The specialty fertilizers market is estimated to account for a value of USD 37.6 billion in 2020 and is projected to grow at a CAGR of 6.4% from 2020, to reach a value of USD 51.3 billion by 2025. The increase in demand for enhanced high-efficiency fertilizers, ease of use and application of specialty fertilizers, and adoption of precision farming and protected agriculture are some of the factors that are projected to drive the growth of the market.
- To define, segment, and project the global market size of the global market.
- To understand the specialty fertilizers market by identifying its various subsegments
- To provide detailed information about the key factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
- To analyze the micromarkets with respect to individual growth trends, future prospects, and their contribution to the total market
- To project the size of the market and its submarkets, in terms of value, with respect to the regions (along with their respective key countries)
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Opportunities: Growing nutrient deficiency and rising importance of specialty nutrients
The growing traction of specialty plant nutrition products, such as potassium nitrate, reflected on their global consumption has more than doubled over the last decade, whereas the growth rates of other alternatives, such as commodity fertilizers, are more moderate. The impressive growth rate of specialty plant nutrition products is attributed to the following factors:
- Fertilizers improve the agricultural yield, which ensures maximum nutrition for plant growth
- The nutritional content of the soil increases with the inclusion of specialty fertilizers, such as bulk fertilizers, micronutrient fertilizers, fortified fertilizers, and specialty fertilizers
Challenges: Limited adoption of controlled-release technology
Limited awareness of the advantages of CRF with respect to application cost and environmental concerns is a major factor that is projected to significantly contribute to the growth of the specialty fertilizers market. The major factor that has led to the low rate of adoption of this technology is the established conventional fertilizers market, as the demand for conventional fertilizers among farmers remains high due to their belief in high crop returns. Though there is a high impact on the long-term cost associated with the application of fertilizers, the initial cost to be invested by farmers is significantly high, which discourages farmers from adopting this technology.
South America is projected to grow at the highest CAGR during the forecast period.
The market for specialty fertilizers in the South America region is projected to grow at the highest CAGR from 2020 to 2025. According to FAOSTAT, Brazil is the largest producer of agricultural products due to the availability of abundant land and rural labor force, followed by Argentina. The growth in South America is majorly attributed to the increase in the adoption of agrochemicals and advancements in farming techniques in Brazil and Argentina with distribution channels established by global agrochemical players. Due to these factors, the market in the South America region is projected to record the highest growth from 2020 to 2025.
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This report includes a study on the marketing and development strategies, along with a study on the product portfolios of the leading companies operating in the liquid fertilizers market. It includes the profiles of leading companies, such as Nutrien, Ltd.(Canada), Yara International ASA (Norway), Israel Chemical Ltd. (Israel), K+S Aktiengesellschaft (Germany), Sociedad Química Y Minera De Chile (SQM) (Chile), The Mosaic Company (US), EuroChem Group (Switzerland), CF Industries Holdings, Inc. (US), OCP Group (Morocco), OCI Nitrogen (Netherlands), Wilbur-Ellis (US), Kugler (US), Haifa Group (Israel), COMPO Expert GmbH (Germany), AgroLiquid (US), Plant Food Company, Inc. (US), Coromandel International Ltd (India), and Deepak Fertilizers & Petrochemicals Corporation Ltd. (India), Nufarm (Australia), and Brandt (US).