Global Specialty Fertilizers Market: Snapshot
The global market for specialty fertilizers is displaying steadfast growth over the past couple of years. Across the world, rising demand for food to feed the rising population has necessitated to increase crop yield by means of modern farming practices. This is because agricultural produce that is obtained using conventional agricultural practices that employ regular fertilizers is insufficient to serve the food needs.
Apart from this, research initiatives and investments for the introduction of novel specialty fertilizers is also stoking growth of specialty fertilizers market.
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A report by Transparency Market Research predicts the global specialty fertilizers market to clock a modest 5.7% CAGR for the forecast period between 2017 and 2025. Proliferating at this rate, the market will be valued at US$14,734.4 mn by 2025 from US$8,987.3 mn in 2016.
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Controlled-release Fertilizer Type to Emerge Attractive in Future
The global specialty fertilizers market is segmented on the basis of a few parameters, viz. type, crop type, compound, and region. In terms of type, the segments into which the global specialty fertilizers market is divided are slow release fertilizers, controlled release fertilizers, nitrification and urea inhibitors, micro nutrient fertilizers, and others. Among them, the slow release fertilizers segment held the leading market share in 2016 mainly because of ease of availability and excellent cost to performance ratio. However, controlled-release fertilizers are likely to emerge as a key segment as they enable to predict rate of release of nutrients, water penetration, and rate of dissolution. On the other hand, nitrification and urea inhibitors help control leaching of nitrate and enzyme urea by keeping nitrogen and urea in ammonia form for longer time.
In terms of crop type, the specialty fertilizers market can be classified into cereals and oilseeds, turfs and ornamentals, vegetables and fruits, and others. Vis-à-vis revenue, turf and ornamentals segment occupied the leading share in the specialty fertilizers market in 2016. However, cereals and oilseeds segment is likely to expand at a significant growth rate over the forecast period.
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Efforts to Adopt Sustainable Agriculture Practices Makes North America Leader
In terms of region, the global specialty fertilizers market can be classified into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Of them, in 2016, North America held the dominant share in the overall market in 2016. The region is estimated to account for the leading revenue contribution in 2017. In North America, increasing focus on sustainable agriculture coupled with a high degree of environmental awareness due to governmental regulations are mainly responsible for the adoption of specialty fertilizers.
However, Asia Pacific is anticipated to display the leading growth rate in the specialty fertilizers market over the forecast period. China is the leading domestic market for specialty fertilizers in the region. The extensive use of specialty fertilizers in turf and ornamental crops account for the significant share of China in Asia Pacific synthetic fertilizers market. India is a relatively new market for specialty fertilizers in the region.
Europe holds significant share in the global specialty fertilizers market due to presence of several key specialty fertilizer manufacturers in the region. Latin America and the Middle East and Africa are likely to display notable growth in the specialty fertilizers market in the upcoming years.
Leading players in the global specialty fertilizers market include Yara International ASA, Agrium Inc., The Potash Corporation of Saskatchewan Inc., Israel Chemical Limited, Sociedad Quimica Y Minera S.A., Haifa Chemicals Limited, and Coromandel International Limited among others.
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