Liquid Fertilizer Market Size Worth USD 3.5 Billion by 2027 at 3.9% CAGR – Report by Market Research Future (MRFR)
Liquid Fertilizer Market Insights and Industry Analysis by Type (Nitrogen, Phosphate, Potassium, and others), Category (Synthetic and Organic), Mode of Application (Soil, Fertigation, Foliar, and others), Crop Type (Fruits & Vegetables, Cereals & Grains, Oilseeds & Pulses and others), and Region (North America, Asia-Pacific, Europe, and Rest of the World), Competitive Market Size, Share, Trends, and Forecast to 2027
New York, US, Aug. 25, 2021 (GLOBE NEWSWIRE) -- Liquid Fertilizer Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Liquid Fertilizer Market Information by Type, Category, Mode of Application, Crop Type, and Region - Forecast till 2027”, the market is projected to cross USD 3.5 Billion by 2027 at 3.9% CAGR.
Market Scope
Liquid fertilizers are compounds obtained from natural or synthesized sources that provide necessary plant nutrients for optimal plant growth. By modulating the soil's water retention and aeration capability, liquid fertilizers improve its efficacy significantly. They are used as irrigation systems and starting fertilizers in rows of crops, facilitating the efficient use of plant nutrients, and reducing environmental concerns. Some of the chief factors behind the expansion of the liquid fertilizers market are the rapid rise in demand for high-efficiency fertilizers, their simplicity of use and application, the adoption of precision farming, crop protection, and related environmental concerns. The rising need for agricultural output to meet global food requirements has increased the deployment of liquid fertilizers.
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Competitive Landscape
The prominent companies associated with the global liquid fertilizer market are:
- Yara International ASA (Norway)
- Israel Chemical Ltd. (Israel)
- FoxFar Soil and Fertilizer Company (USA)
- Haifa Chemicals Ltd. (Israel)
- AgroLiquid (USA)
- Plant Food Company, Inc (USA)
- Nutrien (Canada)
- K+S AKTIENGESELLSCHAFT (Germany)
- Agrium Inc. (Canada)
- Sociedad Quimica YMinera SA (SQM) (Chile)
- Compo Expert GmbH (Germany)
- Kugler Company (USA)
- Rural Liquid Fertilizer (Thailand)
- Nutri-Tech Solutions (Australia)
Market Drivers
Despite the critical area of arable land on the planet, there is a growing need for food, which has resulted in a massive growth in the use of high-efficiency fertilizers, predominantly liquid fertilizers, in agriculture. When opposed to granular fertilizers, liquid fertilizers have a better uniformity, which provides an even homogeneous coating on the crops, ensuring that all plants receive the same nutrients regardless of their location. As a result of the advent of new urease inhibitors and inexpensive polymer coating technologies, enhanced efficiency fertilizers (EEF), a type of liquid fertilizers, are rapidly advancing in the agriculture business in many fields such as cereals and industrial crops.
Market Restraints
The high storage cost of liquid fertilizers and the high cost of installation are primary restraints on the liquid fertilizer market's growth. Liquid fertilizers are water-soluble. Hence, they require special storage containers which are air-tight. Since liquid fertilizers require special handling and storage, the cost of combining the nutrients in the water is high, as is the delivery price. Due to a lack of information regarding the application of liquid fertilizers, this is stifling industry expansion worldwide, particularly in regions like Africa and the Middle East.
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COVID-19 Analysis
The COVID-19 outbreak has severely hit the agrochemical business. The supply chain has been entirely affected following the rise in COVID-19 cases globally. As a result, liquid fertilizer supplies were erratic. Also, overall transportation was restricted because of the COVID-19 pandemic, resulting in less labor to help the farm. As a result, even if owners have liquid fertilizer on hand, it was not being used. People's demand for liquid fertilizer is declining as a result of this. As a result, we can conclude that COVID-19 has harmed the agrochemical industry.
Market Segmentation
By category, the organic liquid fertilizer market is anticipated to dominate the market. Since the past two decades, the growing awareness about environmental concerns and soil preservation has motivated farmers to use organic products.
By type, liquid nitrogen fertilizer has the highest demand because this fertilizer tends to restore plant-usable nitrogen in the soil quickly.
By crop type, the fruits and vegetable farming points towards the highest growth in the liquid fertilizer market.
By mode of application, the fertigation sector is projected to have the most demand due to the versatility of liquid fertilizers and their water-soluble nature.
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Regional Analysis
During the forecast period, the liquid fertilizer market in Europe is predicted to grow at the fastest rate. Protein-based diets are becoming more popular among European consumers. Farmers in the region employ nitrogen-based liquid fertilizers to produce high-yielding crops high in protein, which is expected to drive liquid fertilizer market growth.
Asia-Pacific is expected to lead the worldwide liquid fertilizer market. As the population of emerging economies expands, so does the need for food among customers, increasing agricultural activity. Fertilizers are increasingly being utilized in crop cultivation to boost production, which will drive the region's market for liquid fertilizers. Another significant factor projected to help the liquid fertilizer market growth during the assessment period is strong government support for agriculture in India and China.
North America has more advanced technology than the rest of the world. As a result, the companies in this region have made significant investments in R&D to manufacture novel products in the agriculture industry.
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