Specialty fertilizers market worth $19,885 million by 2020

According to the report"Specialty Fertilizers Market by Type, by Crop Type & by Region - Global Trends & Forecast to 2020", the global specialty fertilizers market is projected to grow at a CAGR of 7.0% between 2015 and 2020, and is projected to reach $19,885 million by 2020. The market was dominated by North America, which accounted for around 39.60% of the total share, in 2014. The Asia-Pacific region is projected to be the fastest-growing market, owing to the growing demand for food products and environment-friendly agri-inputs.

China is projected to be the fastest-growing market for specialty fertilizers, followed by India. The turf & ornamentals segment is projected to be the biggest and fastest-growing market for specialty fertilizers, globally, from 2015 to 2020. The cereals & oilseeds and fruits & vegetables segments are projected to grow significantly, at a CAGR of 7.1% and 7.0%, respectively.

Growers involved in agriculture and horticulture face significant challenges in maximizing the returns on their investments. This requires efficient use of inputs. Income of farmers is dependent on crop quality and yield. Specialty fertilizers allow a slow or delayed release of nutrients into the root zone throughout the crop development period. The rate of release of the nutrients depends on the thickness of coating on the fertilizers and the environmental conditions such as temperature.

Specialty fertilizers reduce the toxicity that is caused due to high ionic concentration. They also help plants in meeting the full nutrient requirements and minimize the possibility of fertilizer wastage. Specialty fertilizers can also be used as binding agents to prevent leaching, and can be employed as an adhesive in order to increase pesticide intake. The use of specialty fertilizers has increased globally due to various factors such as ease of use, reduced application cost, and the reduced environmental impact.

Specialty fertilizers are granular fertilizer particles that restrict the amount of moisture contact and help gradually release fertilizer nutrients, usually over a few weeks or a few months. The higher the temperature, the faster the nutrients will be released. Specialty fertilizers are fertilizer products with characteristics that allow increased nutrient uptake and reduced potential for nutrient loss when compared to other fertilizer products. They also reduce nutrient loss by fixation or leaching.

The global specialty fertilizers market is characterized by intense competition due to the presence of a large number of both, large- and small-scale firms. New product launches & development, expansions, investments, collaborations, acquisitions; agreements, partnerships & joint ventures were the key strategies adopted by market players to ensure their growth in the market. The market was dominated by players such as Yara International ASA (Norway), Sociedad Quimica y Minera S.A. (Chile), Sinochem Group (China), Haifa Chemicals (Israel), Agrium Inc. (Canada), The Mosaic Company (U.S.), and the Potash Corporation of Saskatchewan Inc. (Canada).