Market Dynamics

Developing regulatory standards, high government spending on agriculture sector across the globe, coupled with demand for nutritional fertilizers from farmers are major factors expected to drive the growth of the global market. Government is spending high development of agriculture sector it is inclining towards increasing the regional production capacity. Government is focused in lowering the import of products such as urea it is offering various incentives and benefits in order to encourage the regional production.

• In 2020, Government of India announced that it would be providing incentive benefits to urea manufactures operating in the country. This initiative is to lower the import of urea and encourage and increase the regional production of urea. According to the announcement 30 urea factories will get fixed cost at a rate of Rs 350 per metric ton and the factories that are older than 30 years but are still producing urea, will get Rs 500 additional fixed cost.

Rapid technological advancements in farming technology, rising demand for high-efficiency fertilizers coupled with adoption of precision farming is another factors expected to support the growth of global market.

Major players focus on collaborative work in order to increase the R&D activities, reduce operational efficiency and increase the profit ration is impacting the growth of target market positively. In addition, approach towards business expansion through strategic merger and acquisitions are factors expected to further augment the growth of target market.

• In 2019, Belaruskali in collaboration with Migao a Chinese company established an enterprise in order to make potassium nitrate. Fertilizers will be made using Migao Corporation’s technology by converting ammonium nitrate and potassium chloride.
• In 2019, Nutrien Ltd. acquired Ruralco Holdings Limited an Australian company. This acquisition is focused on enhancing the delivery of products and services to Australian farmers. This acquisition is expected to help the company to increase the business presence.

However, factors such as inclination towards adoption of organic fertilizers and lack of awareness among the farmers about specialty fertilizers are factors expected to hamper the growth of global specialty fertilizers market. In addition, stringent government regulation related to product approval is another factor expected to challenge the growth of target market.

Rapid technological advancements in farming technology and major payers focus on emerging economies in order to increase the business presence are factors expected to create new opportunities for players over the forecast period.

Specialty Fertilizers Market Segment Analysis, 2019

The global specialty fertilizers market is segmented into type, crop type, and application. The type segment is bifurcated in to controlled-release fertilizer, water-soluble fertilizer, agriculture micronutrients, customized fertilizer, and others. Among application the fruits & vegetables segment is expected to account for significant revenue share.

Segment Analysis by Region

The market in North America is expected to account for significant revenue share owing to to rising environmental concern. In addition, presence of major players operating in the country along with focus on business expansion through strategic merger and acquisitions is expected to further support the growth of target market.

Asia Pacific is expected to witness faster growth in the near future owing to high government spending on agriculture sector. In addition, emergence of small and mid-size enterprises and availability of various government financial support is expected to further support the growth of target market.

Competitive Landscape

The market is highly competitive due to presence of large number of players. In addition, new product launches and high investment for R&D activities is expected to further increase the competition in the market.

Report coverage

The market research study on “Specialty Fertilizers Market (Type: Controlled-release Fertilizer, Water-soluble Fertilizer, Agriculture Micronutrients, Customized Fertilizer and Others; Crop Type: Cereals, Pulses & Oilseeds, Fruits & Vegetables, Turf & Ornamentals, Others; Application: Soil, Foliar, and Fertigation) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027”, offers a detailed insights on the global specialty fertilizers market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights on global specialty fertilizers market segment by type, crop type, application and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global specialty fertilizers market size and segment markets by type, crop type, application and geography along with the information on companies operating in the market. The specialty fertilizers market analysis is provided for major regional market including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report. The players profiled in the report Nutrien, Ltd., Yara International Asa, Icl, K+S Aktiengesellschaft, Sociedad Química Y Minera De Chile (SQM), The Mosaic Company, Eurochem Group, CF Industries Holdings, Inc., Nufarm, OCI Nitrogen, OCP Group, and Coromandel International Limited.

Market Segmentation

Market By Type

• Controlled-release Fertilizer
• Water-soluble Fertilizer
• Agriculture Micronutrients
• Customized Fertilizer
• Others

Market By Crop Type

• Cereals
• Pulses & Oilseeds
• Fruits & Vegetables
• Turf & Ornamentals
• Others

Market by Application:

• Soil
• Foliar
• Fertigation

Market By Region

North America

• US
• Canada

Europe

• UK
• Germany
• France
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest if Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Meddle East & Africa