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The global specialty fertilizers market size was USD 22.92 billion in 2018 and is projected to reach USD 38.66 billion by 2026, exhibiting a CAGR of 6.89% during the forecast period.
This market is driven by increasing innovation in the crop nutrition industry and increased research & development on them. Adoption of tailored fertilizer products to address specific crop nutrition requirement is an emerging trend in this industry. The growth of this market is driven by proliferating demand for high-efficiency nutrition products for crop growth. The demand for agricultural products that can fulfill all the nutritional requirements for growing plants is rising significantly across the globe, which is projected to aid the market size. In North America, the adoption of specialty fertilizers is increasing significantly, attributable to high awareness about the benefits offered by the product. High income, hence high affordability for expensive crop nutrition products by farmers of the region, is further contributing in amplifying the growth of the market.
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“Escalating Focus on Innovative and Budget-Friendly Crop Nutrition Products”
Realization of the rising necessity of effective fertilizers to support variety of plant and crop growth under various environmental conditions is proliferating the demand for innovative agricultural solutions such as specialty fertilizers. Leading players as well as governments are trying to cut down the production cost and retail price of specialty fertilizers so that they can be made available for farmers with varying economic abilities.
“Rapidly Rising Global Population to Drive the Growth of the Market”
The global market for specialty fertilizers is fueled by rising world population which is contributing in increasing stress over food security. Specialty fertilizers are high-efficiency, concentrated, and tailor-made fertilizers that can enhance crop yield by offering important nutrients required by plants. Declining arable land across the globe and increasing soil contamination is stressing on the adoption of smart fertilizers that can effectively promote plant growth in adverse conditions.
“Increasing Inclination Towards Precision Farming Practices to Boost the Market Growth”
Adoption of precision farming practices and arrival of novel technologies in the aforementioned farming is projected to support the growth of specialty fertilizers market demand during the forecast period. In the recent years, the land under precision farming is expanding considerably which is expected to positively influence the sales of specialized fertilizers across the globe. Moreover, increasing investment by key market players on innovating and commercializing effective specialty fertilizers in the global market will further boost the growth of the market.
“Low Cost-Effectiveness of Specialty Fertilizers Can Hamper the Market Growth”
High price of various specialty fertilizers, such as micronutrient fertilizers and customized fertilizers, is expected to act as a major restraint for the growth of the specialized fertilizers market. Utilization of easily available and cost-effective ingredients for the formulation of specialty fertilizers can aid in overcoming this restraint, according to the specialty fertilizers market report.
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“Water-Soluble Fertilizers Segment to Hold Major Market Share”
The demand for water-soluble fertilizers (WSFs) is expected to remain high throughout the forecast period as they are highly efficient in improving the quality and quantity of crop yields. The compatibility of WSFs with modern irrigation technology and low water requirements for their usage is expected to contribute in enlarging their global market demand. The demand for micronutrient fertilizers across horticulture industry is expected to witness considerable growth as horticulture crops grown in many countries are deficient in significant micronutrients.
“Adoption of Fertigation Method to Grow Significantly in the Upcoming Years”
Rising innovation in irrigation technology is projected to act as a fueling factor for the increased adoption of fertigation application method for specialty fertilizers during the forecast years. Use of fertigation method or drip irrigation is a time and labor saving application method for fertilizers, hence their popularity is projected to increase crucially and boost the specialty fertilizers market growth. Use of fertigation method can also save energy and water, and hence they are an efficient solution to grow crops in countries or regions where there is scarcity of water.
“Fruits & Vegetables Segment to Dominate the Global Market”
The demand for cereals is increasing at a rapid pace as several cereals are consumed as staples across the globe. The cereals segment is projected to hold a considerable share in the market as growing world population is leading to increased concern over food security. Hence, adoption of specialty fertilizers in promoting cereal crop yields is projected to rise crucially. The demand for fruits and vegetables is growing across several developed and developing economies due to their high nutritional value. Moreover, the demand for organic fruits and vegetables is growing due to their considerable health benefits. To support quick growth of organic fruits and vegetables, adoption of specialty fertilizers such as micronutrient fertilizers is projected to rise among farmers.
“Asia-Pacific to Grow at a Faster Pace in the Global Market”
The Asia-Pacific specialty fertilizers market is expected to expand at a CAGR of 6.89% during the forecast years (2019-2026). Rising innovation in agriculture sector in agri-dominant economies such as China and India will fuel the market demand and adoption of specialty fertilizers within the region, as per the specialty fertilizers market analysis. Increasing governmental support to novel and specially formulated fertilizers by offering subsidies on them is predicted to increase the utilization of specialized fertilizers among farmers of the region.
North America Market Size (by Value), 2018
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Rising demand for organic products in Europe and high spending power of consumers is expected to boost the demand for specialty fertilizers in the agriculture industry of the region. In various European economies, high-value crop and other horticulture crop production is increasing significantly, which is expected to contribute in amplifying the demand for micronutrient fertilizer mixes, water-soluble fertilizers, and customized nutrient mixes for crops. In South America, market growth of specialty fertilizers is associated with high crop production capacities in countries such as Brazil and Argentina. Additionally, increasing adoption of advanced farming products and inputs, coupled with adoption of specialty agrochemicals within the region, is expeceted to stimulate the market growth within the region.
North America is anticipated to dominate the specialty fertilizers market share owing to increasing adoption of quality crop nutrition products in the region. Demand for efficient fertilizers that can handle the nutritional requirements of plants and offer them with the required nutrition at appropriate time intervals is increasing in countries such as the U.S. and Canada. Higher awareness among farmers of the region about different specialty fertilizers available in the market and the positive aspects associated with their use is contributing in the growth of the regional market. Moreover, presence of leading specialty fertilizer producing companies such as FMC Corporation, Nutrien Ltd., and others is supporting the market growth within the region significantly.
“Rising Consolidation in the Global Marketplace”
Dominant market players in the industry such as Nutrien Ltd., Israel Chemicals Ltd., Haifa Chemicals, and others are centering on strengthening their product portfolio of specialty fertilizers. These companies are embarking on product launch and investment in research & development strategies to grab the leading position in the global marketplace. Some of the key players such as ICL and EuroChem are inclining towards increasing their production capacity and expanding production bases for specialty fertilizers.
The market dynamics for specialty fertilizers has changed positively in the recent years. The demand for fertilizers is shifting from traditional to specialty fertilizers attributed to higher potential of specially formulated and customized fertilizers in fulifilling the special plant nutrition requirements. Moreover, declining global arable land and increasing investment by market players is projected to support the growth of the global specialty fertilizers market.
An Infographic Representation of Specialty Fertilizers Market
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This report provides qualitative and quantitative insights on the specialty fertilizers market. It also offers a detailed analysis of this market size and growth rate for all possible segments in the market.
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Along with this, the report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights presented in the report are an overview of related markets, recent industry developments such as mergers & acquisitions, the regulatory scenario in critical countries, and key industry trends.
Value (USD Billion)
By Application Method
By Crop Type
Fortune Business Insights says that the market was USD 22.92 billion in 2018 and is projected to reach USD 38.66 billion by 2026.
Growing at a CAGR of 6.89%, this will exhibit considerable growth in the forecast period (2019-2026).
Water-soluble fertilizers segment is expected to be the leading segment based on type during the forecast period.
Increasing acceptance towards modern farming products and practices, rising implementation of precision farming, and increasing innovation in the agriculture industry are driving the growth of the market.
Israel Chemical Ltd., Nutrien Ltd., Yara International ASA, and Haifa Chemicals Ltd. are few of the key players present in the global market.
North America is expected to hold the highest share in this market.
Fruits & Vegetables segment is expected to hold the major market share throughout the forecast period.
Rising innovation in the plant nutrition industry and increasing adoption of tailored fertilizers or crop nutrition products are the key market trends that are driving the growth of the market.
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