The Global Specialty Fertilizers Market size is expected to reach $53.4 billion by 2031, rising at a market growth of 6.0% CAGR during the forecast period. In the year 2023, the market attained a volume of 96,157.1 kilo tonnes, experiencing a growth of 15.0% (2020-2023).
Liquid fertilizers distribute uniform nutrients, ensuring crops receive consistent essential nutrients throughout the growing season. Thus, the liquid fertilizers segment acquired $5,030.6 million revenue in the year 2023. Also, Russia market would utilize 968.04 kilo tonnes of Liquid fertilizers by 2031. Liquid fertilizers can be precisely formulated to deliver specific ratios and concentrations of nutrients tailored to the nutritional requirements of different crops and growth stages.
Customized specialty fertilizers can be designed to meet the unique requirements of different high-value crops and production systems, including protected agriculture, hydroponics, and vertical farming. Thus, because of the customized formulations for high-value crops, the specialty fertilizers market is anticipated to increase significantly.
Additionally, Protected agriculture allows growers greater control over environmental factors like temperature, humidity, and light intensity. This controlled environment allows for year-round cultivation of crops and creates ideal conditions for maximizing plant growth. Therefore, the market is expanding significantly due to the growing adoption of protected agriculture.
However, the higher upfront cost of specialty fertilizers can impose a significant financial burden on farmers, especially smallholder farmers and those operating on tight budgets. Limited access to capital and credit facilities may make it difficult for farmers to afford specialty fertilizers, leading to reduced adoption rates and reliance on cheaper conventional fertilizers despite their potential limitations. Thus, higher costs can slow down the growth of the market.
Liquid fertilizers distribute uniform nutrients, ensuring crops receive consistent essential nutrients throughout the growing season. Thus, the liquid fertilizers segment acquired $5,030.6 million revenue in the year 2023. Also, Russia market would utilize 968.04 kilo tonnes of Liquid fertilizers by 2031. Liquid fertilizers can be precisely formulated to deliver specific ratios and concentrations of nutrients tailored to the nutritional requirements of different crops and growth stages.
Customized specialty fertilizers can be designed to meet the unique requirements of different high-value crops and production systems, including protected agriculture, hydroponics, and vertical farming. Thus, because of the customized formulations for high-value crops, the specialty fertilizers market is anticipated to increase significantly.
Additionally, Protected agriculture allows growers greater control over environmental factors like temperature, humidity, and light intensity. This controlled environment allows for year-round cultivation of crops and creates ideal conditions for maximizing plant growth. Therefore, the market is expanding significantly due to the growing adoption of protected agriculture.
However, the higher upfront cost of specialty fertilizers can impose a significant financial burden on farmers, especially smallholder farmers and those operating on tight budgets. Limited access to capital and credit facilities may make it difficult for farmers to afford specialty fertilizers, leading to reduced adoption rates and reliance on cheaper conventional fertilizers despite their potential limitations. Thus, higher costs can slow down the growth of the market.
By Crop Type Analysis
Based on crop type, the market is categorized into cereals & grains, fruits & vegetables, oilseeds & pulses, and others. The fruits & vegetables segment recorded a remarkable 35% revenue share in the market in 2023. In terms of volume, the fruit & vegetables segment would utilize 48,538.6 kilo tonnes of specialty fertilizers by 2031. Fruits & vegetables have specific nutrient uptake patterns and requirements throughout their growth stages.By Application Analysis
By application, the market is classified into fertigation, foliar, and soil. In 2023, the fertigation segment registered the maximum 53% revenue share in the market. In terms of volume, the fertigation segment would utilize 74,313.0 kilo tonnes of specialty fertilizers by 2031. Fertigation allows for precise and targeted application of fertilizers through irrigation systems, such as drip irrigation and sprinklers.By Technology Analysis
On the basis of technology, the market is segmented into controlled-release fertilizers, water-soluble fertilizers, liquid fertilizers, micronutrients, and others. The controlled-release fertilizers segment procured a promising growth rate in the market in 2023. In terms of volume, the controlled-release fertilizers segment would utilize 16,078.6 kilo tonnes of specialty fertilizers by 2031. Controlled-release fertilizers release nutrients gradually over an extended period, providing plants with a steady supply of nutrients.
By Type Analysis
By type, the market is divided into urea ammonium nitrate, calcium ammonium nitrate, monoammonium phosphate, sulfate of potash, potassium nitrate, urea derivatives, blends of NPK, and others. In 2023, the urea ammonium nitrate segment witnessed the largest 31% revenue share in the market. In terms of volume, the urea ammonium nitrate segment would utilize 62,584.2 kilo tonnes of specialty fertilizers by 2031.By Regional Analysis
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the Asia Pacific region led the market by generating 48.3% revenue share. In terms of volume, the Asia Pacific region would utilize 76,220.8 kilo tonnes of specialty fertilizers by 2031. With a rapidly increasing population and rising incomes in many countries across Asia Pacific, there is a heightened demand for food production to ensure food security.Recent Strategies Deployed in the Market
- Mar-2024: EuroChem Group AG expanded its business in South America. Under this expansion, the company would serve Brazilian farmers by providing them access to top-tier fertilizers through its global distribution network.
- Dec-2023: Yara International ASA took over Agribios Italiana, a developer and manufacturer of organic and organo-mineral fertilizers. Under this acquisition, Yara would expand its offering to its mineral fertilizers to help encourage regenerative agriculture and enhance soil health. Additionally, the company would also attain the European Union's objective of growing EU farmland through organic farming.
- Nov-2023: Nutrien Limited came into partnership with CoteX Technologies, an agricultural technology startup. Under this partnership, Nutrien would explore joint commercialization of coating technology to manufacture inexpensive, environmentally friendly nitrogen fertilizer solutions in the North American market for acreage crops.
- Jul-2023: Yara International ASA announced its new manufacturing unit in China. Through this expansion, the company would serve sustainable solutions adapted to local crops that help fertility and profitability for farmers in China and worldwide. Additionally, the company would also provide high-quality water-soluble fertilizer products to smallholder farmers to improve crop productivity and soil health.
- Jul-2023: K+S Aktiengesellschaft acquired ICH, a manufacturer of fertilizers and raw materials. Under this acquisition, K+S would expand its core business and strengthen its presence in southern and eastern Africa. Additionally, K+S Aktiengesellschaft would also operate the acquired fertilizer business within the joint venture under the name Fertiva (Pty) Ltd.
List of Key Companies Profiled
- Nutrien Limited
- Yara International ASA
- The Mosaic Company
- CF Industries Holdings, Inc.
- Nufarm Ltd.
- SQM S.A.
- OCP SA
- K+S Aktiengesellschaft
- EuroChem Group AG (AIM Capital Ltd.)
- Haifa Negev technologies Ltd.
Market Report Segmentation
By Crop Type (Volume, Kilo Tonnes, USD Billion, 2020-2031)- Cereals & Grains
- Fruits & Vegetables
- Oilseeds & Pulses
- Others
- Fertigation
- Foliar
- Soil
- Water-soluble Fertilizers
- Controlled-release Fertilizers
- Liquid Fertilizers
- Micronutrients
- Others
- Urea Ammonium Nitrate
- Calcium Ammonium Nitrate
- Monoammonium Phosphate
- Sulfate of Potash
- Potassium Nitrate
- Urea Derivatives
- Blends of NPK
- Others
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Poland
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Indonesia
- Australia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- Egypt
- Morocco
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 5. Global Specialty Fertilizers Market by Crop Type
Chapter 6. Global Specialty Fertilizers Market by Application
Chapter 7. Global Specialty Fertilizers Market by Technology
Chapter 8. Global Specialty Fertilizers Market by Type
Chapter 9. Global Specialty Fertilizers Market by Region
Chapter 10. Company Profiles
Companies Mentioned
- Nutrien Limited
- Yara International ASA
- The Mosaic Company
- CF Industries Holdings, Inc.
- Nufarm Ltd.
- SQM S.A.
- OCP SA
- K+S Aktiengesellschaft
- EuroChem Group AG (AIM Capital Ltd.)
- Haifa Negev technologies Ltd.
Methodology
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