Meticulous Research®—a leading global market research
company, published a research report titled ‘Specialty
Fertilizers Market by Type (Specialty NPK Fertilizers, Slow-release
Fertilizers, Controlled-release Fertilizers), Form (Dry, Liquid), Mode of
Application (Fertigation, Foliar), and Crop Type (Cereals & Grains, Fruits
& Vegetables) - Global Forecast to 2030’.
According to this latest publication from Meticulous
Research®, the specialty fertilizers market is projected to reach $42.57
billion by 2030, at a CAGR of 8.9% from 2023 to 2030. The growth of the
specialty fertilizers market is driven by the declining availability of arable
land and the rising demand for food, growing environmental concerns, and
favorable government policies and regulations. However, high production costs
restrain the growth of the specialty fertilizers market.
The increasing adoption of precision farming technologies is
expected to generate market growth opportunities. However, the lack of
awareness among farmers is a challenge for the stakeholders in this market.
Additionally, the increasing use of nanotechnology in agriculture is a key
trend in this market.
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Key Players
The specialty fertilizers market is characterized by a
moderately competitive scenario due to the presence of many large- and
small-sized global, regional, and local players. The key players operating in
the specialty fertilizers market are 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.).
The specialty fertilizers market is segmented by type
(specialty NPK fertilizers, slow-release fertilizers {sulfur-coated urea, and
other slow-release fertilizers}, controlled-release fertilizers, agricultural
micronutrients, and other fertilizers), form (dry specialty fertilizers, and
liquid specialty fertilizers), mode of application (fertigation, soil
application, and foliar spray), crop type (cereals & grains {maize/corn,
wheat, rice, and other cereals & grains}, fruits & vegetables, oilseeds
& pulses, and other crops), and geography (Asia-Pacific, Europe, North
America, Latin America, and the Middle East & Africa). The study also
evaluates industry competitors and analyzes the regional and country-level
markets.
Based on type, the specialty fertilizers market is mainly
segmented into specialty NPK fertilizers, slow-release fertilizers,
controlled-release fertilizers, agricultural micronutrients, and other
fertilizers. In 2023, the specialty NPK fertilizers segment is expected to account
for the largest share of the global specialty fertilizers 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.
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Based on form, the global specialty fertilizers market is
segmented into dry specialty fertilizers and liquid specialty fertilizers. In
2023, the dry specialty fertilizers segment is expected to account for the
largest share 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.
Based on application, the global specialty fertilizers
market is segmented into fertigation, soil application, and foliar spray. The
fertigation segment is expected to account for the largest share 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.
Based on crop type, the specialty fertilizers market is
mainly segmented into cereals & grains, fruits & vegetables, oilseeds
& pulses, and other crops. In 2023, the cereals & grains segment is
expected to account for the larger share 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.
Geographic Review
This research report analyzes major geographies and provides
a comprehensive analysis of Asia-Pacific (China, India, Japan, Australia, and
Rest of Asia-Pacific), Europe (France, Germany, Spain, Italy, U.K., and Rest of
Europe), North America (the U.S. and Canada), Latin America (Brazil, Mexico,
Argentina, and Rest of Latin America), and the Middle East & Africa.
In 2023, Asia-Pacific is expected to account for the largest
share of the global specialty fertilizers market. 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.
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Key Questions Answered in the Report:
What is the value of revenue generated by the specialty
fertilizers market?
At what rate is the global demand for specialty fertilizers
projected to grow for the next 5-7 years?
What is the historical market size and growth rate for the
specialty fertilizers market?
What are the major factors impacting the growth of this
market at global and regional levels?
What are the major opportunities for existing players and
new entrants in the market?
Which type, form, mode of application, and crop type
segments create major traction for the manufacturers in this market?
What are the key geographical trends in this market? Which
regions/countries are expected to offer significant growth opportunities for
the manufacturers operating in the specialty fertilizers market?
Who are the major players in the specialty fertilizers
market? What are their specific product offerings in this market?
What recent developments have taken place in the specialty
fertilizers market? What impact have these strategic developments created on
the market?
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