The global market for specialty fertilizers is witnessing a remarkable rise, thanks to the increasing demand for food products across the world. The tremendous rise in the population has compelled farmers and agriculturists to improve crop yield by means of state-of-art farming methods and practices, owing to which, they have shifted towards specialty fertilizers, as crop yield obtained using traditional agricultural practices with regular fertilizers has fallen short to cater the food needs, globally.
According to Transparency Market Research (TMR), the total opportunity in the in 2016 was US$8.98 bn. Rising at a CAGR of 5.70% between 2017 and 2025, the market is likely to reach US$14.73 bn by 2025 end.
Researchers at TMR are answering some of the important queries about the global market for specialty fertilizers in this blog post:
Which type of specialty fertilizers will lead the global market?
Controlled release fertilizers, slow release fertilizers, micro nutrient fertilizers, and nitrification and urea inhibitors are the prominent types of specialty fertilizers available across the world. Among them, the demand for slow release fertilizers has been much higher, specifically due to the ease of availability and the exceptional cost to performance ratio. The trend, although, is likely to continue over the coming years, the controlled-release fertilizers segment is expected to offer lucrative opportunities to vendors, owing to the rising awareness about their benefits over other types of fertilizers.
Looking for more information on this market?
Since controlled-release fertilizers enable farmers to predict water penetration, release rate of nutrients, and the rate of dissolution, their demand is likely to increase substantially in the near future. Apart from this, nitrification and urea inhibitors are also projected to observe a healthy increase in their demand across the world in the near future.
Which regional market is expected to take the leading position in the near future?
In terms of the regions, the global market for specialty fertilizers is being led by North America and this scenario is expected to remain same over the forthcoming years. The rising focus on sustainable agriculture and the high level of awareness pertaining to the environment, thanks to the governmental regulations, are projected to boost the market for specialty fertilizers in North America in the near future.
Asia Pacific is also expected to offer promising opportunities for vendors in the years to come, thanks to the extensive usage of specialty fertilizers in ornamental crops and turf. China is anticipated to surface as the most prominent domestic market for specialty fertilizers in this region over the next few years.
What are the key strategies being adopted among the leading vendors of specialty fertilizers?
Agrium, Yara International, The Potash Corp. of Saskatchewan, Sociedad Quimica Y Minera, Israel Chemical Ltd., Coromandel International Ltd., and Haifa Chemicals Ltd. are the leading players in the global market for specialty fertilizers. The main focus of these players is on developing innovative yet eco-friendly products. Organic specialty fertilizers has emerged as the key trend among the leading vendors of specialty fertilizers.