The report "Specialty Fertilizers Market by Type (Monoammonium Phosphate, Monopotassiun phosphate, Potassium Nitrate, Potassium Chloride, Potassium Sulfate, Urea, UAN, and Others), by Crop Type & by Region - Global Trends & Forecast to 2020," published by MarketsandMarkets, defines and segments the Specialty Fertilizers Market with analyses and projections of the size of the Specialty Fertilizers Market. It also identifies the driving and restraining factors of the market with analyses of trends, opportunities, burning issues, and challenges.
The market is segmented and projected on the basis of major regions: North America, Europe, Asia-Pacific, and Rest of the World (RoW). The key countries of each region are covered and their market sizes projected. Further, the market is segmented and projected on the basis of applications.
Specialty fertilizers allow increased nutrient uptake in plants and reduced potential for nutrient losses to the environment when compared to other fertilizer products. The demand for specialty fertilizers continues to grow as they prove to be an efficient alternative to conventional fertilizers because of their low impact on the environment, resource-saving, and labor-saving attributes.
The enhanced efficient technology, ease of application, and the reduced application cost are driving factors for the global Specialty Fertilizers Market, as these fertilizers help in increasing agricultural productivity. Eutrophication has adversely affected the estuaries and lakes in the U.S. To avoid this phenomenon (due to use of conventional fertilizers), specialty fertilizers have better prospects of adoption and application with growing government focus and farmer awareness.
The global market for specialty fertilizers is projected to reach $19,885 million by 2020, at a CAGR of 7.0% from 2015. North America dominated the global market. The Asia-Pacific region is projected to be the fastest-growing market, owing to the growing demand for food products in the region. In this region, China is projected to be the fastest-growing market for specialty fertilizers, followed by India. The turf & ornamentals segment is projected to be the largest and fastest-growing market for specialty fertilizers, globally, from 2015 to 2020. Growing cities in China are demanding urban green space as well as a cleaner environment. Urban green spaces including recreational and sporting venues such as golf courses and lawns and rising cultivation of high quality horticultural products demand specialty fertilizers that are efficient in safeguarding the environment.
Growing environmental concerns, rising demand for food, decreasing land availability, increasing health concerns, growing government support, and increasing private investments and venture funding to support new product developments are the key factors driving the growth of the Specialty Fertilizers Market across the globe.
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 are the key strategies adopted by market players to ensure their growth in the market. The market is 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).