SPECIALTY FERTILIZERS MARKET TO REACH USD 56.4 BILLION BY 2027 | CAGR 6.0% – FORENCIS RESEARCH

Global Specialty Fertilizers Market: Key Highlights

• According to the new market research report “Specialty Fertilizers Market by Type (Nitrogenous, Phosphatic, Potassium), by Application (Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables, Turf & Ornamentals), by Region (North America, Asia Pacific, Europe, Middle East & Africa, South America) – Global Forecast (2020 to 2027)”, the global Specialty Fertilizers market is estimated to reach USD 56.4 Billion by 2027 at a CAGR of around 6.0% during the review period.
• Specialty fertilizers are divercified to get high yield and high-quality product by providing plant nutrition for the soil.
• They are fully water-soluble solid fertilizers, having a high content of primary nutrients with low salt index.
• Speciality fertilizers are a fast-growing and diverse group of fertilizers products with different characteristics containing one or more of the essential primary, secondary or micro-nutrients.
• They may or may not have secondary or micronutrients. These fertilizers have different ratios of N, P and K. These water-soluble fertilizers can advantageously be utilized for foliar feeding and fertigation. Thus help in precision agriculture.

Global Specialty Fertilizers Market: Key Market Dynamics

• The high efficiency offered by the specialty fertilizers has led to increasing the demand for specialty fertilizers globally.
• the growth in greenhouse vegetable production is expected to drive the global Specialty Fertilizers market during the assessment period.
• Moreover, the limited availability of arable land is expected to spur the demand for the global specialty fertilizers market.
• However, The production cost of specialty fertilizer is quite high compare to conventional fertilizers, wing to the specialty fertilizers has a complex manufacturing process, which is likely to hamper the growth of the specialty fertilizers market.

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Global Specialty Fertilizers Market: Regional Overview

• Asia-Pacific

Asia-Pacific is expected to account the largest market share in the specialty fertilizers market, followed by North America and Europe. The highest market share in water-soluble market of this region is mainly attributed to rising innovation in the agriculture sector in agri-dominant economics such as China, India will fuel the demand for specialty fertilizers in this region. Moreover, increasing government support to novel and specialty formulated fertilizers by offering subsidies on them is expected to increase the utilization of speciality fertilizers in the Asia-Pacific region. For Instance,  the Government of India has increased fertilizer subsidy allocation from USD 9.83 million to more than USD 11 million in 2019.

• North America

North America is the second-largest consumer of specialty fertilizers, owing to increasing adoption of quality crop nutrition product In the North America region. However, stringent environmental regulations in the developed economies of North America and Europe are expected to restrain the market growth in these regions.

Global Specialty Fertilizers Market: Key Players Overview

• Yara International ASA:

Yara International ASA is one the global leader in the production, distribution, and sale of fertilizers. The company operates through the following business segments Sales and Marketing, Industrial, Production, and Supply Chain. The Production segment involves in the manufacturing plants producing ammonia and finished fertilizer and industrial products. The company has a global reach with its services in around 60 countries. In March 2019, Yara International ASA launched Yaralix, a tool for precision farming, allowing the farmers to measure crop nitrogen requirements using their smartphones. The system consisted of a free-to-download-app that was designed to use the smartphone camera to determine nitrogen requirements for different crops in the early growth stages.

• Nutrien Ltd.:

Nutrien Ltd is Canada-based crop nutrient producer and distributers of potash, nitrogen and phosphate products for agricultural, industrial and feed customers worldwide. The Company is focused on retail, potash, nitrogen and phosphate mining and processing operations. The Company operates six potash mines in Saskatchewan and has a mine in New Brunswick in care-and-maintenance mode. The Company operates integrated phosphate mining and processing facilities, as well as a number of smaller upgrading plants in the United States. In January 2020, Nutrien Ltd. announced to acquire 100 % of the equity of Agrosema Comercial Agricola Ltda. (Brazil), a retailer in the southern Brazil crop input market with over 30 years of experience. This acquisition will help Nutrien Ltd to increase retail operations in Brazil and will create another market channel for the company industry-leading national products, produced by our Agrichem business located in Ribeirao Preto, São Paulo.

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