Specialty Fertilizers Market

Global Specialty Fertilizers Market Size (2024 to 2032)

The global specialty fertilizers market was valued at USD 27.80 billion in 2023 and is anticipated to reach USD 27.74 billion in 2024 from USD 49.46 billion by 2032, growing at a CAGR of 7.5% from 2024 to 2032.

CURRENT SCENARIO OF THE GLOBAL SPECIALTY FERTILIZERS MARKET

Specialty Fertilizers use small fertilizer particles that help to keep the soil moist and release fertilizer nutrients into the plants, allowing for healthy crop growth.

The increasing nutrient deficiency among plants is driving the market growth in the global specialty fertilizers market. Leaching, runoff, and other types of nutrient losses have an extensive impact on plant development. Using specialty fertilizers is an easy and efficient method to supply the required amount of nutrients to plants regularly and prevent the harmful effects of over-fertilization on the soil.

MARKET DRIVERS

The increasing technological innovations due to extensive research and development are driving the growth of the global specialty fertilizers market. The increased use of tailored fertilizer products to attend to the specific nutritional needs of crops is increasing the trend of specialty fertilizers. The high demand for efficient nutrition products for crops and the increasing awareness about the benefits of using specialty fertilizers is helping with the market expansion in the global specialty fertilizers market. The increased income of farmers in developed nations is increasing the affordability of farmers for expensive crop nutrition to produce quality crops, further boosting the market growth of the global specialty fertilizers market. The rising world population the increasing need for food security, and decreasing arable land due to rapid urbanization around the globe are increasing the need for smart fertilizers that can improve plant yield and promote growth even in adverse conditions, helping with the expansion of the global specialty fertilizers market. The rising trend of precision farming and the availability of new effective specialty fertilizers are expected to further boost the market growth of the global specialty fertilizers market.

MARKET RESTRAINTS

The high cost of producing specialty fertilizers compared to conventional fertilizers due to the complex production processes required to manufacture specialty fertilizers leading to the high price of products which are more than four to six times higher than regular fertilizers are a major factor restraining the market growth of the global specialty fertilizers market. The introduction of new, better, and cost-effective fertilizers in the market is expected to hinder the growth of the global specialty fertilizers market. The lack of awareness among farmers in developing nations such as India, Pakistan, China, Indonesia, etc., is expected to restrain the market expansion of the global specialty fertilizers market.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Specialty Fertilizers Market By Type

The Water-soluble Fertilizers segment is expected to dominate the market demand in the global specialty fertilizers market as they are efficient in increasing the quality and quantity of the crop yield. The customized fertilizers segment is expected to be the fastest-growing segment in the global specialty fertilizers market due to their ability to solve specific crop-related problems and help with their growth by providing required nutrients. In addition, the Micronutrient fertilizers segment is expected to grow at a high pace due to its extensive use in horticulture applications.

Global Specialty Fertilizers Market By Crop Type

The Grains & Cereals segment dominates the global specialty fertilizers market share as cereals are consumed as staples, leading to high demand for these crops. The fruits & vegetables segment is expected to be the fastest-growing segment in the global specialty fertilizers market due to the increasing health consciousness among people and the high nutritional value of consuming fruits & vegetables.

Global Specialty Fertilizers Market By Application

Fertigation is expected to dominate the global specialty fertilizers market share due to rising innovation in irrigation technologies.

REGIONAL ANALYSIS

The North American specialty fertilizers market is expected to dominate the global specialty fertilizers market share. The European specialty fertilizers market is expected to grow at a high pace due to the increase in consumer spending and the demand for high-quality products in the region. The Asia-Pacific specialty fertilizers market is expected to be the fastest-growing market. This is mainly due to the presence of dominant agricultural countries in the region. The Latin American specialty fertilizers market is expected to grow at an annual rate of 8.6%. The Middle East and Africa specialty fertilizers market is expected to grow at a high pace due to increasing investments in the region.

KEY PLAYERS IN THE GLOBAL SPECIALTY FERTILIZERS MARKET

Nutrien Ltd., COMPO Expert, Yara International ASA, Israel Chemical Ltd., SQM, The Mosaic Company, EuroChem Group, ICL, Haifa Chemicals Ltd., Coromandel International Limited, OCP Group, Compo Expert. Some of the market players dominate the global specialty fertilizers market. 

RECENT HAPPENINGS IN THE GLOBAL SPECIALTY FERTILIZERS MARKET

• In 2020, Nutrien Ltd. announced the complete acquisition of Ruralco Holdings Limited; the acquisition is expected to increase benefits and enhance product delivery.
• In 2019, Yara International announced the release of YaraIrix, a precision farming tool that allows farmers to use their smartphones to measure Nitrogen requirements. 

DETAILED SEGMENTATION OF THE SPECIALTY FERTILIZERS MARKET INCLUDED IN THIS REPORT

This research report on the global specialty fertilizers market is segmented and sub-segmented based on Crop, Crop type, Application, and Region.

By Type

• Controlled Release Fertilizers
• Slow-Release Fertilizers
• Water-soluble Fertilizers
• Micronutrient Fertilizers
• Customized Fertilizers
• Others

By Crop Type

• Grains & Cereals
• Pulses & Oilseeds
• Commercial Crops
• Fruits & Vegetables
• Other Crop Types

By Application

• Soil
• Foliar
• Fertigation

By Region

• North America
• Asia-Pacific
• Latin America
• Europe
• Middle East & Africa