Press release
Specialty Fertilizers Market Latest Report with Forecast to 2031
The global specialty fertilizers market is estimated to reach over USD 75.27 billion by 2024-2031, exhibiting a CAGR of 7.38% during the forecast period.
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The need for tailored fertilizers to correct nutrient deficits at specific sites and locations is fueled by these factors, and this trend is expected to continue in the future.
List of Prominent Players in the Specialty Fertilizers Market:
• CF Industries Holdings, Inc
• Coromandel International Limited
• Deepak Fertilizers
• EuroChem Group AG
• ICL Group Ltd.
• Israel Chemical Ltd.
• K+S AG
• Kingenta
• Nufam
• Nutiren, LTD.
• OCI Nitrogen
• OCP Group
• Petrochemicals Corporation Limited
• Sociedad Quimica y Minera de Chile (SQM)
• SQM SA
• The Mosaic Company
• Yara International ASA
• Zuari Agro Chemicals Ltd.
Market Dynamics:
Drivers-
The growing world population drives the worldwide market, adding to the stress related to food security. Specialty fertilizers are highly effective, concentrated, and custom-made fertilizers that can increase crop output by providing vital nutrients that plants need. Additionally, during the forecast period, the market is expected to develop due to the adoption of precision farming techniques and the introduction of novel technologies in farming. The expansion would also be aided by the leading market participants' growing investments in developing and marketing efficient specialized fertilizers on the international market.
Challenges:
The market for specialized fertilizers is anticipated to see significant development restraints due to the high cost of fertilizers, including micronutrient fertilizers and customized fertilizers. This limitation can be removed by using readily available and reasonably priced ingredients in the product's formulation.
Regional Trends:
The Asia Pacific specialty fertilizers market, is expected to register a major market share in revenue and is projected to grow at a high CAGR shortly. The acceptance of the product in the region will be aided by growing innovation in the agricultural sector in agri-dominant nations like China and India. It is anticipated that the region's farmers will use specialized fertilizers more quickly if the government increases its efforts to encourage their use by providing subsidies for new and carefully designed fertilizers.
Besides, the North American region had a substantial share in the market due to the region's expanding use of high-quality crop nutrition products. In nations like the U.S. and Canada, there is an increasing demand for effective fertilizers that can manage the nutritional requirements of plants and provide them with the necessary nourishment at the right times.
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Recent Developments:
• In January 2020, Agrosema Comercial Agricola Ltda, a Brazilian agricultural retailer, will be acquired by Nutrien Ltd. This acquisition aims to increase market penetration in South America's traditional or niche fertilizer sector.
• In June 2019, the specialty fertilizer sector pioneer EuroChem Group AG opened a new fertilizer blending facility in Brazil. The new facility has a storage capacity of 100 KMT and can generate 6,000 tonnes of fertilizer in a single day.
Segmentation of Specialty Fertilizers Market-
By Type
• Micronutrient Fertilizers
• Slow Release Fertilizers
• Controlled Release Fertilizers
• Customized Fertilizers
• Water-soluble Fertilizers
• Others
By Crop Type
• Pulses and Oilseeds
• Grains and Cerals
• Commercial Crops
• Fruits and Vegetables
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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