(EMAILWIRE.COM, June 30, 2020 ) Market Overview
The United States Specialty Fertilizers Market is expected to grow at a CAGR of 3.98% during the forecasting period (2020-2027).
Specialty fertilizers are materials that help enhance the water and nutrient efficiency in farming
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Specialty fertilizers are materials that help enhance the water and nutrient efficiency in farming practices. These chemicals are formulated to cater the unique nutrient needs of particular plant or soil. The application of these materials prolongs the availability of nutrients to plants by controlling the amount of moisture contact with the plant. Specialty fertilizers also contain considerable amount of primary, secondary, and micronutrients essential for the growth of plants and thus evolved as an integral part of crop nutrition. Increasing need for the high yield is driving the U.S specialty fertilizers market. Optimized crop nutrition is a better approach, which enables the crop to improve its yield. Specialty Fertilizers are the best source of crop nutrition.
However, High and low profitability for farmers and decreasing number of farms in the U.S are the primary hindering the growth of U.S Specialty Fertilizers Market during forecast period.
Market Segmentation Analysis
U.S Specialty Fertilizers Market is segmented on the basis of compound type into phosphate fertilizers, nitrogen compounds, potash compounds, and others.
Growth of the potassium chloride market is gaining traction by the surge in demand for potash specialty fertilizers owing to its properties which supports the improvement in flavors, colour, and texture to crops. Potassium is the third major plant and crop nutrient after nitrogen and phosphorous. Potash is important for agriculture because it improves water retention, yield, nutrient value, taste, colour, texture and disease resistance of food crops. It has wide application to fruit and vegetables, rice, wheat and other grains, sugar, corn, soybeans, palm oil and cotton, all of which benefit from the nutrients quality enhancing properties. The rise in the countrys population has spurred the demand for food grains which in turn has increased the demand potassium fertilizers.
Market Competitive Trends
The United States specialty fertilizers market is moderately consolidated. The majority of market share hold by five companies such as Nutrien Ltd., The Mosaic Company, Yara, K+S, and ICL Fertilizers. Among these five companies Nutrien Ltd holds major share owing to wide product portfolio and a greater number of production plants in the US and Canada. Nutrien Ltd majorly produces potash fertilizer in the country. The company accounted for approximately 63% of potash production capacity in total North American potash production capacity.
Companies are focusing on expansion of business and mergers and acquisitions to improve their market share and contribute to the growth of their entities.
For instance, in February 2019, Haifa Group announced the opening of a new trading company in China. The establishment of the new Haifa subsidiary in China will enable the group to significantly expand its offerings to the developing Chinese agricultural sector.
Some of the key players in the U.S Specialty Fertilizers Market includes Yara International, Graco Fertilizer Company, K+S Group, and many others.
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