Global Specialty Fertilizers Market - Growth, Trends and Forecasts (2017 - 2022)
The worldwide market for specialty fertilizers and is estimated to increase from around 12.9 billion USD as of 2014 to be worth 19.92 billion USD by end-2021, at 7.5% CAGR. Specialty fertilizers are gaining importance due to the global awareness of sustainable agriculture practices, which demands step-by-step reduction in the cost of farming and meets environmental safety measures. These fertilizers are applied as topdressing or by soil mixing prior to sowing.
These fertilizer particles control the amount of moisture contact and release fertilizer nutrients. These are fertilizer products have properties that allow increased uptake of nutrient and reduced potential for nutrient loss. In addition, they reduce the toxicity that is caused due to high ionic concentration. Other uses of specialty fertilizers are as adhesive to increase pesticide intake, binding agents to prevent leaching, Different types of specialty fertilizers are mono-ammonium phosphate, mono-potassium phosphate, potassium nitrate, potassium chloride, potassium sulfate, urea, UAN, ammonium nitrate, phosphoric acid, ammonium sulfate, calcium nitrate, DAP, etc.
The market expansion is being driven by a slew of factors such as the rising environmental concerns, decreasing farm land availability, increasing support from governments, surging health related concerns, growing food demand, and increasing private and venture capitalinvestments to support the developments of new products, among others. These fertilizers steadily release nutrients into the root zone depending on the thickness of fertilizer coating and environmental conditions. The cost efficiency with low wastage, low environmental impact and growing demand for food is driving the market growth further. The specialty fertilizers market is gaining momentum globally due to the reduced risk of fertilizer burn due to excess application and the economic benefits associated with labor savings and lesser quantity requirement. They also help in increasing the nitrogen use and reduce environmental hazards. Factors such as production complexities, dominance of conventional fertilizers, and subsidies on conventional fertilizers hamper market growth for specialty fertilizers.
Specialty fertilizers usage differs based on crops such as cereals & oilseeds, fruits & vegetables, turf & ornamentals and others. So a commercial fertilizer distributed primarily for non-farm use(but not limited to only non-farm), such as use on home gardens, lawns, shrubbery, flowers, golf courses, municipal parks, cemeteries, greenhouses, and nurseries is called specialty fertilizer. Controlled-release (CRF) and slow-release (SRF) fertilizers, nitrogen stabilizers, nitrification inhibitors, urease inhibitors, and stabilized fertilizers belong to the high growth market segment of specialty fertilizers. The turf & ornamentals segment will likely dominate the global specialty fertilizers market as well as post the fastest growth in the offing.
Geographically, specialty fertilizersmarket can be segmented as North America that is the largest market by revenue followed by Asia Pacific, Europe and others. Asia Pacific is the fastest growing market for this fertilizer. The North American region accounted for the largest market share of the global specialty fertilizers market, with the U.S. being its fastest-growing country-level market. The specialty fertilizers market in North America is the most developed and widespread, compared to those in other regions. Also, the distribution network of slow and specialty fertilizers are well-established in many European countries. The high growth potential in emerging markets, new technology in specialty fertilizers, and the decline in prices provide new growth opportunities to players. However, high prices compared to conventional fertilizers, lack of knowledge of the benefits of specialty fertilizers, and storage limitations are the key factors limiting the growth of this market.
Developing countries such as China, India, and Japan are projected to be emerging markets, making the Asia-Pacific region the fastest-growing market for specialty fertilizers. The growth of the specialty fertilizers market in the Asia-Pacific region is propelled by factors such as growing prevalence of crop diseases, increasing population, rising health, environmental concerns, growing focus of market players, and increasing government initiatives.
Key players like Yara International ASA, Sociedad Quimica Y Minera S.A., Sinochem Group, Haifa Chemicals, Agrium Inc., Mosaic Company, and Potash Corporation of Saskatchewan Inc. acquire major specialty fertilizers market.
This report contains detailed information about global overviews of market, key drivers, restrain and opportunities. Later on in this report you will find global competitors landscaping, market area research distribution and many more market related information.
In this report we offer,
Market definition along with the identification of key drivers and restraints
Market analysis for the Global Specialty Fertilizer Market, with region specific assessments and competition analysis on global and regional scales
Identification of factors instrumental in changing the market scenarios, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale
Extensively researched competitive landscape section with profiles of major companies along with their market shares
Identification and analysis of the macro and micro factors that affect the Global specialty Fertilizer Market on both global and regional scales
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information
A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market
Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped.