(PharmaNewsWire.Com, February 28, 2018 ) Speciality fertilizers help in increasing the nutrient intake of the plants and therefore are more preferred to the conventional fertilizers. Also they are more eco-friendly in comparison to the conventional fertilizers. The global speciality fertilizers market is expected to reach 21 Billion by 2021 at a CAGR of 7.5% from an expected value of 15 Billion in 2016.
Speciality Fertilizers Market: Drivers and Challenges
There is not enough cultivable land to produce enough food for the rapidly increasing population. This shortage of cultivable land is one of the key driving factors of Speciality Fertilizers market. Speciality Fertilizers are also easy to handle, more efficient and more eco-friendly in comparison to the traditional fertilizers.
The key hindering factors of the market include high cost of speciality fertilizers and lack of awareness among majority of the agricultural countries regarding speciality fertilizers.
North America is dominating the global market accounting for almost 39% of the total revenue generated owing to the presence of key manufacturers. North America is closely followed by Europe in terms of market value. Asia-Pacific is expected to record high values of CAGR owing to the high demand for fertilizers and food production in Asian countries.
The key manufacturers of speciality fertilizers market include Yara International , Sociedad Quimicay Minera S.A , Haifa Chemicals , Sinochem Group , Agrium , The Mosaic Company , Vardhaman Fertilizers and Seeds , Verdesian Life Sciences , Sungro Seeds and the Potash Corporation of Saskatchewan .
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