Specialty Fertilizers Market (2024-2031)
The Specialty Fertilizers Market was valued at $23.36 billion in 2023. This market is expected to reach $46.83 billion by 2031, from an estimated $25.24 billion in 2024, at a CAGR of 9.2% during the forecast period 2024-2031. Specialty Fertilizers Market Size & Forecast The growth of this market can
- Published
- Jan 2024
- Pages
- 280
- Format
- PDF + Excel
- Report ID
- MRAGR - 104984
- Base year
- 2023
- 2023 · BASELINE
- $23.36B
- 2031
- $46.83B
- CAGR 2024–2031
- 9.2%
2023 baseline · 2024–2031 forecast at 9.2% CAGR · hover a bar for the value
Key highlights
By Type: In 2024, the Specialty NPK Fertilizer Segment to Dominate the Specialty Fertilizers Market
By Form: In 2024, the Dry Form Segment to Dominate the Specialty Fertilizers Market
By Application: In 2024, the Fertigation Segment to Dominate the Specialty Fertilizers Market
By Crop Type: The Cereals & Grains Segment to Witness Highest Demand During the Forecast Period
Report summary
| Particulars | Details |
|---|---|
| Number of Pages | 280 |
| Format | |
| Forecast Period | 2024–2031 |
| Base Year | 2023 |
| CAGR (Value) | 9.2% |
| Market Size (Value) | USD 46.83 Billion by 2031 |
| Market Size (Volume) | 38,680.6 KT by 2031 |
| Segments Covered | By Type · Specialty NPK Fertilizers · Slow-release Fertilizers · Sulfur-coated Urea · Other Slow-release Fertilizers · Controlled-release Fertilizers · Agricultural Micronutrients · Other Fertilizers · By Form · Dry Specialty Fertilizers · Liquid Specialty Fertilizers · By Mode of Application · Fertigation · Soil Application · Foliar Spray · By Crop Type · Cereals & Grains · Maize/Corn · Wheat · Rice · Other Cereals & Grains · Fruits & Vegetables · Oilseeds & Pulses · Other Crops |
| Countries Covered | North America (U.S., Canada), Europe (France, Germany, Spain, Italy, U.K., Rest of Europe), Asia-Pacific (China, India, Japan, Australia, Rest of Asia-Pacific), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), and Middle East & Africa |
| Key Companies | Nutrien Ltd. (Canada), Coromandel International Limited (India), Haifa Group (Israel), Yara International ASA (Norway), ICL Group Ltd. (Israel), EuroChem Group AG (Switzerland), Kingenta Ecological Engineering Group Co., Ltd (China), The Mosaic Company (U.S.), Deepak Fertilisers and Petrochemicals Corporation Ltd. (DFPCL) (India), Sociedad Química y Minera de Chile S.A. (Chile), and Kugler Company (U.S.) |
Report overview
Segments covered: type, form, mode of application. Regions: North America, Europe, Asia-Pacific, Latin America.
The growth of this market can be attributed to several factors, including the declining availability of arable land and the rising demand for food, growing environmental concerns, and favorable government policies and regulations. Moreover, rising adoption of precision farming technologies is expected to offer growth opportunity for the players operating in this market.
Report infographic
Market dynamics
4 factors across 3 forcesGrowing Concerns Regarding Environmental Safety
Heavy use of synthetic agricultural inputs raises environmental concerns by causing serious damage to the fauna and flora of freshwater. Extensive use of these synthetic agriculture inputs directly affects the environment as residues of chemical fertilizers stay in the soil and cause soil pollution, contaminate surface or groundwater, or get released into the atmosphere through vitalization. These residues left in the soil emit ammonia, methane, nitrous oxide, and elemental nitrogen into the environment. Nowadays, growing awareness about the adverse effects of agrochemicals on plant physiology, soil quality, animals, and human beings calls for sustainable farming practices.
The increasing challenges of water and soil pollution caused by the heavy applications of commodity fertilizers, the global fertilizer industry shifted towards the development of specialty fertilizers (water-soluble fertilizers, liquid fertilizer), and some institutions and organizations are engaged in creating and encouraging farmers to use these fertilizers Specialty fertilizers are designed to provide targeted nutrients to specific crops, minimizing the risk of over-fertilization and reducing the potential for soil pollution. Thus, increasing concerns regarding environmental safety is expected to boost the demand for specialty fertilizers market.
Declining Availability of Arable Land and the Rising Demand for Food
Arable land is one of the most important resources required to increase agricultural productivity. Numerous cultivation techniques and inputs, such as synthetic fertilizers and crop protection chemicals, have emerged during the last decade, resulting in the overutilization of land resources, soil pollution, and diminished agricultural productivity. According to FAO projections, per capita arable land may decrease from 0.21 hectares per person in 2023 to 0.18 hectares per person in 2050.
On the other hand, the world population is growing rapidly. According to the Department of Economic and Social Affairs (UN), the global population is expected to reach 8.6 billion by 2030, 9.8 billion by 2050, and 11.2 billion by 2100. This growing global population has increased the pressure on the world’s agricultural resources to provide more and different types of food. The demand for nutrient-dense and residue-free food products has also increased due to consumers’ growing health awareness, socio-economic changes, increased incomes, and rapid urbanization. Specialty fertilizers are used to provide essential nutrients to plants, enhance soil fertility, and ensure strong vegetative growth for increased crop output. Thus, the decreasing arable land and rising demand for food are expected to boost the adoption of specialty fertilizers, driving the growth of this market.
Table of contents
12 chapters · 148 sections · 280 pages · click to expandSegmental analysis
| Segment | Largest share (2024) | Fastest growth (2024–2031) |
|---|---|---|
| By Type | Specialty NPK Fertilizer | Agricultural micronutrients |
| By Form | Dry Form | — |
| By Application | Fertigation | Foliar spray |
| By Crop Type | Large market share of this | Fruits & vegetables |
By Type
- The specialty NPK fertilizer segment is expected to account for the largest share of 60.9% of the global specialty fertilizer market.
- The large market share of this segment is mainly attributed to factors such as the growing population and the need to improve crop yields and soil fertility, the increasing demand for balanced nutrient solutions in agriculture, and the rising adoption of precision farming techniques.
- Moreover, the rising focus of governments in various countries to promote specialty urea fertilizers, advancements in fertilizer manufacturing techniques, and rising companies' focus on the development of customized formulations are further expected to support the growth of this market across the globe.
- Moreover, slow-release fertilizer is further segmented into sulfur-coated urea and other slow-release fertilizers.
- The sulfur-coated urea segment is expected to account for the larger share of the global slow-release fertilizer market owing to the rising need for improved crop yield and nutrient management in agriculture, increasing demand for high-efficiency fertilizers, and growing government support.
- However, the agricultural micronutrients segment is projected to witness the highest growth rate of 10.4% during the forecast period of 2024–2031. due to rising micronutrient deficiency in the soil, increasing awareness of uses of micronutrients for crop production, rising government policies, and various organizations encouraging the use of micronutrients and increasing the production of fruits and vegetables which is heavy feeder of micronutrients.
By Form
- The Dry Form Segment to Dominate the Specialty Fertilizers Market
- The dry specialty fertilizers segment is expected to account for the larger share of 85.9% of the global specialty fertilizers market.
- The large market share of this segment is mainly attributed to the increasing adoption of controlled-release and slow-release fertilizers and the high efficacy and easier applicability of dry specialty fertilizers.
- Moreover, its cost-effectiveness, longer shelf life, ability to provide long-term release of nutrients, and high efficiency in all climatic conditions over its counterparts further support the growth of this market.
By Application
- The Fertigation Segment to Dominate the Specialty Fertilizers Market
- The fertigation segment is expected to account for the largest share of 43.5% of the global specialty fertilizers market.
- The large market share of this segment is attributed to the high use of drip irrigation in crop production, increasing preference for drip irrigation, high availability of water-soluble and liquid fertilizers, rising automation in irrigation methods, and rising precision agricultural practices.
- However, the foliar spray segment is projected to register the highest CAGR of 9.5% during the forecast period of 2024–2031.
- The growth of this segment is driven by the increasing product launches by manufacturers suitable for foliar application, growing farmer preference for foliar spray due to its ability to offer more precise nutrient delivery to plants and rapid nutrient absorption with easy and uniform application, and growing advancement in spraying technologies.
By Crop Type
- The Cereals & Grains Segment to Witness Highest Demand During the Forecast Period
- The cereals & grains segment is expected to account for the larger share of 50.7% of the global specialty fertilizers market.
- The large market share of this segment is mainly attributed to factors such as the rising demand for food grains due to the growing population, high area under cereals and grains production such as wheat, maize, rice, and barley, and increasing industrial application of cereals and grains.
- However, the fruits & vegetables segment is projected to register the highest CAGR of 10.3% during the forecast period of 2024–2031.
- The growth of this segment is driven by the increasing area of fruit and vegetable cultivation and the growing demand for chemical-free organic fruits and vegetables.
Geographic analysis
Asia-Pacific
Largest shareIn 2024, Asia-Pacific is expected to account for the largest share of 57.4% of the global specialty fertilizers market, followed by Europe and North America. Asia-Pacific specialty fertilizer market is estimated to be worth USD 14.48 billion in 2024. The large share of this market is mainly attributed to the presence of major specialty fertilizers suppliers in the region, a huge area under agriculture production, rising demand for high-yield crop products, and the growing support from various organizations & governments to enhance crop cultivation.
Latin America
Fastest growthHowever, Latin America is slated to register the highest CAGR of 10.5% during the forecast period of 2024–2031, mainly due to the rapidly growing population, a huge agricultural area, rising demand for specialized agriculture input products, rising government support for the agricultural sector, increasing adoption of advanced agricultural techniques, and rising focus of various manufactures in the region.
Competitive landscape
- June 2023
ICL Group Ltd. (Israel) launched water-soluble micronutrient and N-P-K fertilizers in North America. The company offers these products under the Nova brand, which is suitable for foliar and fertigation applications.
- November 2022
Yara Growth Ventures (Norway), a venture investment team within Yara International ASA, invested in Agrolend Sociedade de Crédito Direto S/A (Brazil), a leading Brazilian agriculture fintech offering easy, fast, and bureaucracy-free credit for farmers to buy agribusiness inputs such as seeds and fertilizers, to help farmers of Brazil.
- May 2022
Coromandel International Limited (India) acquired a 45% equity stake in Baobab Mining and Chemicals Corporation S.A. (BMCC) (Africa), a rock phosphate mining company, for USD 19.6 million.
- March 2022
Haifa Group (Israel) acquired Horticoop Andina SA (Ecuador), a wholesaler specializing in marketing nutritional products for agriculture, to expand its business activities in Ecuador and the surrounding Latin market.
- Nutrien Ltd. · Canada
- Coromandel International Limited · India
- Haifa Group · Israel
- Yara International ASA · Norway
- ICL Group Ltd. · Israel
- EuroChem Group AG · Switzerland
- Kingenta Ecological Engineering Group Co., Ltd · China
- Mosaic Company (U.S.)
- Deepak Fertilisers and Petrochemicals Corporation Ltd. (DFPCL) · India
- Sociedad Química y Minera de Chile S.A. · Chile
- Kugler Company (U.S.)
Frequently asked questions
Specialty fertilizers are sources of nutrients that are applied in special conditions of soil and plants for special action in plants to achieve higher efficiency. These fertilizers are innovated with the help of different technologies to achieve optimum crop yield and quality. Specialty fertilizer significantly reduces possible nutrient losses and increases uptake by plants through gradual nutrient release.
The specialty fertilizer is different from general fertilizer as the NPK rate is adjusted according to the crop requirement, and the application of these fertilizers varies accordingly. Different technologies are used for the manufacturing of these fertilizers, such as coating with different materials, nanotechnology, and liquefaction.
There is no universal definition or category of specialty fertilizers. The International Fertilizer Association (IFA) included controlled-release fertilizers (CRFs), slow-release fertilizers (SRFs), sulfur-coated urea (SCU), stabilized nitrogen fertilizers (SNFs), WSFs, liquid NPKs, and chelated micronutrients and boron in their assessment study of the global market for special products. In this study, all these types of specialty fertilizers are covered. The stakeholders in this market are raw material suppliers, manufacturers, distributors, dealers, and end-users of specialty fertilizers.
The specialty fertilizers market study provides valuable insights such as market size and forecast in terms of both value and volume by type, country/region, and in terms of value for segmentation based on formulation, application, and crop type.
Cite this report
Meticulous Research. (2024). Specialty Fertilizers Market - Global Opportunity Analysis and Industry Forecast (2024-2031) (Report No. MRAGR - 104984). Meticulous Market Research Pvt. Ltd. https://www.meticulousresearch.com/product/specialty-fertilizers-market-5667