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Specialty Fertilizers Market Size, Trends, Industry Outlook, Growth Strategies, Analysis & Report 2022-2027

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Specialty Fertilizers Market Size, Trends, Industry Outlook, Growth Strategies, Analysis & Report 2022-2027

February 14
18:11 2024
MarketsandMarkets™
Specialty Fertilizers Market by Technology (Controlled-release Fertilizers, Micronutrients, Water Soluble Fertilizers, and Liquid Fertilizers), Form (Dry and Liquid), Application Method, Type, Crop Type and Region – Global Forecast to 2027

The global specialty fertilizers market size is projected to reach USD 33.7 billion by 2027, recording a CAGR of 6.8% in terms of value. The global industry was estimated to be valued at USD 24.3 billion in 2022 and The high nutrient use efficiency and precise & localized application associated with the specialty fertilizers help reduce growers’ dependency on commercial fertilizer usage and simultaneously achieve higher quality crops and yields with a lower environmental impact. This trend is expected to drive the market significantly in value sales during the forecast period.

Specialty Fertilizers Market

What is specialty fertilizers?

Specialty fertilizers are a category of fertilizers specifically formulated to meet the unique nutrient requirements of certain crops, soil conditions, or growth stages. Unlike conventional fertilizers, which provide a broad spectrum of nutrients, specialty fertilizers are tailored to address specific deficiencies or enhance particular aspects of plant growth and development.

These fertilizers may contain a precise combination of essential nutrients, such as nitrogen, phosphorus, potassium, and micronutrients like iron, zinc, manganese, and boron, in forms and ratios optimized for the targeted crop’s needs. They may also include additives or supplements designed to improve soil structure, enhance nutrient uptake, promote root growth, or boost resistance to environmental stressors.

Specialty Fertilizers Market Trends

Rising Demand for Customized Nutrition Solutions: There is a growing demand for specialty fertilizers tailored to specific crops, soil conditions, and growth stages. Farmers are increasingly adopting precision agriculture techniques, leading to the use of specialty fertilizers that offer targeted nutrient delivery, thus optimizing crop yields and minimizing environmental impact.

Shift towards Sustainable Agriculture: With increasing awareness about environmental sustainability, there is a noticeable shift towards eco-friendly and organic specialty fertilizers. Consumers are demanding products that minimize chemical inputs, reduce soil degradation, and promote soil health. Manufacturers are responding by developing specialty fertilizers derived from organic sources such as bio-based ingredients, microbial inoculants, and natural minerals.

Technological Innovations: Advancements in fertilizer formulation technologies, including controlled-release fertilizers, water-soluble fertilizers, and micronutrient-enriched products, are driving market growth. These innovations improve nutrient efficiency, reduce nutrient leaching, and enhance crop uptake, resulting in better yield outcomes and cost savings for farmers.

Focus on Nutrient Management: Increasing emphasis on nutrient management strategies, such as balanced fertilization and nutrient stewardship programs, is influencing the adoption of specialty fertilizers. Farmers are employing soil testing and nutrient mapping techniques to optimize fertilizer application rates and minimize nutrient imbalances, thereby improving crop quality and profitability.

Expansion of Specialty Crop Production: The expanding cultivation of high-value specialty crops, including fruits, vegetables, and horticultural crops, is driving demand for specialty fertilizers tailored to the nutritional requirements of these crops. Additionally, the growing trend of urban farming and greenhouse cultivation is creating new opportunities for specialty fertilizer manufacturers catering to these segments.

Market Consolidation and Strategic Partnerships: The specialty fertilizers market is witnessing consolidation through mergers, acquisitions, and strategic partnerships among key players. Companies are integrating their operations to enhance product portfolios, expand market reach, and capitalize on synergies in research and development, manufacturing, and distribution.

Global Market Expansion: The specialty fertilizers market is experiencing significant growth across regions, driven by increasing agricultural productivity demands, changing dietary preferences, and government initiatives to promote sustainable agriculture. Emerging economies in Asia-Pacific, Latin America, and Africa are emerging as lucrative markets for specialty fertilizers due to expanding agricultural activities and growing awareness about modern farming practices.

Specialty Fertilizers Market Share

The key players in this market include Nutrien Ltd. (Canada), Yara (Norway), ICL (Israel), The Mosaic Company (US), CF Industries and Holdings, Inc. (US), Nufarm (Australia), SQM SA (Chile), OCP Group (Morocco), Kingenta (China), K+S Aktiengesellschaft (Germany), OCI Nitrogen (Netherlands), EuroChem (Switzerland), Coromandel International Limited (India), Zuari Agro Chemicals Ltd. (India), and Deepak Fertilizers and Petrochemicals Corporation Limited (India)

The South America is Growing With the Fastest CAGR During the Forecasted Period.

The South American market includes Brazil, Argentina, Chile, and the Rest of South America. According to USDA, Brazil is one of the few nations in the world with the ability to boost agricultural yields and area. The rising adoption of agrochemicals, advancements in farming techniques in Brazil & Argentina, and extensive distribution channels of global agrochemical players are projected to drive market growth.

Brazil and Argentina occupied the major market share for specialty fertilizers in South America in 2021. However, according to FAO, these countries also depend on other nations for fertilizers since domestic production could not meet the rising demand in 2020. The climatic conditions of these countries help in the cultivation of diverse crops. Soybean, sugarcane, corn, rice, fruits, and vegetables are the major crops cultivated in this region.

Other growth drivers include the use of new techniques and technologies to bring unusable and barren lands into productivity. Crop production in South America has risen dramatically in recent decades and is expected to rise further as growers expand the planted area and push for higher yields. This will support specialty fertilizer consumption.

Browse Related Reports:

Controlled-release Fertilizers Market by Type (Slow Release, Coated and Encapsulated, Nitrogen Stabilizers), End Use (Agricultural and Non-Agricultural), Mode of Application (Foliar, Fertigation, Soil) and Region – Global Forecast to 2028

Water-soluble Fertilizers Market by Type (Nitrogenous, Phosphatic, Potassic, and Micronutrients), Mode of Application (Foliar and Fertigation), Form (Dry and Liquid), Crop Type and Region – Global Forecast to 2028

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