There is no foreseeable decline in the escalation of demand for food
ingredients as developing nations’ populations continue to mount. However,
arable land is limited and consistently decreasing too. Coupled with changes to
the environment that pollution has caused, there is a strong requirement for
measures that can increase the efficiency or yield of limited arable
land. Specialty fertilizers are
a boon for agri-retailers and growers in order to increment crop production as
they supply necessary nutrients during seasons when groundwater is low. Specialty
fertilizers help soil to overcome deficiencies and attain greater fertility,
and their adoption is on the rise.
Global Demand for Specialty Fertilizers to
Increment at 5.7% CAGR during 2017-2025
A recent business intelligence report developed at Transparency Market
Research (TMR) has projected that the demand in the global
specialty fertilizers market will expand at a notable CAGR of 5.7%
during the forecast period of 2017 to 2025. In terms of revenue, the analyst of
the report has estimated the market to attain a value of US$14,734.4 million,
substantially more than the market’s evaluated worth of US$8,987.3 million as
of 2016.
The analyst of the report has highlighted a vendor landscape wherein the
global specialty fertilizers market shares are fairly consolidated among a
handful of major players. Major companies such as Coromandel International Limited,
Haifa Chemicals Limited, Yara International ASA, The Potash Corporation of
Saskatchewan Inc., Sociedad Quimica Y Minera S.A., Agrium Inc., and Israel
Chemical Limited boast of their expansive geographical presence and are
consistently improving their product portfolio to stay ahead of the curve. Most
of these players are eyeing emerging economies in Asia Pacific that are
prospering on economic growth and have a strong agriculture community.
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Based on product type, the TMR report has segmented the specialty
fertilizers market into micro nutrient fertilizers, nitrification and urea
inhibitors, controlled release fertilizers, and slow release fertilizers.
Compound-wise, the market has been bifurcated into NPK, Potash, Phosphate, and
Nitrogen. The study has also gauged the potential of demand that will be coming
from crop types of fruits and vegetables, turf and ornamentals, and cereals and
oilseeds, as well as the regions of Asia Pacific, Europe, North America, Middle
East and Africa (MEA), and Latin America.
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Greater Efficiency Key to Expanding Adoption of
Specialty Fertilizers
Some of the key factors augmenting the demand in the specialty
fertilizers market are: easy handling, rapidly growing emphasis on greenhouse
vegetable production across urban areas, and government emphasis on
environmental concerns. Indulgence of food product manufacturers into
collaborations with agriculture organizations is also expected to pave new
revenue avenues in this market. On the other hand, lack of awareness, growing
prices of natural gas, high cost, and growth of the organic fertilizers
industry are some of the restraints obstructing the prosperity of the specialty
fertilizers market. Nevertheless, the vendors stand to gain newer opportunities
in emerging economies of Asia Pacific.
Key Takeaways:
·
Global
specialty fertilizers market estimated for a value of US$14,734.4 million by
2025
·
Emerging
economies in Asia Pacific contain strong demand potential, although lack of
awareness is hindering prospects
·
Overall
shares are moderately consolidated among a small chunk of companies
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Methodology
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