Precision Farming Technique increases the Specialty Fertilizers Market in united states
Over the previous years, precision farming has successfully implemented a highly beneficial method of improving food production from being an academic research topic. For instance, about 70-80 percent of the new agriculture-related equipment purchases have contained some form of precision farming tools. In precision farming, an important component is the application of the right dosage of nutrients to crops at the right time. Controlled release fertilizers or specialty fertilizers provide important inputs in precision farming, which satisfies the need for efficient supply, which leads to the application of smart fertilizers in precise farming.Precision Agriculture is termed as the third wave of the modern agricultural revolution and, at present, is being improved with growing farm knowledge systems due to the availability of larger amounts of data, which is also promoting the adoption of specialty fertilizers. The United States Department of Agriculture (USDA) has already stated in October 2016 that Precision farming technologies increased net revenue and operating profits. Also, due to growing environmental awareness, new technologies are increasingly being applied in the cultivation field to continue the sustainability of farm production, which is helping the specialty fertilizer adoption. Additionally, Many farmers in the U.S. apply controlled fertilizers using precision farming to optimize the fertilizer use efficiency and prevent issues, such as unwarranted fertilizer leaching, fertilizer drain-off, and subsequent increase in biological oxygen demand (BOD) of water bodies. According to the USDA report, on average, corn farm’s operating profit was 163 dollars per hectare, who adopted precision farming, higher than for non-adopters, taking into account that the highest adoption rates for three technologies (such as computer mapping, guidance, and variable-rate equipment) were on farms more than 1500 hectares. Depending on the type of crop, Such margins can even increase up to 272 dollars. The technological leverage of Smart Farming services is important to not only improving a farm’s financial health but also to meet the food requirements of an expanding population. For instance, according to the Food and Agriculture Organization (FAO), about 45 percent of the global population lives in rural areas. From them, approximately 26.7 percent are dependent on agriculture for their livelihoods, which intensifies the requirement for advanced farm adoptions to increase yield and make sure profitability. According to a report from European Commission and Joint Research Centre (JRC), Precision Agriculture Technologies (PATs) are increasing rapidly in demand because technological problems have been steadily resolved and more substantial economic results have been shown at the farm level. The increasing adoption of precision farming is also expected to bolsters the market growth of specialty fertilizers in U.S.. Precision farming has several positive impacts on agricultural systems, such as increased farm productivity and income and recently on the possible GHG emission mitigation using precision agriculture tools. The technical growth of precision farming is expected to bolster the efficiency with which specialty fertilizers will be applied, providing long-term sustainability to the specialty fertilizers market.
Increasing activity on research & development
According to industry insiders, widespread adoption of specialty fertilizers could also motivate the manufacturers to make an investment into research & development by making partnerships with universities and other research organizations. For instance, Dr. Mike McLaughlin, Director of the Fertilizer Technology Research Centre at the University of Adelaide, was excited about subsoil fertilizers, controlled-release zinc and is also researching new delivery materials such as graphene. Additionally, researchers at the University of Adelaide, for instance, have developed a material that provides both fast and slow release boron to better match the needs of crops and a manufacturing process that increases the solubility of zinc in fertilizers, improving crops’ early growth. The Eurochem company was interested in biostimulants and microbiomes, while Pursell Agri-Tech, is researching on solubilizing phosphorus and zinc with bacteria to increase their availability. Increasing adoption of Artificial Intelligence (AI) and Big data in the agriculture sector and in precision farming are also expected to create more opportunities for this market.
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