The global specialty fertilizers market, in terms of value, is projected to reach $19.89 billion by 2020, at a CAGR of 7.0% from 2015. The growth of the global market is primarily triggered by its high efficiency with minimum wastage, ease of application, and reduced application cost. Also, the growing food demand in developed and developing nations has helped the growth of the market. However, factors such as high cost of specialty fertilizers, storage limitations, and the accumulation of salts in soil are restraining the growth of this market.
Specialty fertilizers are granular fertilizer particles that restrict the amount of moisture contact and help gradually release fertilizer nutrients, usually over a few weeks or a few months. Specialty fertilizers contribute to advanced fertilizer management programs and to innovative farming systems such as no-tillage farming with single co-situs fertilizer application. They significantly reduce possible loss of nutrients, particularly losses of nitrate nitrogen between applications, and uptake by the plant through gradual nutrient release. They also reduce loss of ammonia due to evaporation, which substantially decreases the risk of environmental pollution.
The rising demand for diversified food and the declining arable land are posing challenges for the farmers to increase the per acre yield rate by the use efficient fertilizers such as specialty fertilizers. Increasing concerns regarding environmental degradation due to indiscriminate use of fertilizers is compelling farmers to opt for high-efficiency fertilizers.
This report estimates and projects the size of the global market in terms of value ($million). In this report, the market is broadly segmented based on type, crop type, and region. Market drivers, restraints, and challenges, raw material, and product price trends are discussed in detail.
Companies such as Yara International ASA (Norway), Sociedad Quimica y Minera S.A. (Chile), Haifa Chemicals Ltd. (Israel), Sinochem Group (China), Agrium Inc. (Canada), and The Mosaic Company (U.S.) are the most active market players, and are constantly updating their product portfolio by means of constant innovations. Market share of key players in the overall market is discussed in detail based on developments. The global market has grown exponentially in the last few years and this growth is projected to continue
Food&farming 