Specialty Fertilizers Market to Observe Strong Development by 2024
In a fragmented yet competitive global specialty fertilizers market, keen players are focused on research and development to emerge at the fore, finds Transparency Market Research (TMR) in a new study. In a bid to stay competitive amidst stiff competition, key players are developing innovative and eco-friendly products. Besides this, companies operating in the specialty fertilizers market are compelled to adhere to regulations that restrict the use of certain chemicals for health and environmental hazards. That being said, more companies are focused to develop organic specialty fertilizers, adds the report.
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Prominent participants in the global specialty fertilizers market include Yara International ASA, Agrium Inc., The Potash Corporation of Saskatchewan Inc., Israel Chemical Limited, Sociedad Quimica Y Minera S.A., Haifa Chemicals Limited, and Coromandel International Limited among others.
As per projections of a report by Transparency Market Research, the global specialty fertilizers market will be valued at US$14,734.4 mn by the end of 2025 from US$8,987.3 mn in 2016 at a CAGR of 5.7% from 2017 to 2025. Among the key type segments, slow release fertilizers held the leading market share in 2016 due to ease of availability and excellent cost to performance ratio. On the basis of compound, nitrogen compounds held the leading market share in 2016 vis-à-vis revenue.
"Rising environmental concerns, decreasing land availability, rising demand for food, increasing health concerns, growing government support, increasing private ventures that support new product developments are the key growth drivers of the global specialty fertilizers market," says a TMR analyst.
Specialty fertilizers offer a number of advantages over conventional fertilizers. This includes higher efficiency, less labor intensive, and provide constant nutrients to plants. The nutrients provided by specialty fertilizers are completely utilized as they are released only in small amounts that can be easily absorbed by plants.
Specialty fertilizers are granular shaped that are used to provide nutrients to the soil. It is either applied as a coating to seeds or is mixed with soil prior to sowing. Specialty fertilizers control the amount of moisture contact with soil, and release nutrients that decrease the rate of uptake of moisture by soil as well as reduces nutrient loss to the environment. Moreover, specialty fertilizers also help reduce harm to crops due to ionic concentration. Further, specialty fertilizers are used as an adhesive to augment pesticide intake and are used as binding agents to prevent leaching of pesticides from crops.
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On the downside, however, the high cost of specialty fertilizers over conventional fertilizers accounts for their limited their use in ordinary agriculture, which is challenging the growth of specialty fertilizers market.
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