The global specialty fertilizers market accounted for a value of USD 47.3 and it is projected to grow at a CAGR of 5.8% during the forecast period.
COVID-19 has impacted growth of several industries around the globe. The specialty fertilizers market is estimated to have minimal impact due to this global pandemic. The travel restrictions, transportation barriers and lockdown have disrupted the supply chain of this market. The operations of companies are running smoothly during this lockdown in many regions as government has provided some relaxation to these industries although there is some delays in import of fertilizers from different regions majorly in south Asian region due to nationwide lockdown in certain countries. The delay in supply has contributed to loss but this temporary and specialty fertilizers market is likely to witness growth during forecast period.
For more details, visit: Global Specialty Fertilizers Market By Type (Potassium Sulfate, Potassium Nitrate, Others), By Crop Type (Cereals & Grains, Oilseeds & Pulses, Others), By Application (Foliar, Soil, Others), By Region–Forecast & Opportunities to 2026
The population across the globe is rising rapidly and the food requirements and consumption is also increasing worldwide. To meet the food demands, farmers are adopting specialty fertilizers. This is driving growth in specialty fertilizers market.
On the basis of crop type, the specialty fertilizers market is segmented into cereals & grains, oilseeds & pulses, fruits & vegetables, turf & ornamental and others. The fruits & vegetables segment is projected to register growth at highest CAGR during the forecast period. The consumption of fruits has been increasing immensely. China is considered as the largest fruits and vegetables producers among the world. The increase crop plantation area is increasing due to rise in fruits & vegetables exports and ultimately the production level of fruits and vegetables have increased worldwide.
On the basis of type, the specialty fertilizers market is segmented into CAN, MAP, UAN, potassium sulfate and potassium nitrate. The urea-ammonium nitrate (UAN) segment is expected to hold highest market share during the forecast period. It is an excellent irrigation fertilizer for plant cultivation and production of cereals. It is used in plowing the fields for improving its degradation. UAN is a source of nitrogen for nutrition of plants and it is mixed with protective agents in the irrigation water for plant cultivation irrigation. Thus, drives growth for this segment during forecast period.
On the basis of application, the specialty fertilizers market is segmented into foliar, soil and fertigation. The fertigation application segment is estimated to dominate the market share during the forecast period. It is helpful in minimizing the environmental pollution and maximizing the yield. This method helps farmers in uniform application of nutrients in the field. There are numerous advantages of fertigation such as it requires less time, water, less energy and less labor. It is reliable and efficient. Thus, the adoption of this method is increasing around the world which is further driving growth in this segment.
Asia-Pacific region is estimated to register growth at highest CAGR during the forecast period. The agriculture sector is growing immensely and requiring high quality of products and equipments for farming. Asia is the largest producer of rice, sugar beet, fruits, cereals, grains and vegetables which requires fertilizers to provide nutrients to crops. Due to advancement in technology highly precision farming products utilization is increasing. Thus, drives growth in Asia-Pacific region.
The key market players in specialty fertilizers market are Yara International, Israel Chemical Ltd., the Mosaic Company, Nutrien Ltd., Aktiengesellschaft, OCP Group, OCI Nitrogen, Wilbur-Ellis, Kugler, Haifa Group, EuroChem Group, CF industries Holdings, COMPO Expert GmbH, Agro Liquid and Plant Food Company and Coromandel International.
- What are the expected industry trends over the next three to five years?
- Which of the specialty fertilizers type is likely to lead by 2025?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
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- What are different organic and inorganic strategies implemented by companies to gain increased market share?