Specialty fertilizers are used to promote plant health and increase agriculture productivity. They have gained status globally, as they help in increasing the quantity as well as improving the quality of the produce. The continuous rising population is increasing the demand for high agricultural productivity and driving the growth of global specialty fertilizers market.
Specialty fertilizers are the fertilizers diversified to get high yield and high-quality product by providing plant nutrition for the soil. Their use increases the grower’s return, helps meet the market demand for quality crops, and enables higher margins than those normally achieved with high-volume fertilizers. The most commonly used specialty fertilizers include nitrogen fertilizers, phosphate fertilizers, potash fertilizers, and others. They are applicable to cereals & oilseeds, fruits & vegetables, turf & ornamentals, and others.
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Change in farming practices and technology leading to increasing acceptance of modern farming and protected agriculture is boosting the growth of the specialty fertilizers market. Moreover, limited availability of cultivable land due to increasing soil erosion and land pollution is further boosting the need for specialty fertilizers to increase farm productivity. However, growing trend for organic foods is restraining the growth of the market. Nevertheless, the market for organic specialty fertilizers can act as an opportunity for specialty fertilizers market.
Major Key Players:
The major players in the Specialty Fertilizers Market,
- Haifa Chemicals (Israel)
- Atlantic Gold Corp (Canada)
- Art Wilson Co. (U.S.)
- Mosaic Company (U.S.)
- Agrium Inc. (Canada)
- Yara International (Norway) and
- Eurochem (Switzerland)
Specialty fertilizers market is segmented on the basis of a type such as nitrogen fertilizers, phosphate fertilizers, potash fertilizers, and others. Among all, the potash fertilizers segment is holding the major market share. Moreover, in potash fertilizers, potassium chloride is dominating the market. However, the nitrogen fertilizers segment is experiencing a decent growth over the forecast period.
Based on the crop type, the specialty fertilizers market is segmented into cereals & oilseeds, fruits & vegetables, turf & ornamentals, and others. Among all, the turf & ornamentals segment is witnessed to be dominating the specialty fertilizers market. However, the cereal and oilseeds segment is expanding at a high rate during the given period of time.
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The global specialty fertilizers market is segmented into North America, Europe, Asia Pacific and rest of the world (RoW). Asia Pacific dominates the market and is projected to witness substantial growth over the estimated period. India and China which are two of the largest countries in terms of population are majorly contributing to the growth of specialty fertilizers in this region.
In North America, the U.S. is the major contributor to specialty fertilizers. However, stringent environmental regulations in the developed economies of North America and Europe are expected to restrain the market growth in these regions. Biobased specialty fertilizers are expected to offer huge growth opportunity in North America and Europe. For rest of the world, South America is projected to witness high growth owing to increasing demand for crops in this region.