Specialty Fertilizers Market will be valued at US$14,734.4 mn by 2025
The world market for specialty fertilizers is exhibiting a steady progress in the last few years. All over the world, the growing need for food to cater to the ever-expanding base of human population has compelled to augment yield of crop through means of practices of modern farming. Due to the fact that conventional practices of agriculture are unable to produce the required amount of yield that is needed to feed this huge base of human population across the globe.
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In addition to this fact, various initiatives and investment associated with research and development for the introduction and implementation of novel specialty fertilizers are also bolstering the growth of specialty fertilizers market worldwide. Some of the eminent market participants in the world market for specialty fertilizers comprise names like Coromandel International Limited, The Potash Corporation of Saskatchewan Inc., Yara International ASA, Sociedad Quimica Y Minera S.A., Haifa Chemicals Limited, Israel Chemical Limited, and Agrium Inc. amongst many others
In accordance with a market intelligence report on specialty fertilizers by Transparency Market Research, it has been predicted that the world specialty fertilizers market is going to clock a modest growth rate of 5.7% CAGR for the forecast period that extends from the year 2017 to the year 2025. Rising at this rate, the market is expected to reach a market valuation of around US$ 14,734.4 mn by the year 2025 from the market valuation of US$ 8,987.3 mn in the year 2016.
North America to Lead the Market throughout the Forecast Period
Taking geographical segmentations into consideration, the world market for specialty fertilizers is divided into the regions of North America, Latin America, Europe, Middle East and Africa, and Asia Pacific.
Of all of these regions, North America is expected to lead the market throughout the period of forecast as it had in the year 2016. With augmented emphasis on initiatives of sustainable agriculture together with a very high level of awareness about the environment owing to stringent regulations of the governmental are mostly responsible for such dominance in the world market.
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Asia Pacific, however, is expected to exhibit high rate of growth in the said market during the period of forecast. China is estimated to lead the domestic market for specialty fertilizers in the Asia Pacific region.
Europe is also estimated to account for a substantial amount of share in the said market.
Depletion of Cultivable Land to Stimulate Market Growth
According to a research analyst by TMR, growing concerns about the environment together with other factors like increased health-related concerns, availability of lesser amount of land, increased support and encouragement from various governments, growing demand for food to cater to the huge base of human population which is growing at an alarming rate are contributing towards the growth of this market.
Specialty fertilizers come with a number of benefits over various conventional fertilizers. Such benefits include relentless supply of nutrients to plants, higher efficiency and it is much less labor intensive. The nutrients that are provided by these specialty fertilizers are totally used as they are produced only in quite small amounts which plants can absorb quite easily absorbed.
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