Specialty Fertilizers Market Forecasts to 2028 – Global Analysis By Product Type (Phosphatic, Potassic, Nitrogenous), Fertilizer Type (Phosphate Fertilizers, Potash Fertilizers, Agricultural Micronutrient Fertilizers and others), Crop Type (Macroindicators, Cereals & grains(Corn, Wheat, Rice) and others), Type (Sulfate of potash (SOP) (potassium sulfate), Urea-ammonium nitrate (UAN) and others), Form (Dry, Liquid, Powder and others), Technology, Application, End User and By GeographyAccording to Stratistics MRC, the Specialty Fertilizers Market is accounted for $44.18 billion in 2022 and is expected to reach $71.68 billion by 2028 growing at a CAGR of 8.4% during the forecast period. Specialty fertilizers release essential nutrients and control the amount of moisture contact. Additionally, specialty fertilizers speed up the uptake of nutrients, minimize feasible loss of nutrients, and decrease the toxicity triggered due to high ionic concentration. Numerous specialty fertilizers consist of potassium sulphate, DAP, phosphoric acid, mono-ammonium phosphate, UAN, potassium nitrate, ammonium nitrate, monopotassium phosphate, calcium nitrate, urea, potassium chloride, and ammonium sulphate. They are applicable to cereals & oilseeds, fruits & vegetables, and turf & ornamentals.
The need for high-efficiency fertilizers
The global specialty fertilizers market expected to drive growth during the forecast period. The nutrient losses will widely impact on the environment. Nutritional losses can happen in numerous ways, like leaching, runoff, atmospheric losses, and direct loss. These nutrient losses into the water trigger eutrophication on the surfaces of water bodies, which, thus, ruins the aquatic environment. Specialty fertilizers are an easy and efficient way to supply household or garden plants with nutrients on a regular basis. The ultimate goal of adding specialty fertilizers to the soil is to supply the requisite amount of nutrients to crops and prevent the toxification of soil due to over-fertilization.
Low Cost-effectiveness of the Product
The global specialty fertilizers market expected to hinder growth during the forecast period, due to the high price of fertilizers, like micronutrient fertilizers and customized fertilizers. The usage of effectively available and cost-effective ingredients for the formulation of the product can help overcome this restraint. The cost of production of specialty fertilizers is comparatively higher than that of conventional fertilizers due to the complex production processes they require.
Increasing Inclination towards Precision Farming Practices
The global specialty fertilizers market expected to drive growth during the forecast period, due to the adoption of precision farming practices and the arrival of novel technologies in the aforementioned farming. In addition, the rising speculation by key market players in improving and commercializing effective specialty fertilizers in the global market will help the development.
Increase in trend of natural foods
The global specialty fertilizers market expected to hamper growth during the forecast period. Raise in trend of natural foods is limiting the growth of the market. Inadequate land area and greater yield of crop per acre are the two challenges faced by the farmers. The majority of the farmers are unaware about the presence of various kinds of specialty fertilizers. Increasing awareness to specific end users acts as a challenge for the market growth.
The lack of labor supply and travel limitations is the essential factors restricting the agricultural sector growth. This is attributed to the lockdown implemented due to the outbreak of the COVID-19. The non-availability of labor has declined activities in numerous countries. Ascend in labor expenses have led to massive losses and hence have led to rotting of vegetation in the fields. These factors are anticipated to reduce the demand for the specialty fertilizers during the forecast period.
The water-soluble fertilizers is expected to be the largest during the forecast period
The water-soluble fertilizers segment is expected to have a lucrative growth during the forecast period, as they are extremely efficient in improving the quality and amount of crop yields. The similarity of WSFs with modern irrigation technology and low water prerequisites for their usage is likely to contribute to enlarging their demand.
The fertigation segment is expected to have the highest CAGR during the forecast period
The fertigation segment is anticipated to witness the fastest CAGR growth during the forecast period. Fertigation is an agricultural strategy, which includes water and fertilizer application through irrigation. This interaction gives a chance to boost the yield and limit environmental pollution. Furthermore, through fertigation, a farmer can uniformly apply nutrients through the field, whenever required. This market is projected to grow due to the adoption of efficient irrigation systems globally. The advantage of fertigation is that it requires less labor, time, energy, and water. This mode of application is gaining importance due to its reliability and efficacy.
Region with highest share:
The Asia Pacific region market is estimated to witness a highest share of the global specialty fertilizers market during the forecast period, due to rising development in the agriculture sector in agri-dominant economies, like China and India increase the product's adoption within the region. Increasing governmental support to promote the usage of novel and specially formulated fertilizers by offering subsidies on them is predicted to accelerate the utilization of specialized fertilizers among farmers of the region.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period, due to the rising demand for organic products and the high spending power of consumers is likely to boost the demand for specialty fertilizers in the agriculture industry of the region. In various European economies, high-value crops and other horticultural crop production is rising significantly, which is expected to further contribute to the amplifying demand for micronutrient fertilizer mixes, water-soluble fertilizers, and customized nutrient mixes for crops
Key players in the market
Some of the key players in Supply Chain Analytics market include Yara international ASA, Nufarm, ICL, Haifa group, Eurochem group, Coromandel international limited, OCI nitrogen, Nutrien, Ltd., The mosaic company, Sinochem Group, Agroliquid, K+S Aktiengesellschaft, OCP, Israel Chemical Limited, CF industries holdings, inc., Sungro Seeds Ltd., Sociedad Quimica Y Minera S.A, The Potash Corporation Of Saskatchewan Inc.
In March 2021, Mosaic had taken a step in building out a soil health portfolio by entering a strategic partnership with Sound Agriculture to develop and distribute a nutrient efficiency product. The product will leverage Sound Agriculture’s bio-inspired chemistry that activates the soil micro biome to give plants access to important nutrients and allow growers to optimize fertilizer inputs.
In October 2020, chemicals company ICL announced that it has entered into a definitive agreement to acquire Fertiláqua, a Brazilian specialty plant nutrition company. The acquisition will expand ICL's specialty plant nutrition product portfolio and enhance its customer base and on-ground presence across agricultural regions in Brazil.
In September 2019, Nutrien, Ltd. acquired Ruralco Holdings Limited (Ruralco) in Australia. Through this acquisition, Nutrien would be able to provide significant benefits to its stakeholders, as well as enhance the delivery of its products and services to the Australian farmers.
Product Types Covered:
Fertilizer Types Covered:
• Phosphate Fertilizers
• Potash Fertilizers
• Agricultural Micronutrient Fertilizers
• Customized Fertilizers
• Water Soluble Fertilizers
• Slow Release Fertilizers
• Controlled Release Fertilizers
Crop Types Covered:
• Cereals & grains
• Oilseeds & Pulses
• Fruits & Vegetables
• Turf & Ornamentals
• Commercial Crops
• Fiber Crops
• Sugar Crops
• Roots &Tubers
• Sulfate of potash (SOP) (potassium sulfate)
• Urea-ammonium nitrate (UAN)
• Monoammonium phosphate (MAP)
• Calcium ammonium nitrate (CAN)
• Potassium nitrate
• Formulated Granular
• Coated & encapsulated
• Slow-release fertilizers
Applications Methods Covered:
End Users Covered:
• Non -Farm use
• North America
Rest of Europe
• Asia Pacific
Rest of Asia Pacific
• South America
Rest of South America
• Middle East & Africa
Rest of Middle East & Africa
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