(I-BusinessNews.Com, October 17, 2019 ) Market Overview:
Specialty fertilizers are materials that help enhance the water and nutrient efficiency in farming practices. These chemicals are formulated to cater the unique nutrient needs of particular plant or soil. The application of these materials prolongs the availability of nutrients to plants by controlling the amount of moisture contact with the plant. Specialty fertilizers also contain considerable amount of primary, secondary, and micronutrients essential for the growth of plants and thus evolved as an integral part of crop nutrition. Most of the global agrochemical manufacturers are involved in the production of specialty fertilizers and are witnessing lucrative growth in this business.
The growing demand for crop nutrition and awareness towards the role of nutrients in enhancing farming efficiency is the primary factor driving the growth of specialty fertilizers market.
However, the adverse effects of synthetic specialty fertilizers on environment is the major restraint for the growth of the market. Several state and federal governments regulated the use of these materials in agricultural chemicals.
The Specialty Fertilizers Market has been segmented by type into compound fertilizers, slow release fertilizers (SRF), controlled release fertilizers (CRF), stabilized fertilizers, micronutrient fertilizers, and others. Controlled release fertilizers are estimated to grow at a rate of over 6% during the forecast period owing to their high use potential in cereals and grains. With a share of over 80%, dry chemicals evolved as the largest segment of specialty fertilizers. However, the ability of early correction of nutritional shortcomings owing to its quick releasing nature made liquid products as the fastest growing segment.
By geography, the Market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
Asia Pacific evolved as the largest market for specialty fertilizers owing to the demand for crop nutrition practices in countries such as China and India. Growing practice of precision farming to enhance water efficiency is boosting the need for specialty fertilizers in this region.
Kingenta Ecological Engineering Co., LTD., Israel Chemicals Ltd., Haifa Group, and The Scotts Miracle-Gro Company are dominating the global controlled release fertilizers market.
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