December 04, 2020
According to the research report titled ‘Global Liquid Fertilizers Market Size study, by Type ( Nitrogen, Phosphorus, Potash, Micronutrients), by Application ( Soil, Foliar, Fertigation), by Compounds (Calcium Ammonium Nitrate (CAN), Urea-Ammonium Nitrate (UAN), Potassium Nitrate, Phosphorus Pentoxide (P205), Others (boron, chloride, and iron), by Crop Type ( Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables, Others) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global liquid fertilizers market had reached a valuation of USD 2.3 billion in 2019 and is expected to grow with a CAGR of 4.5% through 2027.
Technological innovations and widespread adoption of advanced farming practices are some of the primary growth catalysts of global liquid fertilizers market. For the record, fertilizers are usually employed to cultivate crops in both solid and liquid form.
Speaking of which, technological advancements in liquid fertilizers have enabled to provide better nutrition during crop development. Thus, rising demand for high-efficiency fertilizers owing to growing emphasis towards boosting food security are adding traction to global liquid fertilizers market size.
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Numerous market majors are focusing on business-centric activities such as novel product launches, mergers as well as acquisitions in order to gain a competitive advantage in this business sphere. In September 2019 for instance, Nutrien Ltd. reportedly acquired Australia-based Ruralco Holdings Ltd. in order to expand its fertilizer product offerings.
Likewise, EuroChem Group expanded its fertilizer manufacturing capabilities by developing a modern fertilizer mixing plant in Brazil. Apart from this, increasing number of crop production products and rapid developments in chemical-free agricultural activities are stimulating global liquid fertilizers industry outlook. However high handling costs may act as a restraining factor to the overall market expansion.
Regionally, Asia-Pacific liquid fertilizers industry share is predicted to expand significantly during the study duration. Supportive government regulations which promote adopting advanced agriculture practices coupled with growing food demand are positively impacting the regional market outlook.
Meanwhile, Europe is estimated to develop as a key contributor for global liquid fertilizers market in the upcoming years, primarily due to increasing application of the product and high demand for food grains.
The competitive landscape of global liquid fertilizers market is defined by companies such as OCI Nitrogen, OCP Group, CF Industries Holdings Inc., EuroChem Group AG, The Mosaic Company, Sociedad Química y Minera de Chile, K+S AG, Israel Chemicals Ltd., Yara International ASA, and Nutrien Ltd.