The global specialty fertilizers market size was valued at USD 26.54 Billion in 2022 and is projected to surpass USD 39.37 Billion by 2031, expanding at a CAGR of 6.8% during the forecast period, 2023–2031. Growth of the market is attributed to wide application & ease use and high efficiency of fertilizers.
Specialty fertilizers are used to grow better plants and crops with less water, reduce usage of fertilizer, and optimizing the yields properly. Increasing demand for the nutritious foods, fruits, and vegetables is raising the demand for specialty fertilizers. Growing trend for healthy food habits is boosting the market.
The Covid-19 pandemic affected the demand and supply of global specialty fertilizers market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Market Trends, Drivers, Restraints, and Opportunities
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Rising demand for high efficiency fertilizers is anticipated to fuel the market in the coming years.
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Rapid growth of agriculture industry is major factor propelling the market during the forecast period.
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Growing population is expected to drive the market in the coming years.
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High cost of fertilizers is estimated to hamper the market growth.
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Lack of awareness about the controlled release technology act as a major challenge that can hinder the market expansion.
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Lack of awareness about the advantages of specialty fertilizes to farmers act as a challenge that can restrict the market growth during the forecast period.
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Growing importance of specialty nutrients is projected to offer lucrative opportunities for the market players.
Scope of Specialty Fertilizers Market Report
The report on the global specialty fertilizers market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Specialty Fertilizers Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Types (Customized Fertilizers, Slow Release Fertilizers, Controlled Release Fertilizers, Micronutrient Fertilizers, and Others), Crop Types (Pulses and Oilseeds, Fruits and Vegetables, Grain and Cereals, Commercial Crops, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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OCP Group, Nutrien Ltd., EuroChem Group AG, Compo Expert Gmbh, Yara International ASA, ICL Specialty Fertilizer, Ekompany, Haifa Chemicals Ltd., and The Mosaic Company
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Specialty Fertilizers Market Segment Insights
Based on types, the global specialty fertilizers market is segmented into customized fertilizers, slow release fertilizers, controlled release fertilizers, micronutrient fertilizers, and others. The controlled release segment is expected to constitute a key share of the market during the forecast period.
It is vital input in precision farming which is mostly dependent on the controlled release fertilizers. It is important for preventing issues including fertilizer drain-off, excessive fertilizer leaching, and subsequent rise in biological oxygen demand of water bodies.
In terms of crop types, the global specialty fertilizers market is segregated into pulses and oilseeds, fruits and vegetables, grain and cereals, commercial crops, and others.
The fruits and vegetables segment is expected to account for a key share of the market in the coming years due to high nutrient value and rising demand for organic fruits and vegetables. The production of fruits and vegetables has increased owing to the rising exports of fruits and vegetables.
On the basis of regions, the global specialty fertilizers market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America is anticipated to expand at a high CAGR during the forecast period.
The regional market growth can be attributed to rising adoption of quality crop nutrition products. However, the market of Asia Pacific is expected to exhibit a rapid growth rate in the coming years owing to rising agricultural practices requires good quality fertilizers.
Segments
The global specialty fertilizers market has been segmented on the basis of
Type
- Customized Fertilizers
- Slow Release Fertilizers
- Controlled Release Fertilizers
- Micronutrient Fertilizers
- Others
Crop Type
- Pulses and Oilseeds
- Fruits and Vegetables
- Grain and Cereals
- Commercial Crops
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global specialty fertilizers market include OCP Group, Nutrien Ltd., EuroChem Group AG, Compo Expert Gmbh, Yara International ASA, ICL Specialty Fertilizer, Ekompany, Haifa Chemicals Ltd., and The Mosaic Company.
Some of these players are engaged in several business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares. For instance,
- In January 2020, Nutrien Ltd announced the deal of acquiring Brazilian Ag retailer to mark its footprint in the market of South America.
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