ALBANY, New York, May 8, 2019 /PRNewswire/ -- The global specialty fertilizers market appears to be highly consolidated due to the presence of small number of players across the globe. The key players operating in the specialty fertilizers market are Haifa Chemicals Limited, Coromandel International Limited, and The Potash Corporation of Saskatchewan Inc., Yara International ASA, and Sociedad Quimica Y Minera S.A. These firms are leading in terms of geographical reach and are constantly working on developing their product portfolio to gain an edge over their competitors. Most of the key firms are betting on the developing economies of Asia Pacific, due to improved economic growth and strong agricultural background.
According to a recent report by Transparency Market Research, the global specialty fertilizers market is expected to project a decent CAGR of 5.7% within the forecast period from 2017 to 2025. In 2016, the market was around worth US$8,987.3 mn, and is estimated to flourish with a valuation of US$14,734.4 mn by the end of forecast period.
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Based on type, the global specialty fertilizers market is classified into controlled release fertilizers, divided are slow release fertilizers, micro nutrient fertilizers, nitrification and urea inhibitors, and so on. Out of these, the segment of slow release fertilizers accounted for the highest share of specialty fertilizers market in 2016. This is credited to exceptional price to performance ratio and easy availability. Region-wise, North America led the global specialty fertilizers market in 2016, and is likely to sustain its leading position during the forecast period as well. Increasing preference to sustainable farming, and rising awareness about environmental safety are the key factors fueling the growth in North America region.
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Rising Sustainable Farming to Pump Demand in Global Specialty Fertilizers Market
Lately, the sustainable farming is picking up pace in several parts of the world. Besides, several measures are being taken in the agricultural sector owing to rising environmental concerns. These are among the key drivers propelling the growth of specialty fertilizers market. The reduction in cost of cultivation is another factor being considered for the market development. The growth of specialty fertilizers market is also credited to the rising benefits of specialty fertilizers over the traditional ones. These fertilizers help in supplying rich nutrients to the plants, along with reducing labor due to their efficiency. The nutrients provided by specialty fertilizers completely suffice the plants growth.
Other factors elevating the demand in the global specialty fertilizers market include, increasing focus on cultivation of greenhouse vegetables in urban areas, easy handling, and rising focus on environmental regulation by the governments. Furthermore, various mergers and acquisitions by the players in the market is another factor fueling the growth of the market globally.
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Lack of Awareness Makes Specialty Fertilizers Market Development Take a Back Seat
Nevertheless, less awareness about these fertilizers, rapidly growing organic sector, increasing costs of natural gas, and high prices are some of the major hindering factors anticipated to affect the growth of specialty fertilizers market, negatively. But, the vendors are keen to tap into lucrative markets of Asia Pacific region for the market development.
Moreover, in spite of some restrictions, there is no significant decline in the surging demand for specialty fertilizers. But, the cultivable land across the globe is limited, consistently decreasing as well due to urbanization and construction activities. Owing to the rising cases of environment hazards, there is a strong urge to have more effective fertilizers to optimize the yield in limited arable land.
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The review is based on the findings of a report by Transparency Market Research, titled "Specialty Fertilizers Market (Type Analysis - Slow Release Fertilizers, Controlled Release Fertilizers, Nitrification and Urea Inhibitors, and Micronutrient Fertilizers; Crop Type - Cereals & Oilseeds, Turf & Ornamentals, and Fruits & Vegetables; Compound Analysis - Nitrogen Compounds, Phosphate Compounds, Potash Compounds, and NPK Compounds) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017 – 2025."
The report segments the global specialty fertilizers market as follows:
- Slow Release Fertilizers
- Controlled Release Fertilizers
- Nutrition and Urease Inhibitors
- Micro nutrient Fertilizers
Crop Type Analysis
- Cereals & Oilseeds
- Turf & Ornamentals
- Fruits & Vegetables
- Nitrogen Compounds
- Phosphate Compounds
- Potash Compounds
- NPK Compounds
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
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