According to a new report published by Allied Market Research, titled, “Liquid Fertilizers Market by Type, Production Process, Mode of Application, and Crop: Global Opportunity Analysis and Industry Forecast, 2022–2031,” the global liquid fertilizers market size was valued at $12,569.5 million in 2020, and is projected to reach $19,207.4 million by 2031, registering a CAGR of 3.5% from 2022 to 2031. Liquid fertilizers exhibit an effective way of delivering the essential nutrients to plants at a specific time and in an appropriate concentration. These fertilizers are absorbed by plants through their leaf pores and roots.
Moreover, liquid fertilizers are rich in growth hormones µnutrients, 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 help in the rapid and early growth of seedlings. Fertilizers containing sodium, potassium, and phosphorous can dissolve quickly in water when 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 a major share in the liquid fertilizer market.
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At present, the global liquid fertilizers market has witnessed numerous opportunities, due to rapid increase in the development of the agriculture industry in Asia-Pacific and LAMEA. In addition, population and income determine food consumption, and changes in income lead to a shift in diet patterns. Moreover, with 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. On-farm liquid fertilizer storage is expected to be a key liquid fertilizers market trend. Surge in the use of liquid fertilizers products, such as UAN, has encouraged farmers to store liquid fertilizers on the farm itself as the volatilizing transportation costs leave the 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 fertilizer segment accounted for more than half the share, in terms of volume, in 2020. Moreover, nitrogen is among the most widely consumed macro- and micro-elements for plant growth. The nitrogen-based fertilizer 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.
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Liquid fertilizers market demand has increased due to the development of precision farming methods, need for high-efficiency organic fertilizers, and rise in adoption of sustainable practices. This gives numerous opportunities to the key players in the global liquid fertilizers market.
Key Findings Of The Study
By type, the nitrogen segment dominated the global liquid fertilizers market growth in 2020, and is expected to retain its dominance throughout the liquid fertilizers market forecast period.
By production process, the liquid fertilizers industry is divided into organic and synthetic. Organic segment lead in terms of liquid fertilizers market share and is expected to continue to grow with robust CAGR during the forecast period.
Based on mode of application, the foliar segment is expected to grow with a highest CAGR during the forecast period.
On the basis of crop, it is classified into oil seeds & pulses, fruits & vegetables, grains & cereals, and others. The grains & cereals segment held the major share in the market, and is projected to remain dominant during the forecast period.
By region, Asia-Pacific accounted for highest market share in 2020, and is expected to grow at a significant CAGR during the forecast period.
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Major companies have adopted agreement, product launch, expansion, and merger strategies to sustain the intense market competition. Key players profiled in the liquid fertilizers market report include Agrium Incorporated, AgroLiquid, Haifa Chemicals Ltd., Israel Chemical Ltd. (ICL), Kugler Company, Rural Liquid Fertilizers (RLF), Yara International ASA, Compo Expert GmbH, and K+S Aktiengesellschaft.
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