COVID-19 Positive Impact on Growth of the Specialty Fertilizers Market - Exclusive Reports [122 pages] - insightSLICE

Rising population and urbanization to fuel the demand for specialty fertilizers to increase agricultural yield

With the growing population and urbanization, the demand for food across the globe has increased tremendously, thereby putting agriculture industry under pressure. The specialty fertilizers are fully water soluble and are packed with high content of primary nutrients required for increasing the yield with low salt index. The Global Specialty Fertilizers Market was valued at US$ 25.5 billion in 2019.

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The agriculture industry is undergoing technological reforms to cope up with the rising demand for nutritious food, which is anticipated to supplement the growth of specialty fertilizer market during coming years. Additionally, being water soluble, specialty fertilizers can be applied through advanced irrigation system, thereby reducing time, and labor cost associated with manual fertilizations. Consequently, the specialty fertilizers are increasingly being used across the globe and are anticipated to grow at a growth rate of 7% during the forecast period.

Demand for water soluble and nitrogen rich fertilizers to fuel specialty fertilizers market growth

The specialty fertilizers market study is segmented based on type, technology, method of application, crop type, form, and geography. Based on type the market is segmented into urea-ammonium nitrate (UAN), calcium ammonium nitrate (CAN), monoammonium phosphate (MAP), sulfate of potash or potassium sulfate (SOP), potassium nitrate, and others. Among these types, the urea-ammonium nitrate (UAN) are the most widely used type of specialty fertilizers and contributed a major share to the market. UAN specialty fertilizers can be used before ploughing and through irrigation system by mixing with irrigation water along with other supplements. Moreover, UAN are used across the globe as a primary source of nitrogen, thus UAN specialty fertilizers are anticipated to grow at a CAGR of close to 9.0% during the forecast period.

Rising demand for fruits and vegetables across the globe to drive specialty fertilizer demand
Based on crop type, the market is segmented into cereals & grains, oilseeds & pulses, fruits & vegetables, turf & ornamentals, and others. The fruit and vegetable applications dominated the specialty chemical market in 2018 owing to the increasing demand for fresh fruits and vegetable fueled by rising health awareness around the globe, and is anticipated to grow at a steady CAGR during forecast years. The cereals & grains segment is anticipated to be the fastest growing crop type during the forecast period owing to escalating demand from Southeast Asian countries that accounts for approximately 70% of cereal grain consumption.

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Based on geography, the market is segmented into North America, South America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific is anticipated to witness increased demand for wide range of crops in coming years to meet the requirements of continually growing population. Rice, sugar beet, fruits & vegetables, cereals, and grains are the major crops harvested across Asia Pacific, which is driving the demand for nitrogenous fertilizers across major economies such as India, China, South Korea, and Japan. This is expected to help propel the specialty fertilizer market in Asia Pacific.

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This release was published on openPR.