Specialty Fertilizers Market to Emerge as a Key Driver of Sustainable Agriculture
Specialty
Fertilizers: A tailored approach to crop nutrition
Specialty
fertilizers are fertilizers that are designed to meet the specific needs of
certain crops or growing conditions. They can be formulated to provide specific
nutrients, improve soil health, or increase crop yields. Specialty fertilizers
are becoming increasingly popular as farmers strive to produce more food with
fewer resources and to meet the growing demand for sustainable agriculture. During
the forecast period 2022–2030, the Specialty Fertilizers Market is estimated to
reach USD 52.67 billion at a CAGR of 6.23%.
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Types
of specialty fertilizers
There
are a wide variety of specialty fertilizers available, including:
Controlled-release
fertilizers: Controlled-release fertilizers are fertilizers that release nutrients
slowly over time. This helps to reduce nutrient leaching and improve nutrient
use efficiency.
Water-soluble
fertilizers: Water-soluble fertilizers are fertilizers that can be dissolved
in water and applied to plants through irrigation systems or foliar sprays.
Water-soluble fertilizers are quickly absorbed by plants and can be used to
correct nutrient deficiencies or to boost plant growth.
Micronutrient
fertilizers: Micronutrient fertilizers are fertilizers that contain essential
nutrients that plants need in small amounts, such as iron, zinc, and boron.
Micronutrient deficiencies can cause a variety of plant problems, such as
stunted growth, poor yields, and susceptibility to pests and diseases.
Organic
fertilizers: Organic fertilizers are fertilizers that are made from natural
materials, such as compost and manure. Organic fertilizers improve soil health
and provide plants with a balanced range of nutrients.
Biofertilizers:
Biofertilizers are fertilizers that contain living microorganisms that can help
to improve soil health and plant growth. Biofertilizers can be applied to soil
or seeds.
Benefits
of using specialty fertilizers
Specialty
fertilizers offer several benefits, including:
Improved
crop yields: Specialty fertilizers can help to improve crop yields by
providing plants with the nutrients they need to grow and thrive.
Reduced
nutrient leaching: Specialty fertilizers can help to reduce nutrient leaching by
releasing nutrients slowly over time. This is important for protecting water
quality and reducing environmental impact.
Improved
soil health: Specialty fertilizers can help to improve soil health by increasing
organic matter content and improving soil structure. Healthy soil is essential
for plant growth and can help to reduce soil erosion.
Increased
crop resilience: Specialty fertilizers can help to increase crop resilience to
pests and diseases. This is important for sustainable agriculture.
Specialty
fertilizers help in improving agricultural productivity by promoting plant
growth. Increasing population and growing demand for food have led to high
agricultural productivity which is driving the growth of the specialty
fertilizers market. Moreover, limited availability of cultivable land and the
pressure to increase farm productivity is boosting the demand for specialty
fertilizers.
Growing
acceptance of modern farming is adding fuel to the growth of specialty
fertilizers market. Owing to the demand for improving the efficiency of
specialty fertilizers, major players are investing in research and development
which is further boosting the growth of global specialty fertilizers market.
Additionally, government initiatives to support the growth of fertilizer
industry is adding advantage to the growth of specialty fertilizers market.
However, high production cost may hamper the growth of the specialty
fertilizers market. Nevertheless, all these factors are projected to contribute
to the estimated CAGR of 6.23% of specialty fertilizers market during the
forecast period 2022–2030.
Downstream
analysis
Specialty
fertilizers market size is segmented based on a type such as nitrogen fertilizers,
phosphate fertilizers, potash fertilizers, and others. Among all, potash
fertilizers are holding the major market share. Moreover, in potash fertilizers,
potassium chloride is dominating the market. However, nitrogen fertilizers are
experiencing a decent growth over the forecast period.
Based
on the crop type, the specialty fertilizers market is segmented into cereals
& oilseeds, fruits & vegetables, turf & ornamentals, and others.
Among all, turf & ornamentals segment is witnessed to be dominating the
specialty fertilizers market. However, cereal and oilseeds segment is expanding
at a high rate during the given period of time.
Market
Segmentation
Specialty
fertilizers market is segmented on the basis of type, crop type, and region.
Competitive
analysis
The
major players in the specialty fertilizers market
·
Mosaic Company (U.S.)
·
Agrium Inc. (Canada)
·
Yara International (Norway)
·
Haifa Chemicals (Israel)
·
Atlantic Gold Corp (Canada)
·
Art Wilson Co. (U.S.)
·
Eurochem (Switzerland)
Regional
Analysis
The
global specialty fertilizers market is segmented into North America, Europe,
Asia Pacific and rest of the world (RoW). Asia Pacific dominates the market and
is projected to witness substantial growth over the estimated period. India and
China which are two of the largest countries in terms of population are majorly
contributing to the growth of specialty fertilizers in this region.
In
North America, the U.S. is the major contributor to specialty fertilizers.
However, stringent environmental regulations in the developed economies of
North America and Europe are expected to restrain the market growth in these
regions. Biobased specialty fertilizers are expected to offer huge growth
opportunity in North America and Europe. For rest of the world, South America
is projected to witness high growth owing to increasing demand for crops in
this region.
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