The global specialty fertilizers market consists of different technologies that enable fertilizers with controlled/delayed/modified/extended/programed/slow/stabilized-release of nutrients in soil. Specialty fertilizers such as slow/controlled-release fertilizers and water-soluble fertilizers are also known as enhanced efficiency fertilizers. These fertilizers release nutrients slowly or gradually into the soil at a pre-determined time and rate. Specialty fertilizers are the most dominating segment of this market in terms of market share as well as product innovations.
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Specialty fertilizers are gaining importance due to the global awareness of sustainable agriculture practices, which demands step-by-step reduction in the cost of farming and meets environmental safety measures. These fertilizers are applied as topdressing or by soil mixing prior to sowing.
The specialty fertilizers market is gaining momentum globally due to the reduced risk of fertilizer burn due to excess application and the economic benefits associated with labor savings and lesser quantity requirement. They also help in increasing the nitrogen use and reduce environmental hazards. Factors such as production complexities, dominance of conventional fertilizers, and subsidies on conventional fertilizers hamper market growth for specialty fertilizers.
The North American region accounted for the largest market share of the global specialty fertilizers market, with the U.S. being its fastest-growing country-level market. Developing countries such as China, India, and Japan are projected to be emerging markets, making the Asia-Pacific region the fastest-growing market for specialty fertilizers. The growth of the specialty fertilizers market in the Asia-Pacific region is propelled by factors such as growing prevalence of crop diseases, increasing population, rising health, environmental concerns, growing focus of market players, and increasing government initiatives.
The specialty fertilizers market in North America is the most developed and widespread, compared to those in other regions. Also, the distribution network of slow and specialty fertilizers is well-established in many European countries. The high growth potential in emerging markets, new technology in specialty fertilizers, and the decline in prices provide new growth opportunities to players. However, high prices compared to conventional fertilizers, lack of knowledge of the benefits of specialty fertilizers, and storage limitations are the key factors limiting the growth of this market.
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