Asia-Pacific Liquid Fertilizers Market was worth $4.64 billion in 2021 and estimated to be growing at a CAGR of 4.22%, to reach $5.70 billion by 2026.
Liquid fertilizers are the most effective way of providing the essential nutrients to plants at the right time and in ideal concentration. The rise in crop acreage and the mounting demand to increase crop production are encouraging many farmers to utilize liquid fertilizers, as plants can straightaway absorb these fertilizers and deliver faster results. Small-scale farmers are also acquiring liquid fertilizers to decrease their reliance on weather conditions and to get an enhanced output even in damp, wet, or windy conditions.
Drivers and Restraints of Asia-Pacific Liquid Fertilizers Market:
The growth of the Asia-Pacific Liquid Fertilizers market is majorly driven by factors such as rising demand for high-efficiency fertilizers and implementation of precision farming and protected agriculture. However, inadequate awareness among the farmers, stringent regulatory structure, and growing apprehensions over environmental degradation are the major factors restraining the growth of the market in this region.
The Nitrogen segment is the largest segment, in Nutrient Type, whereas the micronutrients segment is anticipated to grow at the highest CAGR during the forecast period.
Under this segment, organic liquid fertilizers are projected to grow at a faster speed than synthetic fertilizers.
The foliar application of liquid fertilizers is the most frequently used technique as it aids in counterbalancing soil conditions and augmenting plant growth.
Grains and cereals lead the market for Liquid Fertilizers, whereas the fruits & vegetable segment is anticipated to grow at the highest CAGR during the forecast period.
The Asia-Pacific region is geographically segmented into China, India, Japan, South Korea, and Australia. This region has the fastest-growing market during the forecast period due to the rise in hydroponic system field areas, accessibility to fertilizers at subsidized prices, and increase in automation, which has ensued in the growing acceptance of technologies such as liquid fertilizer sprayers. Some of the major players in this region include Australia, Malaysia, Thailand, Vietnam, Japan, China, and India.
The market is categorized by the existence of diversified international and national companies, where the global retailers lead the market and are predicted to grow exponentially by securing regional or local players. These retailers pose a tough test for the small vendors in terms of price, accessibility, and variability.
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