NEW YORK, Nov. 4, 2015 /PRNewswire/ -- Specialty fertilizers such as slow/controlled-release fertilizers and water-soluble fertilizers are also known as enhanced efficiency fertilizers. These fertilizers release nutrients slowly or gradually into the soil at a pre-determined time and rate. Specialty fertilizers are gaining importance due to the global awareness regarding sustainable agriculture, which demands step-by-step reduction in the cost of farming and meets environmental safety standards. These fertilizers are applied as topdressing or by soil mixing prior to sowing.
Reduced risk of fertilizer burn due to excess application, and economic benefits associated with labor savings and lesser quantity requirements are propelling market growth.
Specialty fertilizers are also efficient in increasing nitrogen use efficiency with reduced environmental hazards. Although slow-release technology in fertilizers is not very new to the industry; the relative availability and production is low as compared to conventional fertilizers. Factors such as production complexities, dominance of conventional fertilizers, and subsidies on conventional fertilizers hamper growth of the specialty fertilizers market.
North America accounted for the largest share of the global specialty fertilizers market in 2014. However, in the forthcoming years, the market is projected to grow at the highest rate in the Asia-Pacific region, making it the fastest revenue-generating pocket.
Growing environmental concerns, rising demand for food, decreasing land availability, increasing health concerns, growing government support, and increasing private investments and venture funding to support new product developments are the key factors driving the growth of the specialty fertilizers market in developing regions.
The market is characterized by intense competition due to the presence of a large number of large- and small-scale firms. New product launches & development, expansions, investments, collaborations, acquisitions; agreements, partnerships, & joint ventures are the key strategies adopted by market players to ensure growth in the market. The market is dominated by players such as the Yara International ASA (Norway), Haifa Chemicals (Israel), Sociedad Quimica y Minera S.A. (Chile), Sinochem Group (China), Agrium Inc. (Canada), The Mosaic Company (U.S.), and the Potash Corporation of Saskatchewan Inc. (Canada).
In this report, the global specialty fertilizers market is segmented into type, crop type, and region. The global specialty fertilizers market is projected to grow at a CAGR of 7.0% from 2015 to reach $19,885 million by 2020.
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