Global Specialty Fertilizers Market Report 2020-2025: Rising Environmental Concerns to Encourage the Adoption of Specialty Fertilizers
DUBLIN, April 1, 2021 /PRNewswire/ -- The "Specialty Fertilizers Market by Type (UAN, CAN, MAP, Potassium Sulfate, and Potassium Nitrate), Application Method (Soil, Foliar, and Fertigation), Form (Dry and Liquid), Crop Type, Technology, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global specialty fertilizers market is estimated to be valued at USD37.6 billion in 2020 and is projected to reach USD 51.3 billion by 2025, recording a CAGR of 6.4%.
Factors such as the growing demand for high-efficiency fertilizers, the adoption of precision farming and protected agriculture, increasing environmental concerns, and rapid growth in greenhouse vegetable production are projected to drive the growth of this market.
The urea-ammonium nitrate (UAN)segment is projected to be the largest segment, by type, in the specialty fertilizers market during the forecast period.
UAN is gaining more popularity among liquid fertilizers, as it can be mixed with pesticides, herbicides, growth regulators, and other nutrients, thereby allowing farmers to reduce costs. Solutions of UAN are widely used as a source of nitrogen for plant nutrition. These solutions are extremely versatile as a source of plant nutrition. Due to its chemical properties, UAN is compatible with many other nutrients and agricultural chemicals and is frequently mixed with solutions containing phosphorus, potassium, and other essential plant nutrients.
The cereals & grains segment is projected to account for the largest market during the forecast period.
By crop type, the specialty fertilizer market is segmented into cereals & grains, oilseeds & pulses, fruits & vegetables, turf & ornamentals, and other segments. The dominance of the cereals & grains segment is attributed to the increasing consumption of liquid fertilizers for these crops, particularly in the Asian and North American countries.
In addition, due to the increasing demand for crops, such as corn, wheat, rice, and sorghum, across various industries, the consumption of crop protection chemicals is projected to increase for improving the yield of these cereals.
Due to these factors, the segment is projected to grow at the highest CAGR during the forecast period. Asia Pacific accounted for the largest share in the specialty fertilizer market for the cereals & grains segment, majorly due to the high production of crops, including corn, wheat, and rice, in the US, China, India, and Japan.
The coated & encapsulated segment is projected to grow at the highest CAGR during the forecast period.
By technology, the specialty fertilizer 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.
The adoption of these fertilizers is increasing in the global market, particularly in China, the US, Japan, Canada, and Western Europe, due to the growing awareness about the benefits associated with coated fertilizers and government support provided by the nation, in terms of subsidies and policy amendments. Due to these factors, the segment is projected to grow at the highest CAGR during the forecast period.
The Asia Pacific market is estimated to account for the largest market share due to the rapid adoption of advanced technologies for improving the yield of crops in the region.
According to the FAOSTAT, the Asia Pacific region contributed to more than 60% of the global population in 2017, with China and India being two of the most populous countries in the world. Hence, the increase in food demand from this region has led to a surge in the use of specialty fertilizers.
The growth rate of the Japanese market is also projected to be high as compared to that of the other regions, due to the adoption of precise and advanced systems for farming, as well as controlled-environment agriculture. There are more global players in the market that are focusing on entering the Asia Pacific region through the adoption of strategies, such as mergers & acquisitions or partnerships.
The Asia Pacific market is projected to grow at the highest rate due to the increase in demand from countries, such as India and China. The high cost of these fertilizers is a key factor inhibiting the growth of the Asia Pacific market.
Market Overview
Macroindicators
- Rising Market Demand for High-Value Crops
- Limited Availability of Arable Land
Market Dynamics
Drivers
- The Need for High-Efficiency Fertilizers
- Uniform Nutrient Application
- Rising Environmental Concerns to Encourage the Adoption of Specialty Fertilizers
- Increasing Adoption of Precision Farming Technology
Restraints
- Growth of the Organic Fertilizers Industry
- Cost Ineffectiveness
Opportunities
- Strong Growth in Emerging Economies
- Growing Nutrient Deficiency and Rising Importance of Specialty Nutrients
Challenges
- Lack of Awareness Among Farmers
- Limited Adoption of Controlled-Release Technology
- COVID-19 Impact Analysis of Specialty Fertilizers Market
Leading players profiled in this report
- Nutrien, Ltd. (Canada)
- Yara International ASA (Norway)
- Israel Chemical Ltd. (Israel)
- K+S Aktiengesellschaft (Germany)
- Sociedad Quimica y Minera de Chile (SQM) (Chile)
- The Mosaic Company (US)
- EuroChem Group (Switzerland)
- CF Industries Holdings, Inc.(US)
- OCP Group (Morocco)
- OCI Nitrogen (Netherlands)
- Wilbur-Ellis (US), Compass Minerals (US)
- Kugler (US), Haifa Group (Israel)
- COMPO Expert GmbH (Germany)
- AgroLiquid (US)
- Plant Food Company, Inc. (US)
- Coromandel International Ltd (India)
- Deepak Fertilizers & Petrochemicals Corporation Ltd. (India)
- Nufarm (Australia), and Brandt (US)
- ZuariAgro Chemicals Ltd (India)
- Valagro spa (Italy)
- AgrozonAgro (India)
- Koch Industries (US)
- Kingenta (China)
For more information about this report visit https://www.researchandmarkets.com/r/fv89ck
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