Specialty Fertilizers Market Opportunities and Strategic Focus Report
Specialty Fertilizers Market is on the verge of crossing at high CAGR of 6.5% in 2028 | DataM Intelligence
(EMAILWIRE.COM, August 19, 2021 ) Market Overview:
Specialty fertilizers are materials that help enhance the water and nutrient efficiency in farming practices. These chemicals are formulated to cater the unique nutrient needs of particular plant or soil. The application of these materials prolongs the availability of nutrients to plants by controlling the amount of moisture contact with the plant.
The global specialty fertilizers market valued USD XX billion in 2020 and is estimated to reach USD XX billion by 2028, at a CAGR of XX% during the forecast period.
Market Dynamics:
The need for crop nutrition has been rising in both food and commercial crops to increase food production and quality of produce. United Nation’s Food and Agriculture Organization estimated the world will need to grow 50% more food by 2050 to feed an anticipated population of 9 billion people. Nearly one-third of the world’s adequate or high-quality food-producing land has been degraded due to soil erosion resulting from continual ploughing of fields and over cultivation. The growing demand for food and depletion of arable land is forcing the farming communities to produce most out of limited resources, thus boosting the need for use of fertilizers. The incorporation of fertilizers witnessed significant growth in fruits and vegetables, cereals, grains, and all other farming practices. However, it is difficult to match the nutrient requirements of plants and the use of these commodity fertilizers witness loss of nutrients into groundwater and atmosphere. These factors led to the development of specialty fertilizers that through their precise formulation balance crop nutrition in plants.
The growing demand for crop nutrition and awareness towards the role of nutrients in enhancing farming efficiency is the primary factor driving the growth of specialty fertilizers market. Development of novel formulations by various research institutes and companies that can precisely balance nutrition by providing controlled release of essential nutrients is also supporting the utilization of specialty fertilizers. According to a field experiment on research farm of soil science and agricultural chemistry department, VNMKV, Foliar application of specialty fertilizers on nutrient uptake of Chickpea was found superior for yield and quality of produce along with restoration of soil fertility. The capacity of these materials to enhance water-use efficiency is motivating the farming communities towards use of specialty fertilizers.
Specialty fertilizers also contain considerable amount of primary, secondary, and micronutrients essential for the growth of plants and thus evolved as an integral part of crop nutrition. Most of the global agrochemical manufacturers are involved in the production of specialty fertilizers and are witnessing lucrative growth in this business.
However, the adverse effects of synthetic specialty fertilizers on environment is the major restraint for the growth of the market. Several state and federal governments regulated the use of these materials in agricultural chemicals. Also, specialty fertilizers, although give better yield, are 3-4 times more expensive than commodity fertilizers, which makes it difficult for farmers, especially in developing countries, to adapt. Even from the supply side, entry barriers are higher than commodity fertilizers. According to a publication by GPCA and ICIS, in order to produce more sophisticated products, greater technical know-how is required for the processes that coat commodity products or produce stabilizers, solubles and higher value micronutrients
Market Segmentation:
By Type
• Compound Fertilizers
• Slow Release Fertilizers
• Controlled Release Fertilizers
• Stabilized Fertilizers
• Nitrification Inhibitors
• Urease Inhibitors
• Micronutrient Fertilizers
• Chelated
• Non-Chelated
• Others
By Form
• Dry
• Liquid
By Mode of Application
• Foliar
• Soil Applied
Geographical penetration:
By geography, the global specialty fertilizers market is segmented into North America, South America, Europe, Asia Pacific, Middle East and Africa. Asia Pacific evolved as the largest market for specialty fertilizers owing to the demand for crop nutrition practices in countries such as China and India. In India, it is estimated that percentage of agricultural workers of total work force would drop to 25.7% by 2050 whereas total population is expected to grow to 1.64 billion. Growing practice of precision farming to enhance water efficiency owing to the increasing food demand and decreasing resources is boosting the need for specialty fertilizers in this region.
Gulf companies are actively pursuing to enter into specialty fertilizers market focusing mainly on Middle East, North and East Africa and Indian subcontinent. According to a publication by GPCA and ICIS, the specialty fertilizer market in the GCC region is at a relatively infant stage but there are significant opportunities for their production and marketing. The region is already one of the most important for production of nitrogen and phosphate raw materials and many of the chemical companies in the region are seeking to add value by moving into more specialized and diversified chemistry and production. For instance, Abu Dhabi Fertilizer Industries (ADFERT) has the capacity to produce around 100,000 ton/year of specialty products, including granular and water soluble NKPs, liquids and suspensions, micronutrients and foliar products, and sulfur-coated urea. (SCU)
Competitive landscape:
The high product differentiation in specialty fertilizers fragmented the global market. However, the market is consolidated in most of the product segments with very few players holding significant share. For instance, the market for controlled release fertilizers (CRF) is highly consolidated with top 5 companies accounting for over 60% of global sales. Kingenta Ecological Engineering Co., LTD., Israel Chemicals Ltd., Haifa Group, and The Scotts Miracle-Gro Company are dominating the global controlled release fertilizers market. Specialty fertilizers market is highly competitive with the likes of new product launches, expansion of production capacity, and remarkable acquisitions.
In March 2019, Amega Sciences Inc. marked its entry into specialty fertilizers by launch of its six new unique formulations, each targeted to treat common nutrient deficiencies.
In June 2019, EuroChem started production of fertilizers in its new production facility at Araguari in Brazil. With a capacity of producing 6,000 tonnes of fertilizers per day, the new plant marks a key development in the specialty fertilizers business of the company
In October 2020, ICL Agrees to Acquire Fertiláqua, a Leading Brazilian Specialty Plant Nutrition Company for approximately $120 million. Acquisition enhances ICL's position in the high growth, high margin Brazilian specialty plant nutrition market
Related Topic's
Bioinsecticides Market, Nematicides Market, Triazole Fungicides Market, Miticides Market, Ethiprole Market
Specialty fertilizers are materials that help enhance the water and nutrient efficiency in farming practices. These chemicals are formulated to cater the unique nutrient needs of particular plant or soil. The application of these materials prolongs the availability of nutrients to plants by controlling the amount of moisture contact with the plant.
The global specialty fertilizers market valued USD XX billion in 2020 and is estimated to reach USD XX billion by 2028, at a CAGR of XX% during the forecast period.
Market Dynamics:
The need for crop nutrition has been rising in both food and commercial crops to increase food production and quality of produce. United Nation’s Food and Agriculture Organization estimated the world will need to grow 50% more food by 2050 to feed an anticipated population of 9 billion people. Nearly one-third of the world’s adequate or high-quality food-producing land has been degraded due to soil erosion resulting from continual ploughing of fields and over cultivation. The growing demand for food and depletion of arable land is forcing the farming communities to produce most out of limited resources, thus boosting the need for use of fertilizers. The incorporation of fertilizers witnessed significant growth in fruits and vegetables, cereals, grains, and all other farming practices. However, it is difficult to match the nutrient requirements of plants and the use of these commodity fertilizers witness loss of nutrients into groundwater and atmosphere. These factors led to the development of specialty fertilizers that through their precise formulation balance crop nutrition in plants.
The growing demand for crop nutrition and awareness towards the role of nutrients in enhancing farming efficiency is the primary factor driving the growth of specialty fertilizers market. Development of novel formulations by various research institutes and companies that can precisely balance nutrition by providing controlled release of essential nutrients is also supporting the utilization of specialty fertilizers. According to a field experiment on research farm of soil science and agricultural chemistry department, VNMKV, Foliar application of specialty fertilizers on nutrient uptake of Chickpea was found superior for yield and quality of produce along with restoration of soil fertility. The capacity of these materials to enhance water-use efficiency is motivating the farming communities towards use of specialty fertilizers.
Specialty fertilizers also contain considerable amount of primary, secondary, and micronutrients essential for the growth of plants and thus evolved as an integral part of crop nutrition. Most of the global agrochemical manufacturers are involved in the production of specialty fertilizers and are witnessing lucrative growth in this business.
However, the adverse effects of synthetic specialty fertilizers on environment is the major restraint for the growth of the market. Several state and federal governments regulated the use of these materials in agricultural chemicals. Also, specialty fertilizers, although give better yield, are 3-4 times more expensive than commodity fertilizers, which makes it difficult for farmers, especially in developing countries, to adapt. Even from the supply side, entry barriers are higher than commodity fertilizers. According to a publication by GPCA and ICIS, in order to produce more sophisticated products, greater technical know-how is required for the processes that coat commodity products or produce stabilizers, solubles and higher value micronutrients
Market Segmentation:
By Type
• Compound Fertilizers
• Slow Release Fertilizers
• Controlled Release Fertilizers
• Stabilized Fertilizers
• Nitrification Inhibitors
• Urease Inhibitors
• Micronutrient Fertilizers
• Chelated
• Non-Chelated
• Others
By Form
• Dry
• Liquid
By Mode of Application
• Foliar
• Soil Applied
Geographical penetration:
By geography, the global specialty fertilizers market is segmented into North America, South America, Europe, Asia Pacific, Middle East and Africa. Asia Pacific evolved as the largest market for specialty fertilizers owing to the demand for crop nutrition practices in countries such as China and India. In India, it is estimated that percentage of agricultural workers of total work force would drop to 25.7% by 2050 whereas total population is expected to grow to 1.64 billion. Growing practice of precision farming to enhance water efficiency owing to the increasing food demand and decreasing resources is boosting the need for specialty fertilizers in this region.
Gulf companies are actively pursuing to enter into specialty fertilizers market focusing mainly on Middle East, North and East Africa and Indian subcontinent. According to a publication by GPCA and ICIS, the specialty fertilizer market in the GCC region is at a relatively infant stage but there are significant opportunities for their production and marketing. The region is already one of the most important for production of nitrogen and phosphate raw materials and many of the chemical companies in the region are seeking to add value by moving into more specialized and diversified chemistry and production. For instance, Abu Dhabi Fertilizer Industries (ADFERT) has the capacity to produce around 100,000 ton/year of specialty products, including granular and water soluble NKPs, liquids and suspensions, micronutrients and foliar products, and sulfur-coated urea. (SCU)
Competitive landscape:
The high product differentiation in specialty fertilizers fragmented the global market. However, the market is consolidated in most of the product segments with very few players holding significant share. For instance, the market for controlled release fertilizers (CRF) is highly consolidated with top 5 companies accounting for over 60% of global sales. Kingenta Ecological Engineering Co., LTD., Israel Chemicals Ltd., Haifa Group, and The Scotts Miracle-Gro Company are dominating the global controlled release fertilizers market. Specialty fertilizers market is highly competitive with the likes of new product launches, expansion of production capacity, and remarkable acquisitions.
In March 2019, Amega Sciences Inc. marked its entry into specialty fertilizers by launch of its six new unique formulations, each targeted to treat common nutrient deficiencies.
In June 2019, EuroChem started production of fertilizers in its new production facility at Araguari in Brazil. With a capacity of producing 6,000 tonnes of fertilizers per day, the new plant marks a key development in the specialty fertilizers business of the company
In October 2020, ICL Agrees to Acquire Fertiláqua, a Leading Brazilian Specialty Plant Nutrition Company for approximately $120 million. Acquisition enhances ICL's position in the high growth, high margin Brazilian specialty plant nutrition market
Related Topic's
Bioinsecticides Market, Nematicides Market, Triazole Fungicides Market, Miticides Market, Ethiprole Market
Contact Information:
DataM Intelligence
Sai Kiran
Tel: +1 877 441 4866
Email us
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DataM Intelligence
Sai Kiran
Tel: +1 877 441 4866
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results