The report "Specialty Fertilizers Market by Type (UAN, CAN, MAP, Potassium Sulfate, and Potassium Nitrate), Application Method (Soil, Foliar, and Fertigation), Form (Dry and Liquid), Crop Type, Technology, and Region – Global Forecast to 2025", The global specialty fertilizers market is estimated to be valued at USD 37.6 billion in 2020 and is projected to reach a value of USD 51.3 billion by 2025, growing at a CAGR of 6.4% during the forecast period. Factors such as the rise in demand for high-efficiency fertilizers and an increase in crop varieties are projected to drive the growth of the specialty fertilizers market.
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
- To project the size of the market and its submarkets, in terms of value, with respect to the regions (along with their respective key countries)
- To profile the key players and comprehensively analyze their core competencies.
- To understand the competitive landscape and identify major growth strategies adopted by players across key regions.
- To analyze the competitive developments such as expansions & investments, mergers & acquisitions, new product launches, partnerships, joint ventures, collaborations, divestments, disinvestments, and agreements.
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COVID-19 impact on Specialty fertilizers market
The specialty fertilizers market includes major Tier I and II suppliers like Nutrien, Ltd.(Canada), Yara International ASA (Norway), Israel Chemical Ltd. (Israel), K+S Aktiengesellschaft (Germany), Sociedad Química Y Minera De Chile (SQM) (Chile), The Mosaic Company (US), EuroChem Group (Switzerland). These suppliers have their manufacturing facilities spread across various countries across Asia Pacific, Europe, North America, South America, and RoW. The impact of COVID-19 pandemic on specialty fertilizers market has been minimal, mainly due to transportation barriers. Most of the companies are running their operations smoothly from May2020 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 turn out to be a loss to them especially during sowing period.
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
By type, the urea-ammonium nitrate segment is projected to dominate the market during the forecast period.
UAN is considered to be an excellent irrigation fertilizer for cereal production and irrigated plant cultivation. It is basically used before plowing the field, which helps in enhancing its degradation. Solutions of urea ammonium nitrate (UAN) are widely 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 blended together 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.
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.
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This report includes a study on the marketing and development strategies, along with a study on the product portfolios of the leading companies operating in the liquid fertilizers market. It includes the profiles of leading companies, such as Nutrien, Ltd.(Canada), Yara International ASA (Norway), Israel Chemical Ltd. (Israel), K+S Aktiengesellschaft (Germany), Sociedad Química Y Minera De Chile (SQM) (Chile), The Mosaic Company (US), EuroChem Group (Switzerland), CF Industries Holdings, Inc. (US), OCP Group (Morocco), OCI Nitrogen (Netherlands), Wilbur-Ellis (US), Kugler (US), Haifa Group (Israel), COMPO Expert GmbH (Germany), AgroLiquid (US), Plant Food Company, Inc. (US), Coromandel International Ltd (India), and Deepak Fertilizers & Petrochemicals Corporation Ltd. (India), Nufarm (Australia), and Brandt (US).
