According to a new report published by Allied Market Research, titled, "Liquid Fertilizers Market by Type, Production Process, Crop Type, and Mode of Application: Global Opportunity Analysis and Industry Forecast, 2017-2023," the liquid fertilizers market is projected to reach $13,530 million by 2023 from $11,108 million in 2016, growing at a CAGR of 2.8% from 2017 to 2023. The nitrogen type segment accounted for more than half of the total market share in 2016.
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Liquid fertilizers exhibit an effective way of delivering the essential nutrients to plants at the specific time and in appropriate concentration. These fertilizers are absorbed by plants through their leaf pores and roots. Moreover, liquid fertilizers are rich in growth hormones and micronutrients, and are widely used for crops, such as maize. In addition, micronutrients are sprayed by foliar methods, especially iron and manganese, for many crops. Liquid fertilizers also help in the rapid and early growth of seedlings. Fertilizers containing sodium, potassium, and phosphorous can dissolve quickly in water and applied, which eventually saves the application cost and allows the utilization of fertilizers. Moreover, the foliar method of application is employed when roots and soil are deficient in micronutrients. Furthermore, nitrogen-based liquid fertilizers are expected to account for major share in the liquid fertilizer market.
At present, the global liquid fertilizers market is witnessing numerous opportunities, owing to rapid increase in development of agriculture industry in Asia-Pacific and LAMEA. In addition, population and income determine food consumption, while changes in income lead to a shift in diets pattern. Moreover, with the rise in incomes, consumption patterns change from staple foods, such as cereals, to a higher-value product, such as meat, vegetables, and dairy. Furthermore, with the surge in food consumption, the need for crop yield increases, effectively leading to market growth. In addition, on-farm liquid fertilizer storage is expected to be a key trend for market growth. Increase in the use of liquid fertilizers products, such as UAN, has encouraged farmers to store liquid fertilizers in the farm itself as the volatilizing transportation costs leaves farmers with lesser profits. The increase in farm operations further augments the need for liquid fertilizers and motivates farmers to reduce their dependence on delivery of fertilizers and increase storage capacity.
The nitrogen-based type segment accounted for more than half share, in terms of volume, in 2016. Moreover, nitrogen is amongst the most widely consumed macro- and micro-elements for plant growth. Nitrogen-based type proves to be essential to build amino acids, which create proteins, as it actively participates in every biochemical reaction performed in a plant. Furthermore, easy availability and declining prices of liquid fertilizers are expected to drive the market growth.
Key Findings of the Liquid Fertilizers Market:
- In terms of value, the fertigation mode of application is anticipated to exhibit the highest growth rate of 2.9% during the analysis period.
- Asia-Pacific is anticipated to maintain its lead throughout 2023, and is projected to grow at a CAGR of 2.8%, in terms of value.
- The potash type segment occupied nearly one-sixth of the total market in 2016.
- France occupied nearly one-fifth of the total Europe liquid fertilizers market in 2016.
- In terms of value, Japan is expected to grow at a CAGR of 3.2% from 2017 to 2023.
In 2016, Asia-Pacific accounted for more than half of the total liquid fertilizers market, and is expected to continue this trend, owing to surge in crop cultivation land and the growth in need to boost crop production, which rapidly motivates farmers to use liquid fertilizers, specifically in U.S., China, India, Brazil, and the other developing countries.
The major companies profiled in the report include Agrium Inc., Yara International ASA, Israel Chemical Ltd. (ICL), K+S Aktiengesellschaft, Kugler Company, Haifa Chemicals Ltd., Agroliquid, Plant Food Company, Inc., Compo Expert GmbH, and Rural Liquid Fertilizers.