According to the report published by Mordor Intelligence, the global liquid fertilizers market is expected to witness a CAGR 3.8% during the forecast period, 2018-2023. The market was valued at USD 11.3 billion in 2017 and it is expected to reach a value of USD 13.9 billion by 2023.
The report comprehends a detailed analysis on various parameters of the global liquid fertilizers market. The market has been segmented by nutrient type, by ingredient type, by mode of application, by application type, and by geography. To determine the intensity of competition, Porter’s five forces analysis is also incorporated in the report.
By ingredient type, the market is segmented into organic and synthetic. Organic liquid fertilizers segments are likely to grow at a faster pace, owing to its environmental benefits. By nutrient type, the market has been segmented into nitrogen, potassium, phosphate, and micronutrients. Nitrogen-based liquid fertilizers hold more than half of the market share, in terms of volume. However, the market for micronutrients is expected to exhibit the fastest growth among all the market segments. By application, the market has been segmented into foliar, fertigation, aerial, soil, and starter solution. Foliar segment holds the largest share and is the most common as it helps in neutralizing soil, increases the nutrient absorption rate, as well as improves the plant growth.
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By geography, the market has been segmented into five regions i.e. North America, Europe, Asia-Pacific, South America, and Africa. Asia-Pacific is expected to be the fastest-growing market for liquid fertilizers due to economic growth, increase in population, and increasing support from governments as well as national and international associations to increase the agricultural production of oil, grains, fruits, and vegetables to meet the demand for food products in the region. Also, North America is expected to showcase a robust growth due to increasing demand of organic foods in the US and Canada.
Liquid Fertilizers Market Dynamics
Increasing demand for high-efficiency fertilizers, adoption of sustainable agricultural practices and precision farming and easy usage and application procedures are the major factors driving the global liquid fertilizers market. However, rising concerns over health and environmental safety, high handling costs and inadequate awareness among farmers are the likely factors restraining the market growth.
According to Mordor Intelligence research and analysis, Agrium Incorporated, AgroLiquid, Haifa Chemicals Ltd. and Israel Chemical Ltd. (ICL), among others are the key players in the global liquid fertilizers market. Growing demand, strategic initiatives taken by fertilizer companies, and adoption of precision agriculture projects the steady growth of the liquid fertilizers industry during the coming decade.