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The concept of specialty fertilizers is no longer new in the agriculture plant nutrition sector. Today specialty fertilizers have become one of the prominent agricultural product, widely accepted and used across the globe to increase crop yield with the efficient management of nutrient supply to plants. Specialty fertilizers are modified fertilizers that have the ability to enhance crop yields significantly. Specialty fertilizers are distinct and command a higher premium to producers over conventional fertilizers.
Challenging environment of conventional fertilizers industry has forced the key players to adopt the strategic changes to remain competitive. Key market players have diversified their R&D investments towards the development of innovative products such as coated fertilizers and water-soluble fertilizers to meet the growing demand for fertilizers with increased nutrients use efficiency.
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Specialty fertilizers market is witnessing significant growth and is expected to grow continuously during the forecast period, owing to rising demand for technically advanced agricultural materials and methods in order to meet the feeding demand of the growing population efficiently. Low cost of application, demand for increased nutrient use efficiency, coupled with an increasing focus on organic farming are some of the major factors driving the specialty fertilizers market.
Periodic action of some specialty fertilizers can boost the growth of the seasonal crop, which in return can promote the growth of specialty fertilizers market in the coming years. However, a limited level of awareness and lower adoption of specialty fertilizers in conventional agriculture can restrain the growth of specialty fertilizers market during the forecast period.
The utilization of specialty fertilizers in agriculture and gardening of turf & ornamentals is anticipated to be the highest during the forecast period, due to rising demand of greener spaces in cities of China, India, and others, where rapid urbanization is taking place. The rise in the construction of sporting venues, recreational centers, lawns and gardens, and others are expected to boost the demand for turf & ornamental plants in the coming years.
Some of the major companies that are present in the global specialty fertilizers include Mosaic Company, Israel Chemical Limited, Yara International ASA, Behn Meyer Group, Potash Corporation of Saskatchewan Inc., Haifa Chemicals, Sociedad Quimica Y Minera S.A., and other players.
By Product Type
· Controlled-release Fertilizers
· Water-soluble Fertilizers
· Customized Fertilizers
· Other Product Types
· Ammonium Nitrate
· Monoammonium Phosphate
· Potassium Sulfate
· Potassium Chloride
· Other Ingredient Types
By Crop Type
· Fruits & Vegetables
· Turf & Ornamentals
· Other Crops
· North America (USA, Canada, and Mexico)
· Europe (France, Germany, Italy, Spain, U.K., Russia, and Rest of Europe)
· Asia Pacific (China, India, Japan, Australia, and Rest of Asia Pacific)
· South America (Brazil, Argentina, and Rest of South America)
· Middle East & Africa (South Africa and Rest of MEA)
In product types, water-soluble fertilizers are the largest group accounting for a major share in the specialty fertilizers market, followed by micronutrients, and controlled-release fertilizers. Ease of application, nutrient use efficiency, and reduced wastage of nutrients in the field are the major factors that are driving the market for specialty fertilizer products.
Among segmentation by products, Potassium Chloride segment is expected to be leading the global specialty fertilizers market, owing to its broader utilization in major agricultural countries U.S., India, and Brazil. The overall potash fertilizer sector is expected to witness significant growth during the forecast period, owing to their crucial agricultural properties, such as stimulation of plant growth, promoting stem strength, improving the color and taste of various fruits & vegetables, and resisting moisture loss from the growing plants.
North America is expected to lead the global specialty fertilizers market during the forecast period, due to the presence of advanced research & technology agricultural labs in the region, coupled with, higher adoption of modified and advanced farming methods and products by farmers of the region.
The Asia Pacific is expected to register a significant growth during the forecast period, owing to increasing demand for food in the region, attributed by the rising population in developing economies such as India, and China. The rising prevalence of crop-induced diseases, an inclination of consumers towards healthy eating, and increasing purchasing power of consumers are some of the major factors that are expected to drive the growth of specialty fertilizers market in Asia Pacific region. The rising number of specialty fertilizer producers and distributors across major Asian countries such as China and India are also expected to contribute significantly to the growth of the region.
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