(I-BusinessNews.Com, February 13, 2020 ) The global specialty fertilizers market is estimated to be valued at USD 36.1 billion in 2019 and is projected to reach USD 52.4 billion by 2025, recording a CAGR of 6.4%. The specialty fertilizers market has high growth potential in emerging markets, such as Asia Pacific and South America, as these fertilizers have the potential to increase the efficiency of the nutrients applied, are cost-effective, and generally result in higher crop yields. Specialty fertilizers are usually used in high-value crops that require certain nutrient qualities (such as chlorine-sensitive crops) or in situations where prolonged nutrient availability with fewer application rounds is important for good crop quality or yield. These fertilizers are typically applied through fert-irrigation and foliar applications.
By application method, the specialty fertilizers market is segmented into soil, foliar, and fertigation. Fertigation is an agricultural technique, which includes water and fertilizer application through irrigation. This process provides an opportunity to maximize the yield and minimize environmental pollution. Moreover, through fertigation, a farmer can uniformly apply nutrients throughout the field, whenever required. This market is projected to grow due to the adoption of efficient irrigation systems globally.
Based on crop type, the specialty fertilizers market is segmented into cereals & grains, oilseeds & pulses, fruits & vegetables, turf & ornamentals, and others. The fruits & vegetables segment is projected to witness the fastest growth during the forecast period. Fruits & vegetables have become an indispensable part of our daily diet, especially with the increase in awareness regarding their nutritive value. The consumption of fruits has shown a significant increase in the past two decades, and this trend is expected to continue in the coming years. According to FAO, China is the largest producer of fresh fruits & vegetables, which surpassed the US and India in 2018. The country accounts for 39% of the world’s fruit & vegetable production, followed by India with 10% and the US with 4% in 2016.
Based on technology, the specialty fertilizers market is segmented into slow-release, N-Stabilizers, coated & encapsulated, and chelated. Coated & encapsulated specialty fertilizers are conventional soluble fertilizer materials with increasingly available nutrients, which after granulation, prilling, or crystallization, are given a protective (water-insoluble) coating to control the water penetration, thereby affecting the rate of dissolution and the nutrient release. To further reduce the total fertilizer costs, coated & encapsulated fertilizers are increasingly used with the blend of conventional fertilizers in different ratios. These fertilizers offer greater flexibility in determining the nutrient release pattern.
Asia Pacific is projected to drive market growth during the forecast period, in terms of value. The key countries that play an important role in agriculture in this region are India, China, Japan, and Australia. Asia Pacific comprises developing countries with vast agricultural lands; the per capita income of the region depends on agricultural activities. Agricultural technologies are widely accepted and practiced in this region. According to the World Bank, nearly 56.2% and 60.4% of the entire land area were allotted as agricultural land in China and India, respectively, in 2015. Cotton, sugar crops, fruits & vegetables, and cereals are the leading agricultural commodities exported from these countries.
The major players, such as Nutrien, Ltd. (Canada), Yara International ASA (Norway), Israel Chemical Ltd. (Israel), K+S Aktiengesellschaft (Germany), and Sociedad Química y Minera de Chile (SQM) (Chile), in the specialty fertilizers market are focusing on new product launches, expansions & investments, acquisitions & mergers, agreements, joint ventures, collaborations, and partnerships to expand their global footprint.
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