Global Specialty Fertilizers Market Research Report forecast 2019-2026
Summary - A new market study, titled “Global Specialty Fertilizers
Market - 2019-2026” has been featured on Wise Guy Reports.
SPECIALTY FERTILIZER RANGE
EXTENDER MARKET
The need for crop nutrition has been rising in both food and
commercial crops to increase food production and quality of produce. The
growing demand for food and depletion of arable land is forcing the farming
communities to produce most out of limited resources. Furthermore, factors such
as over cultivation, deep ploughing, and soil erosion resulted in depletion of
soil nutrients, thus boosting the need for use of fertilizers. The
incorporation of fertilizers witnessed significant growth in fruits and
vegetables, cereals, grains, and all other farming practices.
However, it is difficult to match the nutrient requirements
of plants and the use of these commodity fertilizers witness loss of nutrients
into groundwater and atmosphere. These factors led to the development of
specialty fertilizers that through their precise formulation balance crop
nutrition in plants.
Specialty fertilizers are materials that help enhance the
water and nutrient efficiency in farming practices. These chemicals are
formulated to cater the unique nutrient needs of particular plant or soil. The
application of these materials prolongs the availability of nutrients to plants
by controlling the amount of moisture contact with the plant. Specialty
fertilizers also contain considerable amount of primary, secondary, and
micronutrients essential for the growth of plants and thus evolved as an integral
part of crop nutrition. Most of the global agrochemical manufacturers are
involved in the production of specialty fertilizers and are witnessing
lucrative growth in this business. The global specialty fertilizers market
valued USD 18.7 billion in 2018 and will gain a CAGR of 15.1% during the
forecast period.
Market Dynamics: Drivers, Restraints, Opportunities
Challenges
The growing demand for crop nutrition and awareness towards
the role of nutrients in enhancing farming efficiency is the primary factor
driving the growth of specialty fertilizers market. Development of novel
formulations that can precisely balance nutrition by providing controlled
release of essential nutrients is also supporting the utilization of specialty
fertilizers. The capacity of these materials to enhance water-use efficiency is
motivating the farming communities towards use of specialty fertilizers.
However, the adverse effects of synthetic specialty fertilizers on environment
is the major restraint for the growth of the market. Several state and federal
governments regulated the use of these materials in agricultural chemicals.
Key Segments
Specialty Fertilizer Range Extender Market by Product Type
• Compound Fertilizers
• Slow Release Fertilizers (SRF)
• Controlled Release Fertilizers (CRF)
• Stabilized Fertilizers
• Micronutrient Fertilizers
• Others
Controlled release fertilizers are estimated to grow at a
rate of over 6% during the forecast period owing to their high use potential in
cereals and grains. With a share of over 80%, dry chemicals evolved as the
largest segment of specialty fertilizers. However, the ability of early
correction of nutritional shortcomings owing to its quick releasing nature made
liquid products as the fastest growing segment.
Geographic Landscape
By geography, the global specialty fertilizers market is
segmented into North America, South America, Europe, Asia Pacific, Middle East
and Africa. Asia Pacific evolved as the largest market for specialty
fertilizers owing to the demand for crop nutrition practices in countries such
as China and India. Growing practice of precision farming to enhance water
efficiency is boosting the need for specialty fertilizers in this region.
Competitive Landscape:
The high product differentiation in specialty fertilizers
fragmented the global market. However, the market is consolidated in most of
the product segments with very few players holding significant share. For
instance, the market for controlled release fertilizers (CRF) is highly
consolidated with top 5 companies accounting for over 60% of global sales.
Kingenta Ecological Engineering Co., LTD., Israel Chemicals Ltd., Haifa Group,
and The Scotts Miracle-Gro Company are dominating the global controlled release
fertilizers market.
Specialty fertilizers market is highly competitive with the
likes of new product launches, expansion of production capacity, and remarkable
acquisitions. For instance,
• In June 2019, EuroChem started production of fertilizers
in its new production facility at Araguari in Brazil. With a capacity of
producing 6,000 tonnes of fertilizers per day, the new plant marks a key
development in the specialty fertilizers business of the company
• Kingenta Ecological Engineering Co., LTD. acquired the
Netherlands based Ekompany International B.V. in 2016. The acquisition provided
new avenues for the growth of controlled release fertilizers market in Asia
Pacific region
• In 2015, a collaboration was formed between ICL Specialty
Fertilizers, New Holland, and Syngenta AG. Under the slogan ‘Less is More’, the
collaboration is focused on projection of specialty fertilizers for sustainable
agriculture. The efforts laid by the conglomerates well supported the growth of
specialty fertilizers market
Other key players in the market are EuroChem, BASF SE,
Soiltech, Yara International ASA, URALCHEM JSC, Sinochem Corporation, and The
Mosaic Company.
FOR MORE DETAILS : https://www.wiseguyreports.com/reports/4532850-global-specialty-fertilizers-market-2019-2026
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