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Liquid Fertilizers Market Size to Worth Around US$ 21.4 Bn by 2030

·7 min read
Precedence Research
Precedence Research

As per Precedence Research, the liquid fertilizers market size is projected to be worth around USD 21.4 billion by 2030 and poised to grow at a compound annual growth rate (CAGR) of 3.97% from 2022 to 2030.

Tokyo, June 09, 2022 (GLOBE NEWSWIRE) -- The global liquid fertilizers market size was valued at USD 15.08 billion in 2021. The demand for the liquid fertilizers is expected to rise due to increased food demand and the development of highly effective liquid fertilizers as a result of fast population expansion and growing global worries about food security. Crop nutrition is becoming increasingly important in both food and commercial crops due to a variety of economic and environmental considerations. Food demand has risen globally. As a result, high-efficiency fertilizers such as liquid fertilizers are becoming more popular, and this is a primary driver for the liquid fertilizer industry. Many farmers, in general, want greater soil quality and nutrition in their fields.

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Liquid fertilizers assist farmers in increasing soil efficiency and improving overall output produced by the soil, which is a key market driver. Increased yield per area of land is the only method to provide enough food for everyone. This is only possible if fertilizers are used sensibly in respect with other new agricultural approaches. The market for liquid fertilizers has been quickly developing, and it is expected to continue growing in the long run. High demand for high-efficiency fertilizers, simplicity of operation, adoption of sustainable agricultural techniques, and improving environmental safety are some of the reasons driving the liquid fertilizers market.

Scope of the Report

Report Attributes

Details

Market Size in 2021

USD 15.08 Billion

Revenue Forecast by 2030

USD 21.4 Billion

CAGR

3.97% from 2022 to 2030

Largest Market

North America

Fastest Growing Region

Asia Pacific

Base Year

2021

Forecast Year

2022 to 2030

Key Players

Yara International ASA, Nutrien Ltd, Israel Chemical Ltd., Haifa Chemical Ltd, GrupaAzoty, The Mosaic Company, SociedadQuímica y Minera de Chile S.A., K+S Aktiengesellschaft, Plant Food Company Inc., EuroChem Group

Report Highlights

  • Based on the crop type, the fruits and vegetables segment accounted for 67% of the market share in 2021. Fruit consumption has increased dramatically over the last two decades, and this trend is expected to continue in the next years.

  • Based on the type, the nitrogen segment captured a market share of 39.5% in 2021. Among all the macro and microelements essential for plant growth, nitrogen is one of the most widely ingested nutrients.

  • Asia-Pacific has traditionally been the large market, accounting for 38.4% of the global market. The rising cost of traditional fertilizers, as well as their negative environmental implications, has resulted in a massive growth in the use of high-efficiency fertilizers, such as liquid potassium fertilizers, in agriculture.

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Regional Snapshot

North America led the global market with 42% of the market share in 2021. The North American liquid fertilizers market is expected to approach USD 8 billion in sales by 2030, with a CAGR of roughly 2.4 percent from 2022 to 2030. The existence of a diverse variety of fertilizer producers in the area, as well as the creation of new manufacturing facilities and distribution channels, will drive market expansion throughout the projection period. Furthermore, increased knowledge regarding the use of organic fluid fertilizers, as well as rising demand for high-value goods, would promote market expansion.

Historically, Asia-Pacific has been the largest market, accounting for 38.4% of the global market. The growing cost of conservative fertilizers, as well as their harmful environmental effects, has led in an incredible increase in the usage of high-efficiency fertilizers in agriculture, such as liquid potassium fertilizers. Rising food consumption, high crop yields, and developments in automated irrigation systems are driving demand for liquid fertilizers in the Asia-Pacific area. China has the region's largest market share (46.5 percent), while Australia is expected to grow the fastest in the coming years. Asia-Pacific is the largest and fastest-growing market for liquid fertilizers, owing to extraordinary economic growth, population growth, and support from governments and international and national associations to boost the agriculture production of fruits, oil, grains, and vegetables to meet the region's demand for food products.

Market Dynamics

Driver

Growth in demand for enhanced high-efficiency fertilizers

Because of the development of novel urease inhibitors and low-cost polymer coating technologies, better efficiency fertilizers (EEF) are becoming increasingly popular in agriculture, particularly in cereals and industrial crops. Enhanced, effective liquid fertilizer distribution ensures that crops and plants receive nutrients in the appropriate amount, at the right time, and in the right place, with the least amount of waste. The usage of high-efficiency fertilizers also contributes to reducing the negative impact of nutrients seeping into water reservoirs.

Restraint

High handling costs

The high cost of liquid fertilizer storage, as well as the high cost of installation, is significant barriers to the liquid fertilizer industry's expansion. In liquid fertilizers, water is soluble. Because liquid fertilizers require particular handling and storage facilities, the cost of combining the nutrients in the water is high, as are the expenses of delivery. Global market growth is being hampered by a lack of understanding about the application of liquid fertilizers, particularly in Africa and the Middle East.

Opportunity

New emerging economies

The world's growing population has resulted in an increase in food consumption owing to surge in population and increase demand for fertilizer usage for high yield. The major concerns are, however, soil degradation and contamination, as well as the detrimental impacts on persons and the environment. Governments are using soil-friendly fertilizers to counteract these detrimental outcomes. As a result, farmer knowledge of liquid fertilizers is increasing, notably in China and India. Farmers are educated about the possible short- and long-term advantages by manufacturers in partnership with non-governmental organizations.

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Challenge

Unfavorable regulatory standards

The fertilizer market, like other industries, is subject to regulatory and other state-level interventions that both push and halt its growth. Unfavorable industry policies, such as limits on sourcing, production, and distribution standards; the loss of subsidy support; the requirement of the maximum retail price; and laws governing the amount and direction of end use, have a significant impact on the total industry.

Recent Development

  • In September 2019, Nutrien Ltd. completed the acquisition of Ruralco Holdings to enhance the product delivery and services of Nutrien Ltd. in Australia.

Market Segmentation

By Crop Type

  • Cereals & Grains

    • Corn

    • Wheat

    • Rice

    • Others (sorghum, barley, and oats)

  • Oilseeds & Pulses

    • Soybean

    • Others (canola, cotton, and sunflower)

  • Fruits & Vegetables

  • Others (turf, ornamentals, and nursery plants)

By Type

  • Nitrogen

  • Phosphorous

  • Potash

  • Micronutrients

By Compounds

  • Calcium Ammonium Nitrate (CAN)

  • Urea-Ammonium Nitrate (UAN)

  • Potassium Nitrate

  • Phosphorus Pentoxide (P205)

  • Others (boron, chloride, and iron)

By Ingredient Type

  • Crop-based Fertilizers

    • Synthetic

    • Organic

By Application

  • Soil

  • Foliar

  • Aerial

  • Fertigation

    • Agricultural fields

    • Hydroponics

  • Others

By Geography

  • North America

  • Europe

  • Asia-Pacific

  • Latin America

  • Middle East & Africa (MEA)

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