Press Release / Specialty Fertilizers Market
Specialty Fertilizers Market to Exhibit a CAGR of 7.31% from 2023-2030; Specialized Fertilizers Gain Momentum as Global Demand Soars for Tailored Agricultural Solutions
July 04, 2023 | AgricultureThe global specialty fertilizers market size was valued at USD 24.16 billion in 2022. The market is projected to grow from USD 25.49 billion in 2023 to USD 41.78 billion by 2030, exhibiting a CAGR of 7.31% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Specialty Fertilizers Market Size, Share & COVID-19 Impact Analysis, By Type (Controlled-release Fertilizer, Water-Soluble Fertilizer, Agricultural Micronutrient, and Customized Fertilizer), By Application Method (Soil, Foliar, and Fertigation), By Crop Type (Row Crops, Fruits & Vegetables, Turf & Ornamentals, and Others), and Regional Forecast, 2023– 2030”.
The increasing recognition of the necessity for specialty fertilizers tailored to specific crops and soil types, catering to diverse environmental conditions, is driving the growing demand for innovative agricultural solutions. The U.S., China, India, Brazil, Spain, Canada, Japan, the U.K., Turkey, and Australia stand out as the leading global consumers of fertilizers, owing to their significant agricultural output.
Labor Shortages Disrupted Production During Pandemic Affecting Market Growth
The imposition of lockdown measures and border closures during the early stages of the pandemic resulted in significant logistical challenges and labor shortages, emerging as major concerns for producers. During the pandemic, companies experienced a rise in production costs attributed to increased labor and raw material expenses. The unavailability of labor led many producers, especially Small & Medium-Sized Enterprises (SMEs), to suspend or reduce their production activities.
SQM Launched Ultrasol K for Enhanced Crop Quality and YieldSQM introduced Ultrasol K, a fertilizer product consisting of 100% micronutrients in October 2020 that are easily absorbed by plants. This product offers an excellent source of nitrogen and potassium without the presence of chloride. With its full water solubility, Ultrasol K enables growers to enhance crop quality and yield by optimizing water and nutrient utilization.
Enhancing Crop Nutrition by Addressing Soil Nutrient Deficiencies to Support Growth Driven by the rising global population and the corresponding need for nutrient-rich food, companies are embracing advanced technologies and introducing specialized fertilizer products to address specific soil nutrient deficiencies in various countries. For instance, in 2023, Andersons Inc. unveiled MicroMark DG, an innovative specialty fertilizer utilizing advanced Dispersing Granule (DG) technology. This technology enables easier blending, uniform distribution of fertilizers in the soil, and improved product effectiveness.
However, cost-cutting alternatives used by farmers during low prices of crops may hinder the specialty fertilizers market growth.
To get a detailed report summary and research scope of this market, click here:
https://www.fortunebusinessinsights.com/industry-reports/specialty-fertilizers-market-100527
Competitive Landscape
Market Leaders Focus on Mergers and Acquisition to Stay CompetitveKey players of specialty fertilizers aim to achieve market growth through two primary strategies, such as mergers and acquisitions, as well as expanding their customer base. An example of this strategy is Nutrien's agreement in July 2022 to acquire Casa do Adubo, a company based in Brazil. Through this acquisition, Nutrien will obtain 39 retail locations and 10 distribution centers in various states of Brazil.
Notable Industry Development:
- January 2023 – K+S Aktiengesellschaft acquired 75% of the Industrial Commodities Holdings Ltd. (ICH). K+S and ICH have signed an agreement. The new fertilizer business will operate under Fertiva (Pty) Ltd. company. The acquisition will accelerate the expansion of its core business while strengthening its activities in South Africa and East Africa.
List of Key Players Profiled in the Report:
- Nutrien Ltd. (Canada)
- Yara International ASA (Norway)
- The Mosaic Company (U.S.)
- CF Industries Holdings, Inc. (U.S.)
- OCP SA (Morocco)
- SQM S.A. (Chile)
- Israel Chemicals Ltd. (Israel)
- OCI Global (Netherlands)
- K+S Aktiengesellschaft (Germany)
- Nouryon Chemicals Holding B.V. (Netherlands)
- Indian Farmers Fertiliser Cooperative Limited (IFFCO) (India)
- Grupa Azoty S.A. (Poland)
- Wilbur-Ellis Holdings, Inc. (U.S.)
- Nufarm Ltd (Australia)
- Coromandel International (India)
- Compass Minerals International, Inc. (U.S.)
- Deepak Fertilizers and Petrochemicals Corporation Limited (India)
- Zuari Agro Chemicals Ltd. (India)
- Kugler Company (U.S.)
- Kingenta Ecological Engineering Group Co., Ltd. (China)
- Brandt, Inc. (U.S.)
- Agro Liquid (U.S.)
- Plant Food Company, Inc. (U.S.)
- Koch Industries, Inc. ((U.S.)
- Helena Agri-Enterprises, LLC (U.S.)
- Valagro SpA (Italy)
- Hebei Monband Water Soluble Fertilizer Co., Ltd. (China)
- Haifa Group (Israel)
- Uralchem (Russia)
- EuroChem Group (Switzerland)
Further Report Findings:
- Asia Pacific dominates the specialty fertilizers market share due to its significant agriculture sector. Given the presence of major agriculture-based economies in this region, manufacturers are actively expanding their presence by introducing new products, enhancing their production capacities, and pursuing other growth strategies.
- North America maintains a significant market share, primarily driven by the U.S. According to FAOSTAT data for 2021, potatoes emerged as the most produced vegetable in the U.S., representing approximately 38% of the total vegetable production.
Table of Segmentation
ATTRIBUBTUE | DETAILS |
Study Period | 2019-2030 |
Base Year | 2022 |
Estimated Year | 2023 |
Forecast Period | 2023-2030 |
Historical Period | 2019-2021 |
Growth Rate | CAGR of 7.31% from 2023 to 2030 |
Unit | Value (USD Billion) |
Segmentation | By Type
|
By Application Method
| |
By Crop Type
| |
By Region North America (By Type, Application Method, Crop Type, and Country)
Europe (By Type, Application Method, Crop Type, and Country)
Asia Pacific (By Type, Application Method, Crop Type, and Country)
South America (By Type, Application Method, Crop Type, and Country)
Middle East & Africa (By Type, Application Method, Crop Type, and Country)
|
- 2023
- 2019-2022
- 586
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