Global Specialty Fertilizers Market

Specialty Fertilizers are little fertilizer particles that help deter precipitation and help release the fertilizer nutrients into the fields that help to grow the crops properly. Specialty fertilizers boost nutrient absorption, mitigate potential nutrient depletion and reduce the toxicity induced by high ionic concentration. They improve pesticide consumption and serve as binding agents to avoid leaching. The driving factors found on the market are growth in the global field of precision cultivation, raising the rate of fertilizer leaching, the need to increase the quality of fertilizer usage, and favorable government policies. Sustainable farming practices are increasing acceptance worldwide, concentrating on reducing farming costs to reach environmental protection standards, both of these aspects are driving demand for specialty fertilizers. Whereas, lack of affordable product options for farmers and complex production processes are likely to inhibit market growth. Apart from this, the key players of the global specialty fertilizers market have adopted various strategies to gain competitive advantage including product launch, mergers and acquisition, partnerships and agreements, investment, funding, and others. For instance, in September 2019, Nutrien, Ltd. had acquired Ruralco Holdings Limited (Ruralco). Through this acquisition, Nutrien will provide substantial benefits to its stakeholders, and enhance the availability of its products and services to Australian farmers. Similarly, EuroChem Group extended its fertilizer manufacturing operation by building a third new fertilizer mixing factory in Brazil in June 2019. This manufacturing center was a modern 27,000 m2 plant at Araguari in Minas Gerais, a further phase in the continuous growth of the subsidiary of EuroChem, Fertilizantes Tocantins (FTO). However, the cost of production of specialty fertilizers is relatively higher than that of conventional fertilizers this is expected to inhibit the market growth

Global Specialty Fertilizers Market is valued approximately at USD 35.3 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 6.4 % over the forecast period 2020-2027 and is estimated to reach USD 58 billion by 2027.

The regional analysis of the global Specialty Fertilizers market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the significant region across the world in terms of market share owing to the increasing adoption of quality crop nutrition products in the region. Asia-Pacific is anticipated to exhibit the highest growth rate/CAGR over the forecast period 2020-2027. Factors such as a rise in the population, rising health concerns, increasing purchasing power, the prevalence of crop diseases, increasing government initiatives, growing focus of market players, environmental concerns, and changing lifestyle would create lucrative growth prospects for the Specialty Fertilizers market across Asia-Pacific region.

Major market players included in this report are Nutrien Ltd, Yara International ASA, Israel Chemical Ltd, K+S Aktiengesellschaft, Sociedad Química Y Minera De Chile, The Mosaic Company, EuroChem Group, CF Industries Holdings Inc, OCP Group, and OCI Nitrogen

The detailed segments and sub-segment of the market are explained below:
By Form: Dry, Liquid
By Application: Foliar, Fertigation, Soil
By Technology: Slow-release, N-stabilizers, Coated & encapsulated, Chelated
By Crop Type: Cereals & grains, Oilseeds & pulses, Fruits & vegetables, turf & ornamentals, Others

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