Market Research Future (MRFR) projects the specialty fertilizers market to record an approximate growth rate of 5.4% during the appraisal period (from 2020 to 2027).
Growth Drivers and Deterrents
Use of specialty fertilizers ensures that plants and crops get nutrients in amounts needed at the right place as well as time, with lower wastage. Enhanced efficiency fertilizers are utilized significantly in the agriculture sector in numerous fields including industrial crops and cereals, in view of the rising emergence of various urease inhibitors and cheap priced polymer coating technologies. Enhanced efficiency fertilizers’ expanding applications in bringing down the negative effects of nutrients on water reservoirs also foster their demand in the global market.
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Developing countries such as India and Mexico are rapidly adopting advanced precision farming methods to bolster agricultural yield. Precision farming basically means managing the soil quality as well as crop growth using remote sensing, electronic equipment, computer models and accurate record-keeping. Precision farming primarily focuses on monitoring the soil quality by monitoring the nitrates, moisture as week as electrical conductivity, and is mostly practiced in locations with expensive labor is expensive. Precision farming helps curb crop wastage, boost average yield, and elevates the crop and soil quality. As a result, precision farming is projected to be the top trend in the specialty fertilizers industry in the years ahead.
The exploding population across the globe has translated into significant food demand as well, which is leading to higher uptake of specialty fertilizers. But concerns regarding pollution as well as soil contamination along with the toxic effects on the environment and humans have risen at the same time. To address these negative effects, governments emphasize on the utilization of specialty fertilizers with lesser side effects on the soil. Also, with more and more farmers growing aware of these types of fertilizers, especially in China and India, backed by manufacturers and NGOs educating them about their potential benefits, the global industry size will continue to grow rapidly all through the given period.
The types of specialty fertilizers in the market are potash fertilizers, phosphate fertilizers, nitrogen fertilizers, and others. All the listed fertilizer types accelerate the growth of the crops and are therefore, used extensively by the growers. These fertilizers offer high nutrition level to the soil which result in yielding of high-quality plants. With that said, the biggest portion of the worldwide market will be owned by the potash fertilizers segment in the years to come
The crop types considered in the MRFR study are turf & ornamentals, cereals & oilseeds, fruits & vegetables, and more. The leading crop type will be turf & ornamentals while the cereal and oilseeds segment should continue growing at a prominent rate in the following years.
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The specialty fertilizers industry is regionally segmented into North America, the Middle East & Africa Europe, along with APAC or Asia Pacific.
The biggest market size belongs to Asia Pacific, wherein the demand for specialty fertilizers has been escalating at a stunning pace, in view of the booming population and the soaring food demand. These factors have been responsible for the incredible growth in the number of agricultural activities. Farmers in the region are increasingly using specialty fertilizers in crop farming to foster their yields and given the mounting awareness among them regarding these fertilizers, the APAC market is deemed to perform even better in the coming years. Governments strong support for the agriculture industry across India and China, has lifted the market position as well.
The European market for specialty fertilizers should soar at the fastest rate between 2020 and 2027, considering the emerging trend of consuming protein-based foods among consumers. Producing high-yielding crops with high protein content, nitrogen-based liquid fertilizers happen to be the top priority among the farmers and can mean incredible market growth in the next few years.
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Agrium Inc. (Canada), Eurochem (Switzerland), Art Wilson Co. (U.S.), Mosaic Company (U.S.), Yara International (Norway), Haifa Chemicals (Israel), Atlantic Gold Corp (Canada) are some of the major specialty fertilizer producers and distributors in the worldwide market.
Itafos Inc., a phosphate & specialty fertilizer firm, will be resuming the production and sales of sulfuric acid at Arraias. The previously unfunctional sulfuric acid unit was recommissioned on schedule, is within budget and has no environmental releases as well as recordable incidents. The company hopes to work on the sulfuric acid unit at Arraias with a capacity of around 10.5kt per month.
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