Global Nitrogenous Water Soluble Fertilizer Market Forecast 2023-2032: Estimated Market Size And Growth Rate
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The global nitrogenous water soluble fertilizer market is on the rise, poised to witness substantial growth in the coming years. Let’s delve into the key factors driving this expansion and the noteworthy trends shaping the industry landscape.
- Commercial Agriculture’s Role in Market Surge
The growth trajectory of the nitrogenous water-soluble fertilizer market is intricately linked to the surge in commercial agriculture. This form of agriculture involves large-scale production of crops and livestock for profit, necessitating advanced nutrient management practices. The use of nitrogenous water-soluble fertilizers is integral to these practices, bolstering market growth.
- Statistics Speak: In May 2022, GOV.UK reported a remarkable increase in total crop output income, soaring from $1,950 million in 2020 to $11,782 million in 2021. Livestock output income exhibited a parallel upward trend, escalating from $1,119 million in 2020 to $17,626 million in 2021. This robust performance underscores the pivotal role of nitrogenous water-soluble fertilizers in supporting the profitability of commercial agriculture.
- Key Players Powering the Market
The nitrogenous water-soluble fertilizer market boasts influential players steering its course. From ICL Specialty Fertilizers to Yara International ASA, these industry giants are instrumental in shaping the market landscape.
- Major Players: ICL Specialty Fertilizers, Yara International ASA, K+S Aktiengesellschaft, Agrium, Coromandel International Limited, Sociedad Química y Minera de Chile, The Mosaic Company, Nutrient Ltd., COMPO GmbH, EuroChem Group AG, BASF SE, Adama Agricultural Solutions, Uralchem Group, Nufarm, Qatar Fertilizer Company.
- Technological Innovations Paving the Way
A prominent trend gaining traction in the nitrogenous water-soluble fertilizer market is the surge in technological innovations. Leading companies are investing in cutting-edge technologies to maintain their market standing, exemplified by Yara International’s groundbreaking YaraIrix system.
- YaraIrix System: Launched in September 2022, the YaraIrix system is a testament to technological advancement in the sector. This system includes a user-friendly app (compatible with Android and iOS) that calculates the nitrogen requirements of crops in their early growth phases. Supported by two hardware alternatives—a smartphone clip and a Bluetooth N-Tester—the system offers real-time fertilizer recommendations based on crop measurements. The N-Tester Clip, an additional hardware accessory, transforms a smartphone camera into a nitrogen sensor.
- Segmentation Insights: Diverse Market Dynamics
The global nitrogenous water soluble fertilizer market is segmented based on various factors, providing a nuanced understanding of its dynamics.
- Type: Macroelement WSF, Microelement WSF, Other Types
- Crop Type: Field Crops, Horticultural Crops, Turf And Ornamentals, Other Crop Types
- Form: Dry, Liquid
- Application: Foliar, Fertigation
- Regional Dominance: Europe Takes the Lead
In 2022, Europe emerged as the frontrunner in the nitrogenous water soluble fertilizer market, solidifying its position as the largest region in terms of market share.
- Regional Overview: The European market’s prominence signifies the region’s robust adoption of nitrogenous water-soluble fertilizers, indicating a favorable environment for market expansion.
- Future Projections: A Glimpse into Market Growth
The market’s upward trajectory is poised to continue, with projections indicating significant expansion. By 2023, the market is expected to reach $60.97 billion, marking a CAGR of 7.7%. Looking further ahead, the market is forecasted to hit $78.83 billion in 2027, growing at a CAGR of 6.6%.
- Future Outlook: The optimistic outlook underscores the sustained demand for nitrogenous water-soluble fertilizers, driven by the evolving needs of commercial agriculture and continuous technological advancements.
View More On The Nitrogenous Water Soluble Fertilizer Market Report 2023 – https://www.thebusinessresearchcompany.com/report/nitrogenous-water-soluble-fertilizer-global-market-report
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The Nitrogenous Water Soluble Fertilizer Global Market Report 2023 provides comprehensive insights on the nitrogenous water soluble fertilizer market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the nitrogenous water soluble fertilizer market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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