Specialty Fertilizers Market was worth USD 17.33 billion in 2018 and estimated to be growing at a CAGR of 7.5%, to reach USD 24.88 billion by 2023. Specialty Fertilizers work by allowing increased nutrient uptake in plants and reducing the nutrient losses to the environment. The demand for specialized fertilizers continues to increase as they prove to be an efficient alternative to conventional fertilizers. Additionally, they have also resourced savers, have a negligible impact on the environment, and have labor saving attributes.
The relevance of specialized fertilizers is because there is an increased demand for diversified food and the decline in the total cultivable land are posing challenges for farmers to maintain a standard per acre yield rate. This calls for the use of efficient fertilizers, but at the same time, concerns regarding environmental degradation due to industrial fertilizers is compelling farmers to prefer high-efficiency specialized fertilizers.
Market Drivers and Restraints:
The main engine of the world market of specialized fertilizers is the increase in human populations. As the human population increases, the demand for land and food increases dramatically. However, the collapse of croplands is a challenge for the cultivation of food. Besides, special fertilizers are much more efficient and require less labor than conventional fertilizers. The main reason for the growth of the specific fertilizer market is the relatively higher cost of special fertilizers. Besides, the use of special fertilizers has not prevailed everywhere, since use in global agriculture is still limited.
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Report segmented as
The Global Specialty Fertilizers market is broadly classified into Controlled-Release Fertilizers and Slow-Release Fertilizers based on Action and based on Product Types, they are classified into Phosphatic Fertilizers, Potassic Fertilizers, and Nitrogenous Fertilizers. Based on application, they are classified into Crop-Based Application and Non-Crop-Based Application. Based on geography, the global market is analyzed under various regions, namely North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. North America dominates the Specialty Fertilizers Market in 2016 with the region accounting for 39% of the overall market share. North America was followed next in line by Europe and Asia-Pacific. Asia-Pacific is expected to grow rapidly in the coming years, as is evident from the high CAGR value for the region.
Important Market Players:
Some of the major companies dominating the market, by their products and services include Yara International (Norway), Sociedad Quimica y Minera S.A. (Chile), Haifa Chemicals (Israel), Sinochem Group (China), Agrium (Canada), The Mosaic Company (USA), Vardhaman Fertilizers and Seeds (India), Verdesian Life Sciences (U.S.), Sungro Seeds (India) and the Potash Corporation of Saskatchewan (Canada).
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The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for a better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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