The rising demand for advanced agricultural materials is expected to aid the expansion of global specialty fertilizers market says Fortune Business Insights. The demand for specialty fertilizers is projected to grow at a considerable rate owing to the rising demand for greener spaces in the emerging nations.
KEY INDUSTRY DEVELOPMENTS:
-In January 2019, Haifa Group announced an increase (by 8,000 MTPA) in its production capacity of controlled-release fertilizers in Lunel, southern France. The total production capacity increased to reach a total of 24,000 tons per year of Haifa’s controlled-release product range, including Multicote, and CoteN.
-In September 2018, Grupa Azoty acquired COMPO EXPERT Group, a leading specialty fertilizer producer by signing an agreement with Goat Netherlands B.V.
-In September 2016, Van Iperen International launched a range of specialty fertilizers. These specialty fertilizers are a unique liquid formulation prepared with the help of Iperen Increased Phosphate Efficiency (IPE) technology.
Research and Development by Key Players Forecast to Benefit Global Market
Specialty fertilizers are widely used in agricultural sectors around the world due to their 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 hence they offer a higher premium to producers over conventional fertilizers.
Key players have expanded their R&D investments towards the development of innovative and advanced products such as water-soluble fertilizers and coated fertilizers with improved nutrients efficacy. The rising R&D investments by key players and rapid shift from conventional to specialty fertilizers are propelling the growth of the specialty Fertilizers market.
Launch of Technically Advanced Agricultural Materials to Drive Market
The increasing demand for technically advanced agricultural materials along with launch of innovate techniques for improved crop yielding are propelling specialty fertilizers market growth. The rising focus on organic farming, cost-effective applications, and high demand for increased nutrient use efficacy are some of the prime factors boosting the market. Periodic action in specialty fertilizers speeds up the growth of the seasonal crop, which in turn is predicted to propel the growth of the market in the forthcoming year.
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, and the Middle East & Africa. North America is predicted to dominate the global specialty fertilizers market during the forecast period, owing to the presence of advanced & research and technology labs in the region along with increased adoption advanced farming methods and products by farmers.
The Asia Pacific market is predicted to exhibit 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.
By Crop Type:
· Fruits & Vegetables
· Turf & Ornamentals
· 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)
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