventually creating the demand for liquid fertilizers. The leading organizations are focusing on making organic liquid fertilizers and the growing use of advanced technologies such as biostimulants. Liquid fertilizer demand is growing due to the growing trend of organic farming worldwide to cater for the surge in the demand for organic food products. There are several applications of liquid fertilizers based on land size. Procedures like spraying and misting are used to cover areas. The hose sprayers and the backpacks are broadly used for smaller land areas. Liquid fertilizers offer advantages like easy handling, application and blending; they also easily seep into the soil and spread more uniformly.
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Key Findings
• In 2023, the synthetic segment dominated the market with the largest market share of 92.33% and market revenue of USD 2.41 Billion.
The production process segment is divided into organic and synthetic. In 2023, the synthetic segment dominated the market with the largest market share of 92.33% and market revenue of USD 2.41 Billion. This high market share is attributed to its lower price than organic liquid fertilizers. Liquid fertilizers can be applied easily and start showing results quickly.
• In 2023, the nitrogen segment dominated the market with the largest market share of 55.32% and market revenue of USD 1.45 Billion.
The product segment is divided into nitrogen, potassium, phosphorous and others. In 2023, the nitrogen segment dominated the market with the largest market share of 55.32% and market revenue of USD 1.45 Billion. Liquid fertilizers are used to balance the pH of the soil based on the delivery of their chemicals.
• In 2023, the cereals & grains segment dominated the market with the largest market share of 40.05% and market revenue of USD 1.05 Billion.
The application segment is divided into fruits & vegetables, oilseeds & pulses, cereals & grains and others. In 2023, the cereals & grains segment dominated the market with the largest market share of 40.05% and market revenue of USD 1.05 Billion. In the cereal sector, these fertilizers are broadly used to enhance the production and quality of crops, which helps in the healthy growth of grains such as corn, wheat, and rice, among others.
Regional Segment Analysis of the Liquid Fertilizers Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The Asia Pacific region occurred as the largest market for the global Liquid Fertilizers industry, with a market share of 43.89% and a market value of around USD 1.15 Billion in 2023. This market share is attributed to the growing adoption of modern farming technology and broad agro-climatic zones in the region. North America has the second-highest market share.
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Key players operating in the global Liquid Fertilizers market are:
• Nutri-Tech Solutions Pty Ltd
• FoxFarm Soil & Fertilizer Co
• CSBP
• ICL
• Compo Expert
• Nutrien Ltd.
• BMS Micro-Nutrients NV
• EuroChem Group
• IFFCO
• K+S Aktiengesellschaft
• Yara International ASA
• AgroLiquid
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global Liquid Fertilizers market based on below mentioned segments:
Global Liquid Fertilizers Market by Production Process:
• Organic
• Synthetic
Global Liquid Fertilizers Market by Product:
• Nitrogen
• Potassium
• Phosphorous
• Others
Global Liquid Fertilizers Market by Application:
• Fruits & Vegetables
• Oilseeds & Pulses
• Cereals & Grains
• Others
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