HYDERABAD, India and WILMINGTON, Delaware, January 17, 2018 /PRNewswire/ --
The Report "Specialty Fertilizers Market: By Type (Potassium Nitrate, Urea, Granular NPK Fertilizers, Potassium Sulfate, Potassium Chloride, Ammonium Nitrate and Others); By Application(Hydroponics, Fertigation, Horticulture, Foliar Nutrition and Others); By Target Crop (Fruits and Vegetables, Cash Crops, Oilseeds, Turf and Ornamentals and Others); and By Geography - Forecast (2017-2021), published by IndustryARC.
Improving the Yield of Food Crops to Meet the Demand from Increasing Population Propels the Growth of Global Specialty Fertilizers Market to reach $71.49 Billion by 2021
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Fertilizers basically are the products that improves the quality of available plant nutrients and the chemical and physical characteristics of soil, thereby directly or indirectly improving plant growth, yield, and quality. In order for crops to grow, three principal soil nutrients are required: nitrogen (N), phosphorus (P) and potassium (K). As each harvest removes these nutrients in the form of crops, they must be replenished to prevent the land from becoming barren. These fertilizer components help in increasing the durability and strength of the agricultural land. The global market is segmented according to the different types of fertilizers such as potassium nitrate, urea, granular npk fertilizers, potassium sulfate, potassium chloride, ammonium nitrate and others. Among these different types of fertilizers, Granular NPK dominate the overall market in terms of consumption and revenue owing to its renewable nature, sustainability and environment friendliness. The market has also been analyzed for four geographic regions which include: North America, Asia-Pacific, Europe and Rest of the World.
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The global market in 2016 was dominated by Asia-Pacific which was estimated to have 52% of the total market but Asia-Pacific is poised to exhibit slow growth rate, overtaken by south and Central America due to favorable macroeconomic conditions such as increasing population which would eventually result in increasing the yield of crops to feed everyone. China and India are the growth frontiers for the fertilizers manufacturers providing a huge potential market to be tapped. China is the largest market with the highest share. Major countries of Asia-Pacific region, China, India, Pakistan, Indonesia are involved in many agricultural activities which make it high demand region for fertilizers. Apart from Asia-Pacific, the fertilizer revenue in South and Central American countries are estimated to grow at a high CAGR of 4.53% during the forecast period.
Following key players were also covered as part of the market landscape analysis:
- Potash Corporation of Saskatchewan, Canada
- Yara International ASA, Norway
- The Mosaic Company, The U.S
- Israel Chemicals Ltd., Israel
- Uralkali, Russia
The overall market is characterized by large number of companies but top five companies account for 56% market share due to the wide distribution network and brand reputation. The number of manufacturers across the world for fertilizers market has increased manifold. These manufacturers are actively investing in scaling up their position in the market and are able to attract profitable deals. Other major players are Belaruskali (Russia), OCP S.A. (Morocco), CF Industries (USA), Agrium Inc. (Canada), K+S AG (Germany) and many others. Major firms spent huge amounts of money in the development of efficient technologies and at the same time, new firms are coming up with cutting-edge technological innovations, resulting in tremendous increase in the degree of competition. Consequently, product launches, mergers and acquisitions and partnerships by companies, universities as well as individual researches has been frequenting the market headlines.
The specialty fertilizers market report is a comprehensive study of the market for different types of fertilizers, types of crop and geography.
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