The global specialty fertilizers market size was valued at USD 25.49 billion in 2023. The market is projected to grow from USD 27.02 billion in 2024 to USD 43.07 billion by 2032, exhibiting a CAGR of 7.31% during the forecast period.
The growing awareness of the need for specialized fertilizers that are suited to various soil types and crops while taking into account a range of environmental factors is driving up demand for creative agricultural solutions. This data is provided in the research "Global Specialty Fertilizers Market, 2024–2032" by Fortune Business Insights.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/specialty-fertilizers-market-100527
COVID-19 Impact:
Labor Shortages Affected Production During Pandemic
Early on in the pandemic, lockdowns and border restrictions created serious logistical problems as well as a manpower scarcity, which worried producers greatly. The lack of labor forced many businesses, particularly Small and Medium-sized Enterprises (SMEs), to halt or scale back their production operations.
Segments:
Water-Soluble Fertilizers Lead the Market with a Wide Range of Products and Competitive Pricing
Based on type, the market is classified into controlled-release fertilizer, water-soluble fertilizer, agricultural micronutrient, and customized fertilizer.
Water-soluble fertilizers dominate the market due to the wide range of products offered by manufacturers and their cost-effectiveness compared to controlled-release fertilizers, agricultural micronutrients, and customized fertilizers.
Fertigation Method Gains Popularity due to High Adoption of Water-Soluble Fertilizers
By application method, the market for specialty fertilizers is segmented into soil, foliar, and fertigation. The use of fertigation application method is widely preferred in the global market due to increased adoption of water-soluble fertilizers. Additionally, the market growth is expected to be further accelerated by the growing investments and initiatives focused on developing advanced and higher-capacity fertilizer sprinklers.
Fruits & Vegetables Segment to Drive Market Growth due to Export Potential
By crop type, the market for is classified into row crops, fruits & vegetables, turf & ornamentals, and others. The fruits & vegetables segment dominates the market due to the higher sales price associated with these perishable products and the significant export volume they generate.
Geographically the market is studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The specialty fertilizers market report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints:
Rising Demand for Fertilizers Driven by the Golfing Industry and Cereal Crop Expansion
The necessity to keep turf grasses healthy and vibrant has increased due to the rising number of golfers. In addition, the need for agri-inputs to boost cereal crop productivity is being driven by the growing harvested area and the rising demand for main food grains like corn, wheat, and pulses.
However, when product prices are lowered, farmers can adopt cost-cutting strategies, which could impede the expansion of the specialty fertilizers industry.
Regional Insights
Asia Pacific Dominates the Market with its Expansive Agriculture Sector
Asia Pacific's considerable agriculture industry accounts for its dominant market share in specialty fertilizers. According to reports from the Food and Agriculture Organization and the Organization for Economic Co-operation and Development, the area makes up around 30% of the world's agricultural land due to the substantial agricultural practices of countries like China, Thailand, India, and others.
Since North America is the world's greatest producer of potatoes, it has a significant portion.
Competitive Landscape
Product Launches Drive Competitive Landscape in the Market
In the very competitive global specialized fertilizer market, local businesses and multinationals are actively fighting for market share. In order to attain expansion, major companies in the market utilize strategic tactics like mergers and acquisitions along with increasing their manufacturing capacity.
Key Industry Development:
- March 2023– CF Industries Holdings, Inc. announced an agreement to purchase the Waggaman Ammonia production facility from Incitec Pivot Limited. This agreement provides the benefits of an industry-leading increase in ammonia production capacity.
List of Key Players Profiled in the Report:
- Nutrien Ltd. (Canada)
- Yara International ASA (Norway)
- The Mosaic Company (U.S.)
- CF Industries Holdings, Inc. (U.S.)
- OCP SA (Morocco)
- SQM S.A. (Chile)
- Israel Chemicals Ltd. (Israel)
- OCI Global (Netherlands)
- K+S Aktiengesellschaft (Germany)
- Nouryon Chemicals Holding B.V. (Netherlands)
- Indian Farmers Fertiliser Cooperative Limited (IFFCO) (India)
- Grupa Azoty S.A. (Poland)
- Wilbur-Ellis Holdings, Inc. (U.S.)
- Nufarm Ltd (Australia)
- Coromandel International (India)
- Compass Minerals International, Inc. (U.S.)
- Deepak Fertilizers and Petrochemicals Corporation Limited (India)
- Zuari Agro Chemicals Ltd. (India)
- Kugler Company (U.S.)
- Kingenta Ecological Engineering Group Co., Ltd. (China)
- Brandt, Inc. (U.S.)
- Agro Liquid (U.S.)
- Plant Food Company, Inc. (U.S.)
- Koch Industries, Inc. ((U.S.)
- Helena Agri-Enterprises, LLC (U.S.)
- Valagro SpA (Italy)
- Hebei Monband Water Soluble Fertilizer Co., Ltd. (China)
- Haifa Group (Israel)
- Uralchem (Russia)
- EuroChem Group (Switzerland)
Blog Related Insights:
Comments
0 comment