Specialty Fertilizers - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Specialty Fertilizers Market is accounted for $34.65 billion in 2019 and is expected to reach $66.56 billion by 2027 growing at a CAGR of 8.5% during the forecast period. Some of the key factors propelling the market growth include increase in demand for enhanced high-efficiency fertilizers, ease of use and application of specialty fertilizers, rapid technological advancements in farming technology, and adoption of precision farming and protected agriculture. However, cost ineffectiveness is identified as a key factor hindering the market growth.
Specialty fertilizers are defined as fertilizers that are applied in the special condition of soil & plant. Specialty fertilizers applied for specialized action in plants in order to increase production level. These fertilizers release essential nutrients. These nutrients are in sufficient amounts and are completely absorbed by the plants. It controls the amount of moisture contact. Specialty fertilizers also help to enhance the uptake of nutrients, minimizes possible loss of nutrients, and reduce the toxicity caused due to high ionic concentration.
By application method, the fertigation segment is projected to grow at the significant rate during the forecast period, due to the adoption of efficient irrigation systems globally. fertigation is used in the fields of row crops, horticultural crops, fruit crops, vegetable crops, and ornamental & flowering crops. The fertigation method allows the homogenous application of liquid specialty fertilizers in an adequate amount to the wetted zone in the root development, where most of the active roots are concentrated, which helps in enhancing the efficiency of specialty fertilizers. This technique allows specialty fertilizers to be distributed evenly in irrigation. The advantage of fertigation is that it requires less labor, time, energy, and water.
On the basis of geography, Asia Pacific region is expected to witness significant growth during the forecast period, owing to increasing agricultural practices and requirement of high-quality agricultural produce. Major crops produced in Asia include rice, sugar beet, fruits & vegetables, cereals, and grains; the region consumes 90% of the global rice produced. Asian countries, such as Korea, China, Japan, and recently Vietnam, are applying high levels of nitrogenous fertilizers per hectare for both short-term and perennial crops. Hence, the demand for specialty fertilizers is high in the region.
Some of the key players in Specialty Fertilizers Market include Israel Chemicals Ltd., K+S Aktiengesellschaft, CF Industries Holdings, Inc., Nufarm, Haifa Group, OCP Group, Nutrien, Ltd., Yara International Asa, Coromandel International Limited, Kugler, The Mosaic Company, Eurochem Group, Compo Expert GmbH, Wilbur-Ellis Company LLC, Deepak Fertilizers & Petrochemicals Corporation Ltd., Brandt, and Tata chemicals Ltd.
• Liquid and Gas
• Formulated Granular
• Controlled Release Fertilizers (CRF)
• Slow-release Fertilizers
• Compound Fertilizers
• Coated & Encapsulated
• Micronutrient & Secondary Nutrient Fertilizers
• Customized Fertilizers
• Water-soluble Fertilizers
• Agricultural Micronutrients
• Bio-Stimulant Fertilizers
Crop Types Covered:
• Direct Sales
Application Methods Covered:
• Surface Applied
• Phosphatic Fertilizers
• Potassic Fertilizers
• Nitrogenous Fertilizers
• Granular N and P fertilizers (GNP)
• Granular N, P and K fertilizers (GNPK)
• Granular P and K fertilizers (GPK)
• Calcium Ammonium Nitrate (CAN)
• Dry Fertilizers
Compound Analysis Covered:
• Potash Compounds
• NPK Compounds
• Nitrogen Compounds
• Phosphate Compounds
End Users Covered:
• Nonfarm Use
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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