(I-BusinessNews.Com, July 28, 2021 ) The global fertilizer sector has undergone a revolution, and a new category of fertilizer generally known as speciality fertilizers have emerged. Speciality fertilizers are a fast-growing and varied group of products with different characteristics containing essential primary, secondary, or micro-nutrients. These fertilizers products are applied at special conditions of soil or plant or to induce unique activity in plants. According to Renub Research, the Global Specialty Fertilizers Market was valued at US$ 29.29 Billion in 2020.
In the present context, globally, correcting the imbalance in the soil nutrients and improving soil health has become an utmost important issue. Additionally, the need to supply a growing population, with increasingly diverse and crop-intensive diets, with more food from limited land resources drives the market growth. Globally, the government is also implementing several policies for the expansion of the market.
Specialty Fertilizers Segments Analysis
UAN is an exceptional irrigation fertilizer for cereal production and irrigated plant cultivation. It is used before ploughing the field, which helps in enhancing its degradation. Urea ammonium nitrate (UAN) solutions are extensively used as a source of nitrogen for plant nutrition. In combination with plant protective agents, it is mixed in the irrigation water for irrigated plant cultivation. Fluid fertilizers are mixed to meet the specific needs of a crop. Its advantage is that it contains both fast (nitrate-nitrogen) and slow (ammonium nitrogen and amide nitrogen) components, just as ammonium nitrate and urea.
Apart from UAN, other distinct fertilizer products like Calcium Ammonium Nitrate, Mono Ammonium Phosphate, Potassium Sulphate and Potassium Nitrate also exists in the market for crops like Cereals & Grains, Oilseeds, Fibre Crops, Sugar Crops, Roots & Tubers and Fruits & Vegetables. Further, rising exports of fruits & vegetables have also led to the growth in the crop plantation region, which has resulted in a increase in their production levels. Hence, the distinct speciality fertilizer market for fruits & vegetables is projected to witness significant growth. The Specialty Fertilizers Industry across the world is projected to grow at a CAGR of 8.10% during 2020 – 2027.
By Type - Specialty Fertilizers Analysis
Controlled-Release Fertilizers, Water-Soluble Fertilizers, Agricultural Micronutrients and Customized Fertilizers come under speciality fertilizer’s ambit. Wherein water-soluble fertilizers are amongst the category which at present is one of the fastest-growing speciality fertilizers worldwide. Similarly, customized fertilizers are a combination of nutrients (primary, secondary and micro-nutrients) developed as per the requirement of the crop grown. The nutrient status of the soil in a region is significantly catching up pace in the market forecasted to grow during the forecast period.
Regional Analysis of Specialty Fertilizers Market Size
Additionally, there remains a continuous significant potential opportunity for global regions like North America, Europe, Asia Pacific and South America to increase their participation in this growing business of speciality fertilizers. Numerous countries like India, China, United States, Brazil, and Argentina seek to increase crop production, including high-value crops, to cater to the growing and increasingly sophisticated food demands.
Hence, the demand for speciality fertilizers globally continues to increase at a faster rate than commodity products, the production of speciality products is also expected to be rising in line. According to Renub Research, Global Specialty Fertilizers Market is projected to reach US$ 50.51 Billion by 2027.
COVID-19 Impact on Global Specialty Fertilizers Market
The impact of the COVID-19 pandemic on the speciality fertilizers market has been minimal, mainly due to transportation barriers. Most companies are running their operations smoothly from May 2020 in many regions due to government relaxation measures. However, the import of fertilizers from different countries is still delayed in some south Asian countries due to extended lockdowns. Companies have inventories sufficient only for few months, so further delay in supply might be a loss to them, especially during the sowing period.
The Global Specialty Fertilizer Market is highly competitive markets wherein companies are competing based on product quality and promotion and are focused on strategic moves aimed at occupying larger market shares. The significant companies studied in our report include The Mosaic Company, CF Industries Holdings Inc., EuroChem Group, Nufarm, Yara International ASA and OCI Nitrogen.
Renub Research latest report “Specialty Fertilizers Market, Global Forecast By Fertilizer Segments (Urea-Ammonium Nitrate, Calcium Ammonium Nitrate, Monoammonium Phosphate, Potassium Sulfate, Potassium Nitrate, Others), Crop (Cereals & Grains, Oilseeds, Fiber Crops, Sugar Crops, Roots &Tubers, Fruits & Vegetables, Others), Type (Controlled-Release Fertilizers, Water-Soluble Fertilizers, Agricultural Micronutrients, Customized Fertilizers), Region (North America, Europe, Asia Pacific, South America, Rest of World), Companies (The Mosaic Company, CF Industries Holdings Inc., EuroChem Group, Nufarm, Yara International ASA, OCI Nitrogen)”provides a detailed analysis of Specialty Fertilizers Industry.
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