Pune, Aug. 14, 2020 (GLOBE NEWSWIRE) — The global water soluble fertilizers market size is projected to reach USD 20.64 billion by the end of 2027. The increasing investment in the research and development of efficient products will have a huge impact on the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled “Water Soluble Fertilizer Market Size, Share & COVID-19 Impact Analysis, By Type (Nitrogenous, Phosphatic, Potassic, and Others), Application (Foliar and Fertigation), Crop Type (Field Crop, Horticulture, Turf & Ornamentals, and Others), and Regional Forecasts, 2020 – 2027,” the market was worth USD 15.08 billion in 2019 and will exhibit a CAGR of 4.4% during the forecast period, 2020-2027.
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Water soluble fertilizers are products that can be easily dissolved in water and added to the soil. The process of adding fertilizers directly to the soil helps avoid wastage. The massive investments in the research and development of efficient fertilizers will emerge in favor of growth of the overall market in the coming years. The increasing demand for sustainable products, driven by the increasing awareness regarding crop life and yield has led to a wider adoption of environment-friendly fertilizers. The presence of several large scale manufacturers, coupled with the rising agriculture industry across the world will have a direct impact on the growth of the water soluble fertilizers market in the foreseeable future.
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Socio-economic Changes Caused by the Covid-19 Pandemic to have an Adverse Effect on WSF Market
The recent coronavirus outbreak has had an adverse effect on several industries across the world. Accounting to the efforts put in by governments across the world, businesses have been forced to shut down. The coronavirus outbreak has, thus, had a negative socio-economic impact. The trails of the Covid-19 pandemic has made its way into several industries and the agriculture sector is one the most-affected industries in the past few months. Due to the efforts that are being put to curb the spread of the coronavirus, the market is likely to witness a decline in its CAGR in the coming years.
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The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the …
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