Global Specialty Fertilizers Market: Key Highlights
Global Specialty Fertilizers Market: Key Market Dynamics
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Global Specialty Fertilizers Market: Regional Overview
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 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 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 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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