Latest Industry Updates:
Jan 2018: Crystal Crop Protection Pvt. Ltd. entered into an agreement to acquire a specialty chemicals plant from Cytec India Specialty Chemicals & Materials Pvt. Ltd.
Jun 2017: Sumitomo Corporation of Japan collaborated with Roshni Crop Sciences Pvt. Ltd. to launch Folier Blend super fertilizer in India. The product contains micro-nutrients such as cobalt, manganese, zinc, boron, among others.
Jan 2017: K+S completed the acquisition of Huludao Magpower Fertilizers Co., a China based company. Through this acquisition, the company aims to expand the specialty business and expand business in South-East Asian market.
Sep 2016: Plant-Prod has launched specialty fertilizer which is water soluble for large scale plantation of medical marijuana. The product will enhance bud size following the leaf growth phase.
Aug 2016: Compass Minerals acquired full ownership in Produquímica Indústria e Comércio S.A. (Produquímica), a Brazil based company which is a manufacturer and distributor of specialty plant nutrition.
Aug 2015: Sumitomo Corporation completed acquisition of specialty fertilizer business in France from Sipcam Oxon Group. The acquisition will support the company to expand its product portfolio.
Major Key Players:
With the growing demand for specialty fertilizers, the key manufacturers are focusing on new product development as well as on acquisition to capitalize on the growing market opportunity. For instance, K+S acquired Huludao Magpower Fertilizers Co. to expand business in emerging economies of Asia Pacific. In addition, Compass Mineral acquired Produquímica Indústria e Comércio S.A. to strengthen its product portfolio and to expand business in Brazilian Market. Continuous innovation and further expansion of business in untapped market will help companies to generate revenue.
The key players profiled in Specialty Fertilizers are as Mosaic Company (U.S.), Agrium Inc. (Canada), Yara International (Norway), Haifa Chemicals (Israel), Atlantic Gold Corp (Canada), Art Wilson Co. (U.S.), and Eurochem (Switzerland) among many others.
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Specialty fertilizers consists of wide grouping of products having different characteristics. It consists of one or more primary nutrients (nitrogen, phosphorous, potassium), secondary nutrients (calcium, magnesium, sulphur), micro nutrients (iron, zinc, copper, manganese, etc.), bio stimulants, water soluble, surfactants, and adjuvants, among others. Even though, secondary and micro-nutrients are needed in lower quantities, they are important for optimum crop production and crop quality. The product range may include single nutrient fertilizer, coated nitrogen for controlled release, and multi nutrient soluble, among others. The product is generally designed to cater the specific need of the crop.
Specialty fertilizers helps in providing required nutrients to plants, consequently improving plant health and enhancing crop productivity. One of the major driver for the product is to increase crop productivity to cater to the growing demand for food, across the globe owing to continuously rising population. Furthermore, changing farming practices and advancement in technology has resulted in growing acceptance of modern farming and protected agriculture which has accelerated the growth of the specialty fertilizers market. In addition, limited availability of arable land owing to soil erosion and land pollution had led to increase in the demand for specialty fertilizers to enhance crop productivity. However, inclination of consumers towards organic foods may hinder the growth of the market. However, introduction of organic specialty fertilizers may provide growth opportunity to the manufacturers of specialty fertilizers.
The global Specialty Fertilizers market has been divided into type, crop type, distribution channel and region.
On The Basis Of Type: Nitrogen Fertilizers, Phosphate Fertilizers, Potash Fertilizers, and Others
On The Basis Of Crop Type: Cereals & Oilseeds, Fruits & Vegetables, Turf & Ornamentals, and Others
On The Basis of Distribution Channel: Store based, Non-store based
On The Basis Of Region: North America, Europe, Asia Pacific and ROW.
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Specialty Fertilizers Market is segmented into Europe, North America, Asia Pacific and rest of the world (RoW). Asia Pacific region dominates the market and is forecasted to grow at significant rate. The two populous countries, India and China are majorly contributing to the growth of specialty fertilizers market in this region. China is holding the majority share in specialty fertilizers market followed by India in Asia Pacific. North America accounts for second largest share of specialty fertilizers. The stringent environmental regulations in North American and European regions are expected to hinder the growth of the market. In rest of the world, South America is accounts for the majority share.
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