The global specialty fertilizers market is predicted to expand at 5.4 % CAGR during the forecast period (2017-2023) owing to the growing demand for food, asserts Market Research Future (MRFR). Specialty fertilizers are commercial fertilizers which are being distributed for non-farm use such as on municipal parks, home gardens, greenhouses, golf courses, shrubbery, lawns, cemeteries, flowers, and nurseries. They are diversified to get high-quality and high yield product by offering plant nutrition for the soil. They release nutrients steadily into the roots depending upon the environmental conditions and thickness of the fertilizer coating.
Future Drivers and Constraints
Specialty fertilizers are used to increase agriculture productivity and promote plant health. Besides increasing the quantity, these fertilizers also improve the quality of the produce. With the continuous rising population, the demand for agricultural productivity is rising which is estimated to drive the growth of specialty fertilizers market over the review period. Additionally, a change in technology and farming practices have increased the adoption of protected agriculture and modern farming which is likely to stimulate the market growth in the coming years. Besides, limited availability of cultivable land due to land pollution and soil erosion is fuelling the requirement for specialty fertilizers.
On the other hand, the growing trend for organic food along with high production cost is inhibiting the market growth over the review period.
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Olimerca – ICL specialty fertilizers have launched a new catalog of Agromaster range, a controlled release fertilizer which is superior in performance and allows to achieve better yield in a simple way. It combines advanced technology with specially selected conventional granules for a suitable release. The combination offers good phosphorous control for high-quality result and a uniform product.
Some of the major players operating the global market for specialty fertilizers are Agrium Inc. (Canada), Yara International (Norway), Art Wilson Co. (U.S.), Haifa Chemicals (Israel), Mosaic Company (U.S.), Eurochem (Switzerland), Atlantic Gold Corp (Canada), and others.
The global specialty fertilizers market is segmented based on type, crop type, and region.
By mode of type, the global specialty fertilizers market is segmented into phosphate fertilizers, nitrogen fertilizers, potash fertilizers, and others. Among these, the potash fertilizers segment is anticipated to hold the major share in the market. In potash fertilizers, potassium chloride is likely to dominate the market over the review period. On the other hand, nitrogen fertilizers are experiencing a decent growth rate over the assessment period.
By mode of crop type, the global specialty fertilizers market is segmented into fruits and vegetables, cereals and oilseeds, turf and ornamentals, and others. Among these, the segment for turfs and ornamentals are anticipated to dominate the specialty fertilizers market over the forecast period. Meanwhile, the segment for cereals and oilseeds are also likely to expand at a high rate in the coming years.
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Geographically, the market for specialty fertilizers spans across regions namely Europe, North America, Asia Pacific, and Rest-of-the-World.
Asia Pacific is likely to dominate the global market and is predicted to maintain its dominance over the assessment period. China and India are the two largest countries in this region in terms of population contributing to the market growth in this region to a large extent. China holds the major share followed by India in Asia Pacific. North America is the second largest consumer after Asia Pacific, with the US being the fastest growing market in this region. However, strict environmental regulations in the developed regions of Europe and North America are predicted to inhibit the market growth over the review period.
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