The Market Research Future (MRFR) reports that the global Fertilizers Market is expected to register a CAGR of 5.4% from 2017 to 2023. The report on the global specialty chemicals also states that the market can touch a lucrative valuation by 2023.
Market Boosters and Pitfalls
The growing need for nutrient intact food is expected to surge the specialty chemical market. The ability of specialty fertilizers to steadily release nutrients into the targeted root zone of the plant, maximizes its effects. This elevates the productivity of agriculture. Moreover, specialty chemicals are used in personal gardening activities. As the world takes strides towards profound advancements of all description, specialty fertilizers are also experiencing an increase in their adoption. Hence, specialty fertilizers are observed to be inclusive of modern farming techniques. Other sites like municipal parks, greenhouses, nurseries, lawns, golf courses, cemeteries, and flowers also use specialty fertilizers. These factors are expected to hold great potential to shoot up the growth curve of the Fertilizers Market expansion. The increase in merger and acquisitions among giant companies concerning agricultural and emergence of new companies can also boost the Fertilizers Market growth.
However, prices of specialty chemicals can interfere with the global Fertilizers Market growth. MRFR also states other factors that can impede the Fertilizers Market expansion.
On an exhaustive study of the Fertilizers Market, MRFR has enlisted the key vendors operating in the global Fertilizers Market. They are; Eurochem (Switzerland), Agrium Inc. (Canada), Atlantic Gold Corp (Canada), Yara International (Norway), Haifa Chemicals (Israel), Art Wilson Co. (U.S.), and Mosaic Company (U.S.).
The global Fertilizers Market has been segmented on the basis of type and crop type. The segmental analysis offers a comprehensive understanding of the global Fertilizers Market expansion.
Based on the type, the global Fertilizers Market has been segmented into potash fertilizers, phosphate fertilizers, nitrogen fertilizers, and others. While the potash fertilizer segment is expected to hold the largest market share, the nitrogen fertilizer segment is likely to demonstrate a rapid growth.
On the basis of crop type, the Fertilizers Market has been segmented into turf and ornamentals, fruits and vegetables, oilseeds and cereals, and others. The turf and ornamentals segment is expected to lead the Fertilizers Market. The cereal and oilseeds segment is observed to grow with a substantial CAGR over the assessment period.
Based on the region, the global specialty fertilizer Market has been studied across Europe, Asia Pacific, North America, and the Rest of the World (RoW). The regional outlook briefs on the regional progress of the Fertilizers Market over the assessment period.
The Fertilizers Market in the Asia Pacific region is accounted for an impressive growth over the evaluation period. The extensive amount of agricultural practices taking place in India and China, is expected to boost the Fertilizers Market in APAC.
The Fertilizers Market in the North America region is expected to be bolstered by the presence of strong economies like the U.S. The growing trend for organic food is likely to surge the Fertilizers Market expansion. Likewise is anticipated to be noted in Europe.
The strict environmental regulations in Europe and North America are anticipated to register a sluggish growth of the Fertilizers Market these regions. The high in expected to restrain the market growth in these regions.
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
Market Research Future (part of Wantstats Research and Media Private Limited),
99 Hudson Street,5Th Floor, New York,
New York 10013,
United States of America