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Specialty Fertilizers Market Size, Share, By Segmentation, By Region, and By Country 2026  

SPECIALTY FERTILIZER RANGE EXTENDER MARKET

The need for crop nutrition has been rising in both food and commercial crops to increase food production and quality of produce. The growing demand for food and depletion of arable land is forcing the farming communities to produce most out of limited resources. Furthermore, factors such as over cultivation, deep ploughing, and soil erosion resulted in depletion of soil nutrients, thus boosting the need for use of fertilizers. The incorporation of fertilizers witnessed significant growth in fruits and vegetables, cereals, grains, and all other farming practices. However, it is difficult to match the nutrient requirements of plants and the use of these commodity fertilizers witness loss of nutrients into groundwater and atmosphere. These factors led to the development of specialty fertilizers that through their precise formulation balance crop nutrition in plants.

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Specialty fertilizers are materials that help enhance the water and nutrient efficiency in farming practices. These chemicals are formulated to cater the unique nutrient needs of particular plant or soil. The application of these materials prolongs the availability of nutrients to plants by controlling the amount of moisture contact with the plant. Specialty fertilizers also contain considerable amount of primary, secondary, and micronutrients essential for the growth of plants and thus evolved as an integral part of crop nutrition. Most of the global agrochemical manufacturers are involved in the production of specialty fertilizers and are witnessing lucrative growth in this business. The global specialty fertilizers market valued USD 18.7 billion in 2018 and will gain a CAGR of 15.1% during the forecast period.

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Market Dynamics: Drivers, Restraints, Opportunities Challenges

The growing demand for crop nutrition and awareness towards the role of nutrients in enhancing farming efficiency is the primary factor driving the growth of specialty fertilizers market. Development of novel formulations that can precisely balance nutrition by providing controlled release of essential nutrients is also supporting the utilization of specialty fertilizers. The capacity of these materials to enhance water-use efficiency is motivating the farming communities towards use of specialty fertilizers. However, the adverse effects of synthetic specialty fertilizers on environment is the major restraint for the growth of the market. Several state and federal governments regulated the use of these materials in agricultural chemicals.

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Key Segments

Specialty Fertilizer Range Extender Market by Product Type

  • Compound Fertilizers
  • Slow Release Fertilizers (SRF)
  • Controlled Release Fertilizers (CRF)
  • Stabilized Fertilizers
  • Micronutrient Fertilizers
  • Others

Controlled release fertilizers are estimated to grow at a rate of over 6% during the forecast period owing to their high use potential in cereals and grains. With a share of over 80%, dry chemicals evolved as the largest segment of specialty fertilizers. However, the ability of early correction of nutritional shortcomings owing to its quick releasing nature made liquid products as the fastest growing segment.

Geographic Landscape

By geography, the global specialty fertilizers market is segmented into North America, South America, Europe, Asia Pacific, Middle East and Africa. Asia Pacific evolved as the largest market for specialty fertilizers owing to the demand for crop nutrition practices in countries such as China and India. Growing practice of precision farming to enhance water efficiency is boosting the need for specialty fertilizers in this region.

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Competitive Landscape:

The high product differentiation in specialty fertilizers fragmented the global market. However, the market is consolidated in most of the product segments with very few players holding significant share. For instance, the market for controlled release fertilizers (CRF) is highly consolidated with top 5 companies accounting for over 60% of global sales. Kingenta Ecological Engineering Co., LTD., Israel Chemicals Ltd., Haifa Group, and The Scotts Miracle-Gro Company are dominating the global controlled release fertilizers market.

Specialty fertilizers market is highly competitive with the likes of new product launches, expansion of production capacity, and remarkable acquisitions. For instance,

  • In June 2019, EuroChem started production of fertilizers in its new production facility at Araguari in Brazil. With a capacity of producing 6,000 tonnes of fertilizers per day, the new plant marks a key development in the specialty fertilizers business of the company
  • Kingenta Ecological Engineering Co., LTD. acquired the Netherlands based Ekompany International B.V. in 2016. The acquisition provided new avenues for the growth of controlled release fertilizers market in Asia Pacific region

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  • In 2015, a collaboration was formed between ICL Specialty Fertilizers, New Holland, and Syngenta AG. Under the slogan ‘Less is More’, the collaboration is focused on projection of specialty fertilizers for sustainable agriculture. The efforts laid by the conglomerates well supported the growth of specialty fertilizers market

Other key players in the market are EuroChem, BASF SE, Soiltech, Yara International ASA, URALCHEM JSC, Sinochem Corporation, and The Mosaic Company.

 

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