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 increasing recognition of the need for customized fertilizers tailored to different crops and soil types, considering diverse environmental conditions, is surging the demand for innovative agricultural solutions. Fortune Business Insights presents this information in their report titled ""Global Specialty Fertilizers Market, 2024–2032."
Information Source: https://www.fortunebusinessinsights.com/industry-reports/specialty-fertilizers-market-100527
COVID-19 Impact:
Labor Shortages Affected Production During Pandemic
The lockdown measures and border closures during the early stages of the pandemic resulted in significant logistical challenges and labor shortages, causing major concerns for producers. Many producers, especially Small & Medium-sized Enterprises (SMEs), had to suspend or reduce their production activities due to the unavailability of labor.
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 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 growing number of golfers has led to a heightened need for maintaining the growth and vitality of turf grasses. Additionally, the increasing demand for major food grains such as corn, wheat, and pulses, coupled with the expanding harvested area, is driving the demand for agri-inputs to support cereal crop production.
However, farmers may embrace cost-cutting measures when product prices are dropped, which may hamper the specialty fertilizers market growth .
Regional Insights
Asia Pacific Dominates the Market with its Expansive Agriculture Sector
Asia Pacific commands the leading specialty fertilizers market share due to its substantial agriculture sector. With countries, such as India, China, Thailand, and others, engaging in extensive agricultural practices, the region accounts for approximately 30% of the global agricultural land, as reported by the Organization for Economic Co-operation and Development and Food and Agriculture Organization.
North America holds a major share as it the largest producer of potatoes globally.
Competitive Landscape
Product Launches Drive Competitive Landscape in the Market
In the highly competitive global specialty fertilizers sector, both multinational corporations and local players are actively vying for market dominance. Key market players employ strategic approaches such as mergers and acquisitions as well as expanding their production base to achieve growth.
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)
No comments yet