The rising demand for advanced agricultural materials is expected to aid in the expansion of global specialty fertilizers market says Fortune Business Insights in a report titled “Specialty Fertilizers Market Size, Share And Global Trend By Product Type(Controlled-release Fertilizers, Water-soluble Fertilizers, Micronutrients, Customized Fertilizers), By Ingredient (Ammonium Nitrate, Urea, UAN, Monoammonium Phosphate, Potassium Sulfate, Potassium Chloride), By Form(Granular, Powder, Liquid), By Crop Type(Cereals, Oilseeds, Fruits and Vegetables, Turf and Ornamentals)And Geography Forecast Till 2026”. The utilization of specialty fertilizers is projected to grow at a considerable rate, owing to the demand for greener spaces in the emerging nations.
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.
Research and Development by Key Players to Benefit Global Market
Specialty fertilizers are one of the most widely used agricultural product around the globe due to its efficacy of increased crop yielding and efficient management of nutrient supply to the plants. Specialty fertilizers are also commonly known as modified fertilizers due to the ability to enhance efficient crop yields. Specialty fertilizers are different from other fertilizers and hence gives a higher premium to producers over conventional fertilizers.
Destructive nature of conventional fertilizers on the environment has forced the key players to make strategies policies to remain in the competition. Key players have expanded their RandD investments towards the development of innovative and advanced products such as water-soluble fertilizers and coated fertilizers with improved nutrients efficacy. The rising RandD investments by key players and rapid shift from conventional to specialty fertilizers are propelling the growth of the specialty Fertilizers market.
Technically Advanced Agricultural Materials to Drive Market
Increasing demand for technically advanced agricultural materials along with new innovate techniques for crop yielding to meet the need of the growing population is propelling high growth rate for the specialty fertilizers market during the forecast period. Rising focus on organic farming, cost-effective application and high demand for increased nutrient use efficacy are some of the prime factors boosting the specialty fertilizers market.
Periodic action in specialty fertilizers to speed up the growth of the seasonal crop, which in turn is predicted to propel the growth of specialty fertilizers market in the forthcoming year. Nevertheless, low acceptance of specialty fertilizers in conventional agriculture along with limited awareness is predicted to hamper the growth of specialty fertilizers market.
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Major Segments includes:
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 and Vegetables
- Turf and Ornamentals
- Other Crops
North America to Remain Dominant in The Global Market
Geographically, the global specialty fertilizers market is segmented into North America, Europe, Asia-Pacific, Latin America, middle east andAfrica. North America is predicted to dominate the global specialty fertilizers market during the forecast period, owing to the existence of advanced andresearch and technology labs in the region along with increased adoption advanced farming methods and products by farmers. The Asia Pacific is predicted to account for considerable growth during the forecast period due to the rising demand for food in the region, along with the rising population in emerging economies such as India and China to aid in market growth.
The rising incidence of crop-induced diseases, the inclination of people towards healthy eating lifestyle and growing purchasing power of consumers are some of the prime factors that are predicted to drive the growth of specialty fertilizers market in the Asia Pacific. The growing number of specialty fertilizer producers and distributors across Asian countries such as India and China are also likely to contribute effectively to the growth of the region.
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