The silicon fertilizer market is slated to reach USD 131 million in 2024. Over the forecast period, the market is projected to expand at 3.1% CAGR, to reach USD 178 million by 2034.
The silicon fertilizer market is driven by the surge in the agriculture sector. The latter is fueled by the growing population expansion, particularly in nations with advancing economies. Further, governments across the globe are taking significant initiatives to improve the availability of cultivable land. This is expected to generate more profitable prospects for the silicon fertilizer players.
The primary use of these fertilizers in boosting crop yield and reducing crop failure is fueling the market growth. Under certain circumstances, like common plant diseases, silicon fertilizers show significant results, which is also spurring the industry’s growth.
Demand for organic silicon fertilizers among discerning farmers is generating waves in the industry. Large-scale use of these fertilizers as farmers shift toward organic farming practices is expected to fuel the market growth.
Participants are also considering the ethical implications associated with the development and use of silicon fertilizers. For this, they are ensuring responsible sourcing of raw materials to reduce their environmental impact. They are also exhibiting responsible pricing to improve the accessibility of the product among small-scale farmers.
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How is High Focus on Food Security Driving Sales of Silicon Fertilizer Market?
Increasing demand for processed food products across the globe is one of the key factors spurring demand for silicon fertilizers. Food insecurity, undernourishment, hunger, and shortage emerge when population expansion outpaces food supply, resulting in food insecurity, undernourishment, hunger, and scarcity.
In addition to this, rapid urbanization also contributes significantly to the demand for sustainable farming methods. As more people move to cities, arable land is shrinking, reducing the amount of land required for crop cultivation. On the other side, the world’s population is growing, which is expected to increase global food demand. Thus, increasing demand for food is boosting preference for sustainable farming methods which is expected to propel growth in the global silicon fertilizer market.
Furthermore, food insecurity is likely to escalate in the coming years due to the rising frequency of plant diseases and extreme weather changes. Growing concerns about food security by international and government organizations have boosted the demand for silicon fertilizers as a way to combat rising plant disease prevalence. Growing urbanization and industrialization have put undue strain on existing arable lands, forcing farmers to boost productivity in order to meet rising demand.
Key Takeaways from the Silicon Fertilizer Market Report
- The silicon fertilizer market registered a CAGR of 3.1% during the historical period, which is expected to continue over the forecast period as well.
- Potassium silicate is a prominently used silicon fertilizer, which is projected to obtain a share of 22.4% in 2024.
- The powder form is anticipated to obtain a market monopoly by achieving 78.5% in 2024.
- The silicon fertilizer sector in Canada is estimated to expand at 3.1% CAGR over the forecast period.
- In Italy, the sales of silicon fertilizers are surging at 3.6% CAGR.
Competitive Landscape
Players are formulating customized solutions to meet varied requirements for crops. This allows them to develop highly effective and target-oriented silicon fertilizers. Participants are focusing on the creation of organic-compatible fertilizers to reach farmers who are practicing organic farming.
Stakeholders are also going beyond their market base to penetrate emerging markets by focusing on long-term value propositions like improved yields and reduced losses from agricultural activities. Players are further introducing a value-based pricing strategy so that more customers are open to purchasing these fertilizers.
Participants are collaborating with agricultural organizations to improve their product reach. These companies are also using effective marketing strategies to boost their sales.
Latest Developments in the Silicon Fertilizer Market
- Agriloops, a sustainable aquaculture company, disclosed in February 2024, that it has gained USD 13.95 million in funding, apart from various grants and debts.
- THE ASTANA TIMES, which is Kazakhstan’s famous newspaper, published in August 2023 that EuroChem-Karatau is prepared to launch a chemical complex for the manufacturing of mineral fertilizer. The capacity of this unit will be at least 1 million tons of products annually.
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Key Segments of the Silicon Fertilizer Market
By Product Type:
Various product types segmented in the report are potassium silicate, calcium silicate, and sodium silicate.
By Form:
Different forms of the product are solid, powder, and liquid.
By Application:
Multiple applications of the product are field crops, hydroponics, horticultural crops, and floriculture.
By Region:
The product is traded across regions like North America, Latin America, Europe, East Asia, South Asia, the Middle East and Africa (MEA), and Oceania.
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