H1 2023: Geographically, Asia Pacific region was the largest consumer of Water Soluble Fertilizers (WSF). In H1 2023, prices of Water Soluble Fertilizers (WSF) fluctuated in the Asia Pacific region. The Water-Soluble Fertilizer market faced a downturn in the first quarter of 2023, characterized by declining prices attributed to an oversupply of nitrogenous fertilizer and subdued downstream demand. The gradual drop-in Water-Soluble Fertilizer prices in China during this period was associated with lower feedstock coal and nitrogen costs. Factors contributing to the price drop included a lack of spot trading and purchasing activities in Q1. The absence of feedstock demand in the APAC region was due to substantial inventories and depressed downstream Urea prices. Throughout the second quarter of 2023, pessimistic market sentiments prevailed for Water Soluble Fertilizers in the APAC region, primarily influenced by reduced demand from the end-user fertilizer segment. Additionally, the global market experienced a decline in bulk purchases during the quarter, with consumers hesitant to engage in bulk transactions amidst growing inflationary pressure and increased interest rates. In China, the prices of Water-Soluble fertilizer MAP witnessed a significant decline from April to June 2023. China's substantial reduction in exports amid the ongoing global recession led to surplus material availability in the market. Moreover, low procurement orders from other importing countries like India, further influenced the price trend. The fertilizer market in India weakened and coupled with depreciated demand and ample of product availability.
H2 2023: In the Indian market, the pricing dynamics of Water Soluble Fertilizers (WSF) followed a consistent upward trajectory in H2 2023. The notable surge in prices witnessed in July was primarily influenced by the reduction in the costs of feedstock, prompting a notable escalation in Water Soluble Fertilizers (WSF) factory prices. Transitioning into October 2023, price increments in India, coupled with an optimistic outlook for demand emanating from the downstream agriculture sector, exerted a positive impact on Water Soluble Fertilizers (WSF) market prices. This positive influence helped counterbalance the effects of ample inventories and relatively sluggish demand in the market. Despite these fluctuations, the pricing trend experienced a further upward momentum in the subsequent months. This escalation was propelled by the sustained strength of the market, coupled with the persistent pressure of high raw material costs and an increased demand for fertilizers in the fourth quarter of 2023. These contributing factors, underpinned by strategic cost considerations and an expanding demand landscape, collectively fortified the resilience and robustness of the Indian Water Soluble Fertilizers (WSF) market during this period.
The global Water Soluble Fertilizers (WSF) market stood at approximately 23 million tonnes in 2023 and is anticipated to grow at a CAGR of 6.5% during the forecast period until 2034.
Water-soluble fertilizers constitute a category of fertilizers that are integrated into plants after complete dissolution in water. Based on type, they are divided into- Calcium Nitrate, NPK, Potassium Nitrate, Urea Phosphate, and Others. The application of these fertilizers often leads to a significant increase, up to double or triple, in crop yields. The agricultural sector serves as the primary consumer of water-soluble fertilizers, with their preference over conventional chemical fertilizers attributed to their swift impact, easy application, and superior coverage. Their versatility allows for more frequent application compared to granular fertilizers, offering flexibility based on specific requirements and availability. The immediate solubility in water enables easy fertigation, releasing essential nutrients at the plant roots for rapid absorption and transportation throughout the entire plant. Prominent fertilizers falling within this category include Urea Phosphate, Sulphate of Potash, Calcium Nitrate, Potassium Nitrate, Mono Potassium Phosphate, and Mono Ammonium Phosphate. The escalating global demand for agricultural products is the primary driver for the increasing adoption of water-soluble fertilizers. The global Water Soluble Fertilizers (WSF) market is likely to reach approximately 46 million tonnes in 2034.
The Asia-Pacific region dominates the global demand for water-soluble fertilizer on a regional basis, primarily driven by the escalating population and the subsequent surge in food security needs. The region's major share is further justified by the rising governmental backing for the modernization of agriculture, contributing significantly to the increased demand in Asia Pacific. The population growth necessitates enhanced agricultural productivity to meet the heightened demand for food, making water-soluble fertilizers crucial in addressing these challenges. Additionally, the proactive support from governments in the region towards modernizing agricultural practices amplifies the demand for water-soluble fertilizers. This trend is expected to persist as the Asia-Pacific region continues to evolve and adapt to the changing dynamics of agriculture, emphasizing the region's pivotal role in driving the global demand for water-soluble fertilizers.
Based on the end-user industry, the global Water Soluble Fertilizers (WSF) market is divided into Horticulture, Ornamental, Field Crop, and Others. Among these, Horticulture is the major segment and held about 58% of the global Water Soluble Fertilizers (WSF) market in 2023 and is anticipated to prevail the similar trend in the upcoming years. Greenhouses and Hydroponics are also where WSFs are used.
Major players in the Global Water Soluble Fertilizers (WSF) market are Agrium, Haifa, Potash Corp, Mosaic Company, Yara International, Israel Chemical Limited, Sociedad Quimica Yminera SA SQM (Chile), and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2023
Estimated Year: 2024
Forecast Period: 2025-2034
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Objective of the Study:
• To assess the demand-supply scenario of Water Soluble Fertilizers (WSF) which covers production, demand and supply of Water Soluble Fertilizers (WSF) market in the globe.
• To analyse and forecast the market size of Water Soluble Fertilizers (WSF)
• To classify and forecast Global Water Soluble Fertilizers (WSF) market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Water Soluble Fertilizers (WSF) market in the globe.
To extract data for Global Water Soluble Fertilizers (WSF) market, primary research surveys were conducted with Water Soluble Fertilizers (WSF) manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Water Soluble Fertilizers (WSF) market over the coming years.
ChemAnalyst calculated Water Soluble Fertilizers (WSF) demand across the globe by analysing the volume of Water Soluble Fertilizers (WSF) consumed by the end-user industries and the forecast is calculated based on the growth rate of end-use industries. ChemAnalyst sourced these values from industry experts and company representatives and externally validated them by analyzing the historical sales data of respective manufacturers to determine the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Water Soluble Fertilizers (WSF) manufacturers and other stakeholders
• Organizations, forums and alliances related to Water Soluble Fertilizers (WSF) distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Water Soluble Fertilizers (WSF) manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years, thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Water Soluble Fertilizers (WSF) market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2023
23 million tonnes
Market size Volume in 2034
46 million tonnes
Growth Rate
CAGR of 6.5% from 2024 to 2034
Base year
2023
Estimated year
2024
Historical Data
2015 – 2022
Forecast period
2025 – 2034
Quantitative units
Demand in million tonnes and CAGR from 2024 to 2034
Report coverage
Industry Market Size, Demand by End- Use, Demand by type, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Manufacturing Process.
Segments covered
By End-Use: (Horticulture, Ornamental, Field Crop, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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What was the net market size of Water Soluble Fertilizers (WSF) in terms of volume in 2023?
Ans:
What was the net market size of Water Soluble Fertilizers (WSF) in terms of volume in 2023?
Q2.
Which application is the leading consumer of Water Soluble Fertilizers (WSF)?
Ans:
Horticulture is the leading consumer of Water Soluble Fertilizers (WSF) globally.
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