Specialty Fertilizers Market: Restraints, Opportunities, Key Players and Recent Development

The global specialty fertilizers market is estimated to be valued at USD 37.6 billion in 2020 and is projected to reach USD 51.3 billion by 2025, recording a CAGR of 6.4%. The growth of the specialty fertilizers market is driven by various factors, such as ease of use and rapid absorption by the soil and plants, which, in turn, ensures that nutrients reach crops faster than other forms of fertilizers.

Report Objectives:

  • 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

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=57479139

Restraints: Cost ineffectiveness

The cost of production of specialty fertilizers is comparatively higher than that of conventional fertilizers due to the complex production processes they require. As per the International Fertilizer Association (IFA), the prices of controlled-release fertilizers are four to six times higher than the conventional NPK (nitrogen, phosphorous, and potassium) prices. This is one of the major factors that are projected to inhibit the growth of the market.

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

Nutrien Ltd. (Canada) has the largest crop nutrient product portfolio, which is combined with a global retail distribution network that includes more than 1,500 farm retail centers. The company is a leading manufacturer and distributes over 27 million tonnes (29.76 million tons) of nitrogen, potassium, and phosphate products for industrial, agricultural, and feed customers worldwide. The company has a wide-ranging agricultural retail network that provides services to over 500,000 grower accounts. The company has a network of nearly 1,700 retail locations in seven countries, along with operations and investments in 14 countries, globally. The company has its presence in North America, South America, Europe, Asia, Africa, and Australia.

Yara International ASA (Norway) is one of the largest fertilizer manufacturing companies in the world. The company is primarily engaged in producing and distributing mineral fertilizers and environmental solutions. It manages its business primarily through three business segments, namely, downstream, industrial, and upstream. The company offers its liquid fertilizer products through its product portfolio; the products are available in potassium, phosphorus, and sulfate forms. The company offers fertilizer brands, such as YaraBela, YaraLiva, YaraMila, YaraTera, YaraVera, and YaraVita. The company offers a complete fertilizer portfolio to growers, globally, under its downstream segment, and also offers ammonia, urea, nitrates, and other nitrogen-based fertilizer products under its upstream business segment. The company offers fertilizers of various nutrients, such as nitrogen, phosphorus, potassium, calcium, and magnesium.

Make an Inquiry: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=57479139

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.

Key players in the liquid fertilizers market include Nutrien, Ltd. (Canada), Yara International ASA (Norway), Israel Chemical Ltd. (Israel), K+S Aktiengesellschaft (Germany), and Sociedad Química Y Minera De Chile (SQM) (Chile), The Mosaic Company (US), EuroChem Group (Switzerland), CF Industries and Holdings, Inc. (US), and Nufarm (Australia).

Recent Developments:

  1. In September 2019, Nutrien, Ltd. acquired Ruralco Holdings Limited (Ruralco) in Australia. Through this acquisition, Nutrien would be able to provide significant benefits to its stakeholders, as well as enhance the delivery of its products and services to the Australian farmers.
  2. In June 2019, EuroChem Group expanded its fertilizer production facility by opening a third new fertilizer blending plant in Brazil. This production center was a new 27,000 m2 facility at Araguari in Minas Gerais, which was another step in the continued expansion of EuroChem’s subsidiary, Fertilizantes Tocantins (FTO). It is a major fertilizer distribution business in Brazil.