December 03, 2020
According to the report titled ‘Global Specialty Fertilizers Market Size study, 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) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global specialty fertilizers market was worth USD 35.3 billion in 2019 and is anticipated to record a 6.4% CAGR during 2020-2027.
Supportive government policies, surging demand for high-quality fertilizer usage, rising rate of fertilizer leaching, and growth of precision cultivation are the key factors driving global specialty fertilizers market outlook. Moreover, high usage of sustainable farming methodologies to reduce costs and safeguard environment is also adding to the remuneration scale.
For those uninitiated, specialty fertilizers are small fertilizer particles that aid prevent precipitation and help release nutrients into the fields to promote crop development. They decrease toxicity induced by high ionic concentration, mitigate possible depletion of the nutrients, and boost nutrient absorption. In addition, they enhance pesticide consumption and act as a binding agent to avoid leaching.
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To sustain in the competitive environment, major players are adopting planned alliance such as funding, investments, mergers & acquisitions, partnerships & agreements, product launches, and others, which is stimulating global specialty fertilizers industry expansion. Citing an instance, Nutrein Ltd. acquired Ruralco Holdings Ltd in September 2019, with an intention to improve availability of its products and services to American farmers as well as to offer considerable benefits to its shareholders.
However, high cost of specialty fertilizers production as compared to traditional fertilizers is likely to restrain the remuneration scale of the industry over the study period.
Citing the regional landscape, worldwide specialty fertilizers industry is segmented into Asia Pacific, Europe, Latin America, North America, and Rest of the World. The report claims that North America currently holds considerable market share and is slated to grow substantially over the estimated timeframe, on account of burgeoning adoption of quality crop nutrition products.
Meanwhile, Asia Pacific specialty fertilizers industry is reckoned to accrue notable gains by the year 2027, owing to changing lifestyle, rising concerns regarding environment, and increasing government initiatives. Some other factors include pervasiveness of crop diseases, escalating purchasing power, rising health concerns, and growing population.
Leading organizations impacting global specialty fertilizers market dynamics are OCI Nitrogen BV, OCP Group, CF Industries Holdings, Inc., EuroChem Group, The Mosaic Company, Sociedad Química Y Minera De Chile S.A., K+S Aktiengesellschaft, Israel Chemical Ltd., Yara International ASA, and Nutrien, Ltd.