Liquid Fertilizers Market Size is Projected to Reach USD 24.89 Billion by 2032 with Rising Demand for Agricultural Productivity, Says Extrapolate
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Given the global population's rapid growth and the growing concern about food security, policymakers are now focusing on sustainable solutions that don't jeopardize their long-term strategic interests. The world's increased appetite drives the need for liquid nitrogen, phosphorus, potassium, and combination NPK fertilizers.
The growing demand is expected to be positively impacted by several factors, such as increasing population, crop losses due to nutrient scarcity, and rising demand for high-value crops. Additionally, the changes in consumer diets resulting from rising prosperity in emerging economies are anticipated to boost the market growth. Overall, this indicates a favorable future for the fertilizers sector. Furthermore, the market for liquid fertilizers is being fueled by their simplicity of use and rising acceptance of precision farming.
Nitrogen Segment to Dominate Market Amidst Rising Need for Nitrogen Fertility in Soil
The nitrogen segment will likely dominate the global liquid fertilizers market. Both macro and micro factors play a significant role in plant growth. For all of the world's current agricultural practices, nitrogen is a nutrient that is heavily absorbed. It involves almost every metabolic process in a plant and is used to create the amino acids that constitute proteins.
According to the CSO data publication's Ireland Fertilizer Sales 2021 report, nitrogen content peaked in 2000 at 407,598 tonnes before falling to its lowest level in 2011 at 295,795 tonnes. The amount of nitrogen in fertilizers sold in Ireland peaked in 2021 at 399,164 tonnes, down from 408,495 tonnes in 2018.
Nitrogen availability in the soil is a common concern for farmers. An increased amount of liquid nitrogen fertilizer is required to address this challenge. Moreover, various nutrient combinations are made and used to nurture plants. As a result, there is an increasing demand for liquid nitrogen fertilizers globally.
Clare O'Hara, a CSO's Environment and Climate Division statistician, commented on the publication and added that quarterly sales data could indicate when fertilizer consumption is at its highest.
Just 2-4% of fertilizer sales occurred from October to December between 2015 and 2021, with at least 75% of sales that transpired between January and June. In 2021, from January to March, a 52% increase in fertilizer sales was witnessed. The amount of rainfall at the time fertilizer is applied impacts the loss of nutrients to the environment.
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Fertigation Segment Continues to Hold Majority of Market Share Owing to Minimal Labor Efforts Requirement
Extrapolate estimates that fertigation currently holds the majority of the segmental share globally and will continue to do so during the forecast period. Fertigation, which involves mixing fertilizers in irrigation water, has been shown to be one of the most effective procedures. It directly incorporates fertilizing nutrients into the water that is then provided to the agricultural areas. As a result of its relative lack of labor requirements, great efficiency, and short turnaround times, fertigation has gained prominence.
The fact that practically all types of crops can be used with this application in the field has been one of the key drivers accelerating the segment's growth. Additionally, China and India are the countries wherein its application is observed on a large scale.
Asia Pacific to Hold Major Market Share Owing to Agricultural Intensive Economy
Asia Pacific held the most significant market share, with more than 24% of the global market share for liquid fertilizers in 2022. The region's domination can be attributed to the increased adoption of liquid fertilizers due to the expanding demand for a variety of crops.
The region is home to nations that significantly contribute to the agricultural sector, including China, India, and Australia. Furthermore, the region has become a significant player in the global liquid fertilizers market due to affordable labor costs and favorable governmental initiatives. The growth of the agricultural sector has paved the way for investments and growth opportunities, which has aided the development of the liquid fertilizers market in the region.
North America accounts for more than 18% of the global liquid fertilizers market. Among the countries in North America, the United States is the largest contributor to this revenue. Modern equipment is now widely available and used in the region, making it more straightforward and effective for farmers to apply fertilizer to vast farmlands. For instance, over 60% of the farmland in the region is equipped with underground sprinkler irrigation systems, which are time-saving and convenient.
The simplicity of these systems and the nutrients offered by liquid fertilizers have sped up the development of the market. Furthermore, the expanding application of automated systems in the region is anticipated to be a significant driving factor in the upcoming years.
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Market Leaders Strategize to Deal with Stringent Government Policies and Regulations
The liquid fertilizer industry is vulnerable to regulatory and other state-level actions that both encourage and restrain its growth. Market participants are working together to handle policies that restrict growth, such as restrictions on sourcing, production, and distribution requirements. The loss of subsidy assistance has significantly impacted the global market as a whole, the necessity of the maximum retail price, and legislation limiting the quantity and direction of end users.
Key players in the liquid fertilizers market include:
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