Global Specialty Fertilizers Market Size 2020 Will Reach USD 56.71 billion by 2030
Research Reports
Jan 11, 2021
Specialty fertilizers are classified as soil & plant fertilizers which are applied in a special condition. In order to lift the level of production, specialist fertilizers demanded specialized action in plants. Specialty fertilizers release important nutrients. These nutrients are in adequate quantities and are completely consumed by the plants. It regulates the extent of interaction with moisture. Specialty fertilizers also help increase nutrient absorption, minimize potential nutrient losses, and decrease the toxicity caused by high ionic concentrations. These are a fast-growing and diverse category of fertilizer products containing one or more of the essential primaries, secondary or micro-nutrients, and having different characteristics. By supplying plant nutrition for the soil, these fertilizers are diversified to achieve high yield and high-quality products and are fully water-soluble solid fertilizers with a high content of primary nutrients with a low salt index.
Global Specialty Fertilizers Market to surpass USD 56.71billion by 2030 from USD 27.3billion in 2018 at a CAGR of 7.12% throughout the forecast period, i.e., 2019-30.
Key factors expected to help the growth of the global market is rapid technological developments in agricultural technology, growing demand for high-efficiency fertilizers, combined with the adoption of precision farming. Developing regulatory standards, high government spending on agriculture around the world, coupled with farmers’ demand for nutritional fertilizers, are also major factors that are expected to drive global market growth.
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Fertigation Segment to grow with the highest CAGR of during 2019-30
Global Specialty Fertilizers Market is segmented by application into Soil, Foliar, and Fertigation. In areas of row crops, horticultural crops, fruit crops, vegetable crops, and ornamental & flowering crops, fertigation is used. Fertigation is an agricultural technique that involves the application of water and fertilizer through irrigation. This method creates an opportunity to optimize yield and mitigate contamination of the atmosphere. In addition, a farmer may apply nutrients evenly throughout the field through fertigation, whenever needed. Fertigation has the benefit of having less labor, time, resources, and water. Because of its reliability and effectiveness, this mode of application is gaining importance. Hence, owing to the adoption of successful irrigation systems across the world this market is projected to expand over the forecast period.
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Fruits & vegetable segment to grow with the highest CAGR of XX.X% during 2019-30
Global Specialty Fertilizers Market is segmented by Crop Type into Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables, Turf & Ornamentals, and Others. Based on Crop Type, turf and ornamental shield the largest share in 2018 in terms of revenue as it promotes better root growth and development and optimizes crop yield production. They also facilitate nutrient intake by plants which in turn is improving their performance and quality. Rising exports of fruits and vegetables have also contributed to an increase in the area of crop planting, resulting in an increase in the amount of their production. The demand for crop protection chemicals for fruits & vegetables is therefore projected to see significant growth which is expected to drive the demand over the coming years.
High Efficiency of Specialty Fertilizers
Fertilizers are one of modern agriculture’s most important elements. The production of fruit, feed, fuel, fiber, and other plant products has increased markedly with the application of fertilizers in agricultural practices. Specialty fertilizers offer farmers another opportunity to achieve responsible nutrient stewardship in their arsenal. Nutrient losses, such as runoff, leaching, ambient losses, and direct loss, can occur in many ways. These losses of nutrients would have an extensive environmental impact. These water nutrient losses cause eutrophication on the surfaces of bodies of water, which, in turn, kills the aquatic environment. The high efficiency of specialty fertilizers has therefore contributed to a rise in market growth for specialty fertilizers.
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The increase in population and demand for agricultural productivity
The primary factor driving the growth of the market for specialty fertilizers is the rising demand for crop nutrition and knowledge of the role of nutrients in increasing farming production. The use of specialty fertilizers is also assisted by the development of new formulations that can precisely balance nutrition by providing a managed release of essential nutrients. Rising food demand and arable land scarcity are pressuring farming communities to get the most out of limited resources. Due to the rising advantages of these fertilizers over traditional fertilizers, the demand is-. These fertilizers are constantly helping to provide plants with nutrients, are more effective, and help reduce labor as well. The nutrients produced by these fertilizers are adequate and are fully absorbed by the plants.
Restraints
Cost ineffectiveness
The production cost of specialty fertilizer is very high as compared to conventional fertilizers since specialty fertilizers have a complex manufacturing method. The prices of controlled-release fertilizers are four to six times higher than traditional NPK (nitrogen, phosphorous, and potassium) prices, according to the IFA (International Fertilizer Association). The high price of different specialty fertilizers, such as micronutrient fertilizers and personalized fertilizers, is therefore expected to hinder the growth of the market for specialty fertilizers.
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Top Market Players
- Yara International ASA
- Nutrien Ltd.
- SQM SA (Sociedad Química Y Minera De Chile)
- K+S Aktiengesellschaft
- Israel Chemical Ltd. (ICL)
- The Mosaic Company
- EuroChem Group
- CF Industries Holdings, Inc.
- OCI Nitrogen
- Haifa Group
- COMPO
- Plant Food Company, Inc.
- Coromandel International Limited
- Hebei Monband Water Soluble Fertilizer Co., Ltd
- Zuari Agro Chemicals Ltd
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