The trend of the adoption of specialty fertilizers across the global agriculture sector is increasing to improve the quality and production levels of various crops. An increase in the region under precision farming led to the drive the market
JERSEY CITY, N.J., Nov. 24, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Specialty Fertilizers Market" By Crop Type (Cereals & Grains, Fruits & Vegetables), By Form (Liquid, Dry), By Technology (N-stabilizers, Slow-release, Chelated), By Application Method (Soil, Foliar, Fertigation), and By Geography. According to Verified Market Research, the Global Specialty Fertilizers Market size was valued at USD 37.62 Billion in 2020 and is projected to reach USD 64.62 Billion by 2028, growing at a CAGR of 7.2% from 2021 to 2028.
Specialty fertilizers are defined as fertilizers that are applied in the special condition of soil & plant. Specialty fertilizers are applied for specialized action in plants in order to increase production levels. Specialty fertilizers release essential nutrients. These nutrients are insufficient amounts and are completely absorbed by the plants. It controls the amount of moisture contact. Specialty fertilizers also help to enhance the uptake of nutrients, minimizes possible loss of nutrients, and reduce the toxicity caused due to high ionic concentration.
The trend of the adoption of specialty fertilizers across the global agriculture sector is increasing to improve the quality and production levels of various crops. An increase in the region under precision farming led to the drive the market for specialty fertilizers. The requirement of high-quality crops has helped in market growth. Also, increasing the export of foods and vegetables, the growing trend of consuming foods among people, resulted in an increasing crop plantation area. Therefore, the Specialty Fertilizers Market is expected to grow significantly during the forecasted period. However, specialty fertilizers are expensive therefore might hamper the market up to a certain extent.
In February 2021, Yara International signed a Letter of Intent with Statkraft, and Aker Horizons, aiming to establish new projects across Europe.
In December 2020, K+S and REMEX shook hands on their strengths in a joint venture aiming to widen their product portfolio.
In July 2021, HCL Tech pens down a five-year strategic partnership with The Mosaic Company, one of the largest fertilizer manufacturers based out of the U.S.
The major players in the market are Yara International ASA, Nutrien, Ltd., K+S Aktiengesellschaft, Israel Chemical Ltd., The Mosaic Company, Sociedad Química Y Minera De Chile, EuroChem Group, CF Industries Holdings, Inc., OCI Nitrogen, and OCP Group.
Verified Market Research has segmented the Global Specialty Fertilizers Market On the basis of Crop Type, Form, Technology, Application Method, and Geography.
Specialty Fertilizers Market, By Crop Type
Cereals & Grains
Others (Barley, Sorghum, And Millets)
Fruits & Vegetables
Root & Tubers
Others (Pome Fruits, Melons, Berries, And Stone Fruits)
Oilseeds & Pulses
Others (Peas, Cotton, And Legumes)
Turf & Ornamentals
Others (Fiber Crops, Plantation Crops, And Forages
Specialty Fertilizers Market, By Form
Specialty Fertilizers Market, By Technology
Coated & encapsulated
Specialty Fertilizers Market, By Application Method
Specialty Fertilizers Market by Geography
Rest of Europe
Rest of Asia Pacific
Middle East & Afri
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