Global Specialty Fertilizers Market Size, Share, and COVID-19 Impact Analysis, By Type (Calcium Ammonium Nitrate (CAN), Urea Ammonium Nitrate (UAN), Monoammonium Phosphate (MAP), Potassium Nitrate, Sulfate of Potash (SOP), Blends of NPK, Urea Derivatives, and Others), By Application Method (Soil, Foliar, and Fertigation), By Technology (Micronutrients, Controlled-release Fertilizers, Water Soluble Fertilizers, and Liquid Fertilizers), By Form (Dry and Liquid), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032Industry: Agriculture
Global Specialty Fertilizers Market Insights Forecasts to 2032
- The Global Specialty Fertilizers Market Size was valued at USD 24.2 billion in 2022.
- The Market is growing at a CAGR of 6.6% from 2022 to 2032
- The Worldwide Specialty Fertilizers Market Size is expected to reach USD 45.9 billion by 2032
- Asia Pacific is expected to grow the fastest during the forecast period
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The Global Specialty Fertilizers Market is projected to exceed USD 45.9 billion by 2032, growing at a CAGR of 6.6% from 2022 to 2032. The global specialty fertilizers market is expected to continue growing in the coming years, driven by increasing demand for high-quality crops, the need for sustainable agricultural practices, and the adoption of precision agriculture techniques. The market is highly competitive, with a large number of players operating in the market.
Specialty fertilizers are advanced fertilizers that are customized to meet specific crop and soil nutrient requirements, enhancing crop productivity and minimizing environmental impact. The global specialty fertilizers market refers to a segment of the overall fertilizer market that offers specialized products designed for specific crops and soil types. These fertilizers contain essential nutrients and micro-nutrients that are tailored to meet the unique needs of different types of crops. The global specialty fertilizers market has been growing steadily over the past decade, and is expected to continue growing in the coming years.
The global specialty fertilizers market is driven by a number of factors, including increasing demand for high-quality crops and a growing need for sustainable agricultural practices. Additionally, the adoption of precision agriculture techniques, which require specialized fertilizers, is also contributing to the growth of the market. Other factors include an increasing global population, rising demand for food, and the need for efficient nutrient management.
The global specialty fertilizers market is highly competitive, with a large number of players operating in the market. Some of the key players in the market include Yara International, Haifa Group, The Mosaic Company, Sociedad Química y Minera de Chile S.A. (SQM), and Nutrien Ltd. These companies are focusing on expanding their product portfolios, developing new products, and expanding their global presence through acquisitions and partnerships.
For instance, in April 2023, Zuari FarmHub, an agritech company, collaborated with Novozymes South Asia, a leading player in biological solutions, to introduce Poorna Advanced, a 100% water soluble fertilizer with novel LCO Promoter Technology. This technology serves as a communication link between the plant and beneficial microbes in the soil near the plant's roots.
This research report categorizes the market for the global specialty fertilizers market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the specialty fertilizers market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the specialty fertilizers market.
Global Specialty Fertilizers Market Report Coverage
|Market Size in 2022:||USD 24.2 Billion|
|Forecast Period:||2022 - 2032|
|Forecast Period 2022 - 2032 CAGR:||6.6%|
|2032 Value Projection:||USD 45.9 Billion|
|Historical Data for:||2018 - 2021|
|No. of Pages:||210|
|Tables, Charts & Figures:||124|
|Segments covered:||By Type, By Application Method, By Technology, By Form, By Region|
|Companies Covered:||Nutrien Ltd., Yara, ICL, The Mosaic Company, CF Industries, Nufarm, SQM SA, OCP Group, Kingenta, K+S Aktiengesellschaft, OCI Nitrogen, EuroChem, Coromandel International Limited, Zuari Agro Chemicals Ltd., and Others.|
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One of the primary drivers of the specialty fertilizers market is the growing demand for high-quality fertilizers that can precisely address the nutritional requirements of specific crops. Specialty fertilizers are formulated to deliver precise ratios of essential nutrients, such as nitrogen, phosphorus, and potassium, along with secondary and micronutrients. As farmers strive to optimize yields and enhance crop quality, they are increasingly adopting specialty fertilizers tailored to their specific needs.
The world's population continues to grow, leading to increased food demand. Specialty fertilizers enable farmers to maximize crop productivity, minimize nutrient wastage, and reduce environmental impact. With the global population projected to reach 9.7 billion by 2050, the need for specialty fertilizers will further rise to meet the growing food demands, ensuring global food security.
The adoption of precision agriculture techniques, such as soil testing, variable-rate application, and controlled-release fertilizers, has been rapidly increasing. Specialty fertilizers are particularly well-suited for precision agriculture as they allow targeted application, minimizing nutrient losses and optimizing resource utilization. Precision agriculture helps farmers make data-driven decisions, leading to improved crop yields and increased demand for specialty fertilizers.
One of the major restraints in the specialty fertilizers market is the relatively higher cost compared to conventional fertilizers. Specialty fertilizers are formulated with specific nutrient ratios and often incorporate advanced technologies, resulting in higher production costs. This can deter price-sensitive farmers, especially those in developing regions, from adopting specialty fertilizers, limiting market penetration.
Specialty fertilizers are often designed for specific crops and their unique nutritional requirements. However, smaller-scale farmers, particularly in developing regions, may cultivate a diverse range of crops on limited land. The lack of readily available specialty fertilizer solutions tailored to the needs of small-scale farmers can be a barrier to adoption, as they may find it challenging to afford or access a range of specialty fertilizers.
The Global Specialty Fertilizers Market share is classified into type, application method, and technology.
- The urea ammonium nitrate (UAN) segment is expected to hold the largest share of the global specialty fertilizers market during the forecast period.
The global specialty fertilizers market is segmented by type into calcium ammonium nitrate (CAN), urea ammonium nitrate (UAN), monoammonium phosphate (MAP), potassium nitrate, sulfate of potash (SOP), blends of NPK, urea derivatives, and others. Among these, the urea ammonium nitrate (UAN) segment is expected to hold the largest share of the global specialty fertilizers market during the forecast period. The reason behind the growth is, it is a popular choice among farmers due to its versatility and ease of application. UAN is a liquid specialty fertilizer that combines urea and ammonium nitrate. UAN provides a balanced combination of nitrogen and ammonium, making it suitable for various crops. It is used for both foliar application and soil application, offering benefits such as quick nutrient availability, reduced losses, and improved nutrient utilization efficiency. UAN is widely utilized in North America, Europe, and Asia.
- The soil segment is expected to hold the largest share of the global specialty fertilizers market during the forecast period.
Based on the application method, the global specialty fertilizers market is divided into soil, foliar, and fertigation. Among these, the soil segment is expected to hold the largest share of the global specialty fertilizers market during the forecast period. The reason behind the growth is, soil application is the most traditional and widely practiced method of fertilizer application in agriculture. It offers long-term nutrient availability and suits a wide range of crop types and cultivation systems. Additionally, soil application provides an efficient means of replenishing soil nutrients, improving soil fertility, and maximizing crop yields.
- The controlled-release fertilizers segment is expected to hold the largest share of the global specialty fertilizers market during the forecast period.
The global specialty fertilizers market is divided into four segments based on technology: micronutrients, controlled-release fertilizers, water soluble fertilizers, and liquid fertilizers. Among these, the controlled-release fertilizers segment is expected to hold the largest share of the global specialty fertilizers market during the forecast period. Controlled-release fertilizers have gained significant traction due to their ability to provide nutrients gradually over an extended period, offering several advantages in terms of nutrient efficiency, environmental sustainability, and labor savings. CRF technology allows precise nutrient release based on plant demand, minimizing nutrient losses and ensuring optimal nutrient utilization by crops. The increased adoption of CRF in various agricultural sectors, including field crops, horticulture, and landscaping, has contributed to its dominant position in the global specialty fertilizers market.
Regional Segment Analysis of the Global Specialty Fertilizers Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
North America is estimated to hold the largest share of the global specialty fertilizers market over the predicted timeframe.
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North America is expected to hold the largest share of the global specialty fertilizers market during the forecast period. The region is characterized by advanced agricultural practices, extensive research and development activities, and a strong focus on sustainable farming. The United States and Canada are major contributors to the market in this region. Factors driving market growth in North America include the increasing adoption of precision agriculture techniques, the need for improved crop yield and quality, and the rising demand for environmentally friendly fertilizers. Additionally, favorable government initiatives promoting sustainable agriculture practices and the presence of key market players contribute to the growth of the specialty fertilizers market in North America.
Asia Pacific is expected to grow at the fastest pace in the global specialty fertilizers market during the forecast period. Asia-Pacific is a rapidly growing market for specialty fertilizers due to factors such as population growth, increasing food demand, and a shift towards high-value crops. Countries like China, India, Japan, and Australia are significant contributors to the market in this region. The adoption of advanced farming techniques, growing awareness about sustainable agriculture, and government initiatives promoting balanced fertilization practices drive the demand for specialty fertilizers in Asia-Pacific. Additionally, the presence of a large agricultural land base and a rise in commercial horticulture and floriculture activities further boost the market growth in this region.
Latin America is a key region in the global specialty fertilizers market. The region is characterized by extensive agricultural activities, favorable climatic conditions, and a significant focus on crop production. Brazil, Argentina, and Mexico are major contributors to the market in Latin America. Factors driving market growth in this region include the adoption of precision agriculture, a shift towards high-value crops for export, and increasing awareness about the importance of soil health and nutrient management. Moreover, government support for sustainable agriculture practices and the presence of large-scale agricultural operations contribute to the growth of the specialty fertilizers market in Latin America.
The report offers the appropriate analysis of the key organizations/companies involved within the global specialty fertilizers along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Companies
- Nutrien Ltd.
- The Mosaic Company
- CF Industries
- SQM SA
- OCP Group
- K+S Aktiengesellschaft
- OCI Nitrogen
- Coromandel International Limited
- Zuari Agro Chemicals Ltd.
Key Target Audience
- Market Players
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
- In September 2022, ICL introduced Eqo.x, a fast biodegradable release technology for open-field agriculture. By reducing nutrient loss and increasing NUE to 80%, the solution will assist farmers in optimizing agricultural crop performance.
- In September 2022, Cumist Calcium is a new organic speciality fertilzer from Coromandel. The new product will supply specialty nutrients while also increasing efficiency and soil health. Coromandel's speciality fertiliser portfolio will be expanded as a result of the product launch.
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Specialty Fertilizers Market based on the below-mentioned segments:
Global Specialty Fertilizers Market, By Type
- Calcium Ammonium Nitrate (CAN)
- Urea Ammonium Nitrate (UAN)
- Monoammonium Phosphate (MAP)
- Potassium Nitrate
- Sulfate of Potash (SOP)
- Blends of NPK
- Urea Derivatives
Global Specialty Fertilizers Market, By Application Method
Global Specialty Fertilizers Market, By Technology
- Controlled-release Fertilizers
- Water Soluble Fertilizers
- Liquid Fertilizers
Global Specialty Fertilizers Market, By Form
Global Specialty Fertilizers Market, By Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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