Water Soluble NPK Fertilizers Market by Component, Service, Application, and Region - Global Forecast to 2023

 


Water soluble fertilizers are fertilizers that can be dissolved in water and added or leached out of the soil easily. Moreover, with water soluble fertilizers, it is easy to control the precise amount of nutrients available to the plants. The global water soluble NPK fertilizers market is estimated to surpass US$ 19,041.8 million by the end of 2027 in terms of revenue, exhibiting a CAGR of 6.2% during the forecast period (2020-2027).


The growth of the Water Soluble NPK Fertilizers Market is expected to be driven by the rapid increase in the global horticulture crop production despite the rise in crop prices and labor costs. For instance, according to India Brand Equity Foundation, total fruits production in India was pegged at 96.45 million tons in 2017 which increased to 97.97 million tons in 2018.The utilization of water soluble NPK fertilizers in horticulture is also driven by the shifting preference of consumers for dietary food and increasing demand for fruits & vegetables. The use of water soluble NPK fertilizers enables farmers to grow more food in limited lands and gain considerable return on investments.


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