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The Global liquid fertilisers market is projected to reach US$13,530 million by 2023 from US$11,108 million in 2016, growing at a compound annual growth rate (CAGR) of 2.8 percent from 2017 to 2023. The nitrogen type segment accounted for more than half of the total market share in 2016, a report, "Liquid Fertilizers Market by Type, Production Process, Crop Type, and Mode of Application: Global Opportunity Analysis and Industry Forecast, 2017-2023," published by Allied Market Research has said.
According to the report, in terms of value, the fertigation mode of application is anticipated to exhibit the highest growth rate of 2.9 percent during the analysis period. Asia-Pacific is anticipated to maintain its lead throughout 2023, and is projected to grow at a CAGR of 2.8 percent, in terms of value. The potash type segment occupied nearly one-sixth of the total market in 2016. France occupied nearly one-fifth of the total Europe liquid fertilisers market in 2016. In terms of value, Japan is expected to grow at a CAGR of 3.2 percent from 2017 to 2023.
Liquid fertilisers exhibit an effective way of delivering the essential nutrients to plants at the specific time and in appropriate concentration. These fertilisers are absorbed by plants through their leaf pores and roots. Moreover, liquid fertilisers are rich in growth hormones and micronutrients, and are widely used for crops, such as maize, fruits and vegetables among other cereal crops. In addition, micronutrients are sprayed by foliar methods, especially iron and manganese, for many crops. Liquid fertilisers also help in the rapid and early growth of seedlings. Fertilisers containing sodium, potassium, and phosphorous can dissolve quickly in water and applied, which eventually saves the application cost and allows the utilisation of fertilisers. Moreover, the foliar method of application is employed when roots and soil are deficient in micronutrients. Furthermore, nitrogen-based liquid fertilisers are expected to account for major share in the liquid fertiliser market.
At present, the global liquid fertilisers market is witnessing numerous opportunities, owing to rapid increase in development of agriculture industry in Asia-Pacific (APAC) and Middle East & Africa (MEA). In addition, population and income determine food consumption, while changes in income lead to a shift in diets pattern. Moreover, with the rise in incomes, consumption patterns change from staple foods, such as cereals, to a higher-value products, such as meat, vegetables, and dairy.
Furthermore, with the surge in food consumption, the need for crop yield increases, effectively leading to market growth. In addition, on-farm liquid fertiliser storage is expected to be a key trend for market growth. Increase in the use of liquid fertiliser products, such as UAN (a solution of urea and ammonium nitrate in water), has encouraged farmers to store liquid fertilisers in the farm itself as the volatilising transportation costs leaves farmers with lesser profits. The increase in farm operations further augments the need for liquid fertilisers and motivates farmers to reduce their dependence on delivery of fertilisers and increase storage capacity.
The nitrogen-based type segment accounted for more than half share, in terms of volume, in 2016. Moreover, nitrogen is amongst the most widely consumed macro- and micro-elements for plant growth. Nitrogen-based type proves to be essential to build amino acids, which create proteins, as it actively participates in every biochemical reaction performed in a plant. Furthermore, easy availability and declining prices of liquid fertilisers are expected to drive the market growth.