Recently, key players in the water soluble fertilizer industry have been making large investments in research & development projects and innovation, which has been beneficial for the product scenario. For instance, in March 2021, ICL Group Ltd., a globally leading specialty minerals and chemicals firm, announced its plans to acquire Compass Minerals America do Sul S.A., along with Compass Minerals' South American Plant Nutrition division, for roughly $402 million, after a deliberate carve-out of the current water treatment as well as chemicals operations.
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With this deal, as well as its previous takeover of fertilizer supplier Fertilaqua in Brazil and its specialty plant nutrition firm in the country, ICL intended to become a leading company in specialized plant nutrition firm in Brazil, one of the fastest-growing agriculture sectors in the world.
The water soluble fertilizer market has been segmented in terms of form, product, mode of application, crop, and region.
Based on product, the industry has been bifurcated into nitrogenous, micronutrients, phosphatic, and potassium. The phosphatic segment is slated to grow at a positive CAGR of around 6.5% through 2030. Meanwhile, the potassium segment is projected to generate a sizable revenue of over $4 billion by the end of the forecast period.
With respect to crop, the water soluble fertilizer market has been categorized into cereals, vegetables, fruits, plantation, turf & ornamentals, and greenhouse crops. The plantation segment is set to capture a revenue share of more than 15% by 2030. The turf & ornamentals segment holds a considerable market share and is speculated to register a CAGR of nearly 7% between 2022 and 2030.
On the regional spectrum, the Latin America water soluble fertilizer industry accounts for approximately 12% of the total market revenue due to the burgeoning demand for food in the LATAM region. Insufficient arable land to support the expanding population is putting pressure on the system to produce more effectively. For this purpose, inorganic fertilizers are employed, which not only increase the pace of food production but also increase the fertility of the soil.
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Moreover, the surging presence of croplands and high government support to promote the efficient use of fertilizers is slated to positively impact product uptake in the LATAM region. Owing to these factors, the regional water soluble fertilizer market is anticipated to garner a soaring market revenue by the end of the study timeline.
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