The Specialty Fertilizer Market is projected to reach $42.57 billion by 2030, at a CAGR of 8.9% during the forecast period of 2023 to 2030. In terms of volume, the global specialty fertilizers market is expected to reach 35,189 KT by 2030, at a CAGR of 8% during the forecast period of 2023–2030. The growth of the specialty fertilizers market is driven by the declining availability of arable land and the rising demand for food, growing environmental concerns, and favorable government policies and regulations. However, high production costs restrain the growth of the specialty fertilizers market.
The rising adoption of precision farming technologies is expected to generate market growth opportunities. However, the lack of awareness among farmers is a challenge for the stakeholders in this market. Additionally, the increasing use of nanotechnology in agriculture is a key trend in this market.
In recent years, specialty fertilizers have gained popularity among farmers (water-soluble fertilizers, liquid fertilizers, slow-release fertilizers, micronutrient fertilizers) and gardeners (liquid lawn fertilizer) seeking to optimize the health and productivity of their crops or plants. By addressing specific deficiencies or requirements of different plant species or soil conditions, these fertilizers can enhance overall plant health, increase resistance to diseases, and ultimately improve crop quality. Additionally, the precise formulation of nutrients in specialty fertilizers minimizes waste and runoff, making them an environmentally sustainable choice for agricultural and horticultural practices. This precision application not only benefits the plants and soil but also contributes to more sustainable farming practices by minimizing excess nutrients leaching into water sources. As a result, specialty fertilizers offer a valuable solution for achieving better crop yields while minimizing environmental impact.
Key Players
The key players profiled in the global specialty fertilizers market research report are Nutrien Ltd. (Canada), Coromandel International Limited (India), Haifa Group (Israel), Yara International ASA (Norway), ICL Group Ltd. (Israel), EuroChem Group AG (Switzerland), Kingenta Ecological Engineering Group Co., Ltd (China), The Mosaic Company (U.S.), Deepak Fertilisers and Petrochemicals Corporation Ltd. (DFPCL) (India), Sociedad Química y Minera de Chile S.A. (Chile), and Kugler Company (U.S.).
The report includes a competitive landscape based on an extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past 3-4 years. Major companies in the global specialty fertilizers market have implemented various strategies over the years to expand their product offerings & global footprints and augment their market shares. The key strategies followed by the leading companies in this market were agreements, collaborations & partnerships, mergers & acquisitions, expansions, and product launches. Moreover, agreements, collaborations, & partnerships were the most preferred key growth strategies adopted by leading players in this market. Moreover, it accounted for a share of 44% of the total strategies adopted by companies in the specialty fertilizers market during 2020-2023. The leading players that adopted these strategies in the market were Nutrien Ltd. (Canada), ICL Group Ltd. (Israel), Yara International ASA (Norway), The Mosaic Company (U.S.), and Deepak Fertilisers and Petrochemicals Corporation Ltd. (DFPCL) (India).
Growing Concerns Regarding Environmental Safety to Spur the Global Specialty Fertilizers Market
Heavy use of synthetic agricultural inputs raises environmental concerns by causing serious damage to the fauna and flora of freshwater. Extensive use of these synthetic agriculture inputs directly affects the environment as residues of chemical fertilizers stay in the soil and cause soil pollution, contaminate surface or groundwater, or get released into the atmosphere through vitalization. These residues left in the soil emit ammonia, methane, nitrous oxide, and elemental nitrogen into the environment. Nowadays, growing awareness about the adverse effects of agrochemicals on plant physiology, soil quality, animals, and human beings calls for sustainable farming practices.
Moreover, the nutrient losses in the water trigger eutrophication on the surfaces of water bodies, which in turn ruins the aquatic ecosystem. This concern is associated with the commodity fertilizers and nutrients applied to the soil. By considering these challenges of water and soil pollution caused by the heavy applications of commodity fertilizers, the global fertilizer industry shifted towards the development of specialty fertilizers (water-soluble fertilizers, liquid fertilizer), and some institutions and organizations are engaged in creating and encouraging farmers to use these fertilizers.
Specialty fertilizers are designed to provide targeted nutrients to specific crops, minimizing the risk of over-fertilization and reducing the potential for soil pollution. These fertilizers are formulated with a precise balance of essential nutrients, micronutrients, and other additives that are tailored to the specific needs of different crops and soil types. By using specialty fertilizers, farmers can optimize nutrient uptake, improve crop yields, and promote sustainable agricultural practices.
As a result, the global demand for specialty fertilizers is expected to continue to rise as more farmers recognize the importance of environmental safety and sustainable farming methods.
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The Specialty Fertilizer Market is Witnessing a Notable Trend in the Growing Application of Nanotechnology in Agriculture
Nanotechnology in agriculture has led to the development of specialized fertilizers that can deliver nutrients directly to plant cells, increasing their efficiency and reducing waste. This trend is expected to continue as farmers seek innovative solutions to improve crop yields and sustainability. Additionally, the use of nanotechnology in fertilizers can also help reduce the environmental impact of traditional farming practices by minimizing the amount of chemicals needed. Overall, the integration of nanotechnology in agriculture is revolutionizing the way farmers approach fertilization. With the ability to target specific plant needs and reduce waste, nanotechnology is proving to be a game-changer in the industry. As technology continues to advance, the potential for even more efficient and sustainable farming practices using nanotechnology in fertilizers is limitless.
Nanofertilizers have nanostructured formulations that offer increased fertilizer efficiency and uptake ratio of the soil nutrients compared to conventional pesticides. According to the National Center for Biotechnology Information, the application of 160 mg of Nano-zinc per hectare increases zinc use efficiency by up to 78.6%, which is extremely high compared to 3.5% with mega-zinc particles. Moreover, according to the Indian Farmers Fertiliser Cooperative Limited (IFFCO), only 10 gm of nano-zinc is sufficient for a hectare of land, which can reduce the requirement for NPK fertilizers by 50%.
Moreover, nanostructured formulations reduce nutrient leaching. For example, nano urea liquid, which is cheaper and more effective than granular urea, reduces nutrient loss and environmental pollution.
Thus, nanofertilizers have emerged as an important tool in improving crop growth, yield, and quality due to their increased nutrient use efficiency and reductions in fertilizer wastage and cost of cultivation. As a result, market players are increasing their focus on the development of nanofertilizers.
Key Findings in the Global Specialty Fertilizer Market Study:
In 2023, the Specialty NPK Fertilizer Segment is Expected to Dominate the Specialty Fertilizer Market by Type
Based on type, the specialty fertilizer market is mainly segmented into specialty NPK fertilizers, slow-release fertilizers (sulfur-coated urea and other slow-release fertilizers), controlled-release fertilizers, agricultural micronutrients, and other fertilizers. In 2023, the specialty NPK fertilizer segment is expected to account for the largest share of 61.0% of the global specialty fertilizer market. The large market share of this segment is mainly attributed to factors such as the growing population and the need to improve crop yields and soil fertility, the increasing demand for balanced nutrient solutions in agriculture, and the rising adoption of precision farming techniques. Moreover, the rising focus of governments in various countries to promote specialty urea fertilizers, advancements in fertilizer manufacturing techniques, and rising companies' focus on the development of customized formulations are further expected to support the growth of this market across the globe.
Moreover, slow-release fertilizer is further segmented into sulfur-coated urea and other slow-release fertilizers. In 2023, the sulfur-coated urea segment is expected to account for the larger share of the global slow-release fertilizer market owing to the rising need for improved crop yield and nutrient management in agriculture, increasing demand for high-efficiency fertilizers, and growing government support.
However, the agricultural micronutrients segment is projected to register the highest CAGR during the forecast period of 2023–2030 due to rising micronutrient deficiency in the soil, increasing awareness of uses of micronutrients for crop production, rising government policies, and various organizations encouraging the use of micronutrients and increasing the production of fruits and vegetables which is heavy feeder of micronutrients.
In 2023, the Dry Form Segment is Expected to Dominate the Specialty Fertilizer Market by Form
Based on form, the global specialty fertilizer market is segmented into dry specialty fertilizers and liquid specialty fertilizers. In 2023, the dry specialty fertilizers segment is expected to account for the larger share of the global specialty fertilizers market. The large market share of this segment is mainly attributed to the increasing adoption of controlled-release and slow-release fertilizers and the high efficacy and easier applicability of dry specialty fertilizers. Moreover, its cost-effectiveness, longer shelf life, ability to provide long-term release of nutrients, and high efficiency in all climatic conditions over its counterparts further support the growth of this market.
In 2023, the Fertigation Segment is Expected to Dominate the Specialty Fertilizers Market by Application
Based on application, the global specialty fertilizers market is segmented into fertigation, soil application, and foliar spray. The fertigation segment is expected to account for the largest share of the global specialty fertilizers market. The large market share of this segment is attributed to the high use of drip irrigation in crop production, increasing preference for drip irrigation, high availability of water-soluble and liquid fertilizers, rising automation in irrigation methods, and rising precision agricultural practices.
However, the foliar spray segment is projected to register the highest CAGR of 9.2% during the forecast period of 2023–2030. The growth of this segment is driven by the increasing product launches by manufacturers suitable for foliar application, growing farmer preference for foliar spray due to its ability to offer more precise nutrient delivery to plants and rapid nutrient absorption with easy and uniform application, and growing advancement in spraying technologies.
In 2023, the Cereals & Grains Segment is Expected to Dominate the Specialty Fertilizers Market by Crop Type
Based on crop type, the specialty fertilizers market is mainly segmented into cereals & grains, fruits & vegetables, oilseeds & pulses, and other crops. In 2023, the cereals & grains segment is expected to account for the larger share of the global specialty fertilizers market. The large market share of this segment is mainly attributed to factors such as the rising demand for food grains due to the growing population, high area under cereals and grains production such as wheat, maize, rice, and barley, and increasing industrial application of cereals and grains.
However, the fruits & vegetables segment is projected to register the highest CAGR during the forecast period of 2023–2030. The growth of this segment is driven by the increasing area of fruit and vegetable cultivation and the growing demand for chemical-free organic fruits and vegetables.
Asia-Pacific Dominates the Overall Specialty Fertilizers Market, While North America Leads in Growth
Based on geography, the global specialty fertilizers market is majorly segmented into five regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global specialty fertilizers market. The large share of this market is mainly attributed to the presence of major specialty fertilizers suppliers in the region, a huge area under agriculture production, rising demand for high-yield crop products, and the growing support from various organizations & governments to enhance crop cultivation.
However, Latin America is expected to witness significant growth during the forecast period, mainly due to the rapidly growing population, a huge agricultural area, rising demand for specialized agriculture input products, rising government support for the agricultural sector, increasing adoption of advanced agricultural techniques, and rising focus of various manufactures in the region.
Report Summary:
Particular
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Details
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Page No.
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280
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Format
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PDF
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Forecast Period
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2023–2030
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Base Year
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2022
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CAGR
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8.9%
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Market Size (Value)
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$42.57 Billion by 2030
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Market Size (Volume)
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35,189 KT by 2030
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Segments Covered
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By Type
- Specialty NPK Fertilizers
- Slow-release Fertilizers
- Sulfur-coated Urea
- Other Slow-release Fertilizers
- Controlled-release Fertilizers
- Agricultural Micronutrients
- Other Fertilizers
By Form
- Dry Specialty Fertilizers
- Liquid Specialty Fertilizers
By Mode of Application
- Fertigation
- Soil Application
- Foliar Spray
By Crop Type
- Cereals & Grains
- Maize/Corn
- Wheat
- Rice
- Other Cereals & Grains
- Fruits & Vegetables
- Oilseeds & Pulses
- Other Crops
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Countries Covered
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North America (U.S., Canada), Europe (France, Germany, Spain, Italy, U.K., Rest of Europe), Asia-Pacific (China, India, Japan, Australia, Rest of Asia-Pacific), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), and Middle East & Africa
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Key Companies
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Nutrien Ltd. (Canada), Coromandel International Limited (India), Haifa Group (Israel), Yara International ASA (Norway), ICL Group Ltd. (Israel), EuroChem Group AG (Switzerland), Kingenta Ecological Engineering Group Co., Ltd (China), The Mosaic Company (U.S.), Deepak Fertilisers and Petrochemicals Corporation Ltd. (DFPCL) (India), Sociedad Química y Minera de Chile S.A. (Chile), and Kugler Company (U.S.)
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Key questions answered in the report: