The North America specialty fertilizers market size is expected to reach USD 10.63 billion in 2024 and is anticipated to reach USD 14.68 billion by 2029, growing at a CAGR of 6.66%, from 2024 to 2029.
The demand for specialized fertilizers continues to increase as they prove to be an efficient alternative to conventional fertilizers. Specialty Fertilizers are based on the principle of increasing the nutrient uptake in plants and reducing the nutrient losses to the environment. Compared to normal industrial fertilizers, the environmental effect of specialty fertilizers is less, and they are also resource- and labour-saving.
Growing cities require a perfect balance of the ‘concrete jungle’ and urban green spaces for the ideal living atmosphere. Urban green spaces such as lawns, parks, golf courses and other recreational facilities call for cultivation of high quality horticulture and as such demand Specialty Fertilizers that are efficient in safeguarding the environment as well.
The major driver of the North America Specialty Fertilizers market is decreasing land availability. North-America is the most developed region globally and as such the amount of cultivable land is very less. The population of the region is ever growing and the region needs to feed itself. This demands a higher rate or production per acre, paving the way for the use of Specialty Fertilizers. The major restraint for the market in the region is the accumulation of salts in the soil. Although comparatively more environment friendly as compared to normal fertilizers, most specialty fertilizers are salt based and as such pose the threat of increasing the salt content of the soil due to extensive use. This could hamper the productivity of the soil. The higher costs associated with the use of Specialty Fertilizers is also another factor.
Based on geography, the North American market is analyzed under USA and Canada. The Specialty Fertilizers Market is dominated by North America in 2016 with the region accounting for 39% of the overall market share. The region is mostly in its final stage of development and, as such, has the lowest CAGR of all regions, coming in at 6.66%.
Some of the major companies dominating the market, by their products and services include The Mosaic Company (USA), Verdesian Life Sciences (US), Agrium (Canada) and the Potash Corporation of Saskatchewan (Canada). Other companies such as Vardhaman Fertilizers and Seeds (India), Sungro Seeds (India), Yara International (Norway), Sociedad Quimica y Minera S.A (Chile), Haifa Chemicals (Israel), Sinochem Group (China) also operate in the region.
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