Specialty fertilizers refer to fertilizers that are specifically formulated to provide plants with essential nutrients such as iron, manganese, boron, zinc, copper, and others in a more targeted and efficient way than traditional fertilizers.
Sizing and Forecast
The specialty fertilizers market size has grown strongly in recent years. It will grow from $28.5 billion in 2023 to $30.6 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to crop yield optimization, soil health awareness, government support and subsidies, shift towards precision agriculture, expansion of horticulture and floriculture sectors, environmental sustainability concerns.
The specialty fertilizers market size is expected to see strong growth in the next few years. It will grow to $39.66 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to population growth and food security challenges, emphasis on sustainable agriculture practices, climate change adaptation, rise in organic farming practices, market entry of new players. Major trends in the forecast period include investments in research and development, precision farming technologies, technological advancements in fertilizer production, rise in demand for controlled-release fertilizers, customized fertilizer blends.
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Segmentation & Regional Insights
The specialty fertilizers market covered in this report is segmented –
1) By Type: Controlled Release Fertilizers, Water Soluble Fertilizers, Agricultural Micronutrients, Customized Fertilizers
2) By Crop: Cereals, Pulses And Oil Seeds, Fruits And Vegetables, Trufs And Ornamentals, Other Crops
3) By Form: Dry, Liquid
4) By Technology: Slow-Release, N-Stabilizers, Coated And Encapsulated, Chelated
5) By Application: Soil, Foliar, Fertigation
North America was the largest region in the specialty fertilizers market in 2023. The regions covered in the specialty fertilizers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
A rise in the demand for agricultural goods is expected to propel the growth of the specialty fertilizers market going forward. Agricultural goods are products that are grown, harvested, or raised on a farm or other agricultural land. The demand for food and other agricultural products is increasing because of the increase in the world’s population. To improve production levels with vital nutrients, specialty fertilizers are applied to plants for specialized activity. For instance, in June 2022, according to the report published by the Organization for Economic Co-operation, and Development a France-based intergovernmental organization, agricultural productivity would need to increase by 28% in the next decade to achieve the zero-hunger target. Further, global crop production is estimated to increase by 87% by 2030. Therefore, the rise in the demand for agricultural goods is driving the growth of the specialty fertilizers market.
Key Industry Players
Major companies operating in the specialty fertilizers market report are Koch Industries Inc., Nutrien Ltd., Agrium Inc., Yara International ASA, The Mosaic Company, CF Industries Holdings Inc., The OCP Group, EuroChem Group, Sociedad Quimica y Minera SA, Israel Chemicals Ltd. J.R. Simplot Company, K+S Aktiengesellschaft, Wilbur-Ellis Company, Nufarm Canada, Coromandel International Limited, Arab Potash Company, Haldor Topsoe A/S, Compo Expert GmbH, Sinochem Group, Valagro S.p.A., Haifa Group, Helena Agri-Enterprises LLC, Miller Chemical & Fertilizer LLC, Kugler Company, Suståne Natural Fertilizer Inc., Van Iperen International, Greenway Biotech Inc., Daymsa, Heliospectra AB, Sapec Agro S.A., Art Wilson Company, Rural Liquid Fertilisers
The specialty fertilizers market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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