India Market Overview
India's water-soluble fertilizers market stood at around $185 million in 2016 and is projected to grow at a CAGR of over 6% to surpass $356 million by 2027. The increasing popularity of complex water-soluble fertilizers and micronutrients in horticulture and ornamental crops, along with the high efficiency of fertilizers in foliar application methods, are propelling the demand for WSFs in India.
India’s WSF market is growing rapidly due to the adoption of modern irrigation practices and high-efficiency fertilizers. Key drivers include:
- Increased use of drip irrigation
- Growing awareness among farmers
- Rising demand for horticulture and ornamental crops
Global Market Overview
The global water-soluble fertilizer market was valued at $12.52 billion in 2016 and is forecast to grow at a steady CAGR of 8.4% between 2017 and 2024, culminating in 2024 global revenue of $21.07 billion. Population expansion and rising demand for food security in developing regions are anticipated to remain the primary drivers for market growth.
The global WSF market is expanding, driven by the need for sustainable agriculture solutions. Key trends include:
- Rising demand for environmentally friendly fertilizers
- Technological advancements in irrigation systems
- Increased focus on food security in developing regions.