The global specialty fertilizers market is set to gain impetus from the urgent need to support the growth of a wide range of crops and plants by using effective fertilizers. This information is given by Fortune Business Insights™ in a new report, titled, “Specialty Fertilizers Market Size, Share & Industry Analysis, By Type (Controlled-release Fertilizers, Water-soluble Fertilizers, Agricultural Micronutrients, and Customized Fertilizers), Application Method (Soil, Foliar, and Fertigation), Crop Type (Cereals, Pulses & Oilseeds, Fruits & Vegetables, Turf & Ornamentals, and Others), and Regional Forecasts, 2020 – 2027.” The report further states that the specialty fertilizers market size was USD 24.26 billion in 2019. It is projected to reach USD 39.37 billion in 2027, thereby exhibiting a CAGR of 6.8% in the forecast period.
COVID-19 Pandemic to Hamper Growth Backed by Halt of Production Processes
The COVID-19 pandemic has affected the production of specialty fertilizers negatively by causing their shortages. Several small and medium-sized enterprises (SME) globally have halted their production processes. Governments of numerous countries are issuing emergence notices for confirming the circulation and transportation of agricultural products. This would ensure the progression of spring plowing and production. Our research reports will provide in-depth information about the industry so that you can take impromptu business decisions.
How is This Report Developed?
We refer to secondary data sources, such as press releases of end-user facilities, investor presentations, annual reports, and industry journals to gather authentic information of the market. Our unique bottom-up approach helps in generating crucial data about the competitive landscape and recent industry developments, such as new product launches, collaborations, agreements, joint ventures, partnerships, contracts, and acquisitions. We also conduct extensive primary research to collect information about the current trends of the specialty fertilizers industry.
Drivers & Restraints-
Increasing Soil Contamination to Bolster Growth
The global population is surging day by day. It is therefore stressing the food security. Specialty fertilizers are tailor-made, concentrated, and highly efficient. They can easily improve crop yield by offering significant nutrients required by various plants. Apart from that, the surging soil contamination and declining arable land would propel the specialty fertilizers market growth in the upcoming years. However, the expensive nature of customized and micronutrient fertilizers may obstruct the demand for specialized fertilizers.
Water-soluble Fertilizers Segment to Lead Fueled by Compatibility with New Technology
Based on the type, the water-soluble fertilizers (WSFs) segment is set to remain at the forefront throughout the forthcoming years. This growth is attributable to the low water requirements and effective usage with modern irrigation technology. The controlled-release fertilizers segment generated 10.34% in terms of the speciality fertilizers market share in 2019.
North America to Remain at the Forefront Stoked by High Demand from U.S. & Canada
Geographically, North America held USD 7.56 billion in terms of revenue in 2019. It is anticipated to retain its dominant position in the near future. The rising need to fulfil the nutritional requirements of plants in Canada and the U.S. would propel the demand for specialty fertilizers in the region.
On the other hand, Asia Pacific would exhibit a CAGR of 7.36% in the upcoming years. Governments of various countries are offering subsidies to promote the usage of specially formulated fertilizers. Coupled with this, the ongoing development in the agriculture sector, especially in India and China, would augment the demand for specialty fertilizers.
Key Players Focus on Acquisition Strategy to Compete in Global Market
The global market for specialty fertilizers houses several prominent companies that are mainly aiming to compete with their rivals by focusing on the merger and acquisition strategy. A few others are participating in new product development to gain a competitive edge. Below are the two latest industry developments:
- October 2020: ICL signed an agreement for acquiring Fertiláqua by investing around USD 120 million. It would enhance the company’s customer base and broaden its portfolio of specialty plant nutrition.
- September 2018: Grupa Azoty purchased COMPO EXPERT. It would help the former to strengthen its position in the field of agricultural solutions for benefitting its customers.
A list of all the renowned specialty fertilizers manufacturers present in the global market:
- The Mosaic Company (Florida, United States)
- Nutrien Ltd. (Saskatoon, Canada)
- ICL (Tel-Aviv Yafo, Israel)
- Yara International ASA (Oslo, Norway)
- Haifa Chemicals Ltd. (Haifa, Israel)
- EuroChem Group AG (Switzerland)
- Coromandel International Limited (Secunderabad, India)
- Sociedad Química Y Minera De Chile (Chile)
- OCP Group (Casablanca, Morocco)
- Compo Expert GmbH (Germany)