Liquid fertilizers are an effective way of providing the essential nutrients to plants at the right time and in ideal concentration. They can be absorbed by plants through their leaf pores and roots. Liquid fertilizers are rich in growth hormones and micro nutrients and are widely used for row crops such as maize. They appear to act in the form of a catalyst, increasing a plant’s nutrient uptake. Liquid fertilizers help in the rapid establishment of seedlings and quick early growth. Fertilizers containing sodium, potassium and phosphorous are able to dissolve quickly in water and can be applied which eventually saves the application cost and allows the utilization of fertilizers. When roots are stressed or nutrients are unavailable or lacking in the soil, they can be supplied by foliar feeding. Nitrogen based liquid fertilizers account for over two third share of the liquid fertilizer market and is likely to develop further in coming years.
Globally, demand for liquid fertilizers is surging due to rising need for increasing agricultural output in order to address growing global food requirements. The major driver of liquid fertilizers market is the need for micro nutrients. Furthermore, increasing soil efficiency and escalating demand for bio fuels and high quality yield are factors propelling the market. Fruits and vegetables exhibit high potential and their production is becoming intensive and vertically integrated due to continuous technological advancements and mounting demands for them. Additionally, investments by the government and private players, increasing research and development activities and new product developments are projected to steer growth in global liquid fertilizers market. Increasing demand for biofuels is associated with the growth of liquid fertilizers market because of liquid fertilizers’ use in the production of crops such as wheat, soybean, and sugarcane. However, limited awareness among farmers and huge handling costs are a few deterrents.
Based on the source, global liquid fertilizer market is segmented as organic and synthetic. Different types of liquid fertilizers include nitrogen, phosphorous, potash, and micro nutrients. On the basis of crop type, the liquid fertilizer market is segmented as cereals and grains, fruits and vegetables and oil seeds and pulses. In terms of mode of application, liquid fertilizers market is segmented as soil, foliar and others.
Global liquid fertilizers market exhibited a modest growth in 2015 and this expected to continue the same trend in the forecast period (2016-2024). Also, during the forecast period, the demand for nitrogen, phosphorous and potassium is expected to increase on account of rising population, growing demand for food grains and rising concerns related to depleting ground water resources. Asia-Pacific region is projected to have a speedy growth in coming years owing to economic growth and developmental activities in the region. With robust population base, the need for food is growing unprecedentedly in this region and the farmers are compelled to enhance their agricultural output from the limited available land.
Liquid fertilizers market finds a promising future in Europe because of the growing demand for renewable energy in the region and steps taken by EFMA (European Fertiliser Manufacturers’ Association) for the implementation of product stewardship program for enhancing agricultural productivity. North America has a significant share of liquid fertilizers globally and the huge demand in this region has led to increased competition and companies are investing in R&D for innovative liquid fertilizer products. Market of liquid fertilisers in Latin America is also expected to have a decent growth where the cropped area is increasing steadily. African region has strong resources and tries to expand its production capacity. Africa is a liquid fertilizer consuming region and market of liquid fertilizer can be improved by having extra-regional partnerships.
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Major liquid fertilizers market players include Agrium Inc., Haifa Group, K+S AKTIENGESELLSCHAFT, Yara International ASA, Israel Chemicals Ltd and Sociedad Quimica Y Minera SA .