Specialty fertilizers are high-efficiency, concentrated, and tailor-made fertilizers that can enhance crop yield by offering important nutrients required by plants. They are blended with the soil prior to sowing. These fertilizers release essential nutrients and control the amount of moisture contact. In addition, specialty fertilizers enhance the uptake of nutrients, minimize possible loss of nutrient, and reduce the toxicity caused due to high ionic concentration. They improve the intake of pesticide and acts as binding agents to prevent leaching. Various specialty fertilizers include potassium sulfate, DAP, phosphoric acid, mono-ammonium phosphate, UAN, potassium nitrate, ammonium nitrate, mono-potassium phosphate, calcium nitrate, urea, potassium chloride, and ammonium sulfate.
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Specialty fertilizers are used to promote plant health and increase agriculture productivity. They have gained status globally, as they help in increasing the quantity as well as improving the quality of the produce. They are the fertilizers diversified to get high yield and high-quality product by providing plant nutrition for the soil. Their use increases the grower’s return, helps meet the market demand for quality crops, and enables higher margins than those normally achieved with high-volume fertilizers. The most commonly used specialty fertilizers include nitrogen fertilizers, phosphate fertilizers, potash fertilizers, and others. They are applicable to cereals & oilseeds, fruits & vegetables, turf & ornamentals, and others. The Global “Specialty Fertilizers Market” is expected to grow at a CAGR of 8.5% during the forecast period.
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Increase in the demand for enhanced high-efficiency fertilizers, adoption of precision farming and protected agriculture, and ease of use and application of specialty fertilizers, are some of the factors that are projected to the growth of the specialty fertilizers market. Realization of the rising necessity of effective fertilizers to support variety of plant and crop growth under various environmental conditions is proliferating the demand for innovative agricultural solutions such as specialty fertilizers. Leading players as well as governments are trying to cut down the production cost and retail price of specialty fertilizers so that they can be made available for farmers with varying economic abilities. They have ability to increase the plant health and productivity which finally leads to good yield of the crop, quality of the production. These became the growth forces in this market. Another growing force is action of specialty fertilizers that varies from crop to crop. Few of the fertilizer products offer some percent of action in one week and rest in other weeks. This factor became advantage in few seasonal growing crops. The demand over agricultural productivity also impedes the specialty fertilizers to yield more productivity that benefits all people.
The rising demand for advanced agricultural materials is expected to aid in the expansion of global specialty fertilizers market. The global market for specialty fertilizers is growing by the rising world population which is contributing in increasing stress over food security. Declining arable land across the globe and increasing soil contamination is stressing on the adoption of smart fertilizers that can effectively promote plant growth in adverse conditions. The high adoption of specialty fertilizer practices and arrival of novel technologies in the aforementioned farming is projected to support the growth of specialty fertilizers market demand during the forecast period. In the recent years, the land under precision farming is expanding considerably which is expected to positively influence the sales of specialized fertilizers across the globe. Moreover, increasing investment by key market players on innovating and commercializing effective specialty fertilizers in the global market will further boost the growth of the market.
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Specialty Fertilizers Market across Asia Pacific region has huge demand of growth on account of the increasing farming practices and requirement of high-quality agricultural produce in the region. Asia Pacific includes rice, sugar beet, fruits & vegetables, cereals, and grains as the major crop production. The region consumes huge amount of the rice produced globally. Asian countries, such as Korea, China, Japan, and recently Vietnam, are applying high levels of nitrogenous fertilizers per hectare for both short-term and perennial crops. China is holding the major share in specialty fertilizers market followed by India in Asia Pacific. Rise in the innovation in agriculture sector in agri-dominant economies such as China and India will fuel the market demand and adoption of specialty fertilizers within the region, as per the specialty fertilizers market analysis. Increasing governmental support to novel and specially formulated fertilizers by offering subsidies on them is predicted to increase the utilization of specialized fertilizers among farmers of the region. The extensive use of specialty fertilizers in turf and ornamental crops accounts for the significant share of China in the Asia Pacific synthetic fertilizers market. India is a relatively new market for specialty fertilizers in the region. Hence, the demand for specialty fertilizers is high in the region.
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