Specialty Fertilizers Market Size, Share & Trends Analysis Report By Technology (Liquid Fertilizers, Micronutrients), By Crop Type (Cereals & Grains, Fruits & Vegetables), By Type, By Application, By Region, And Segment Forecasts, 2024 - 2030

Specialty Fertilizers Market Size, Share & Trends Analysis Report By Technology (Liquid Fertilizers, Micronutrients), By Crop Type (Cereals & Grains, Fruits & Vegetables), By Type, By Application, By Region, And Segment Forecasts, 2024 - 2030

Specialty Fertilizers Market Growth & Trends

The global specialty fertilizers market size is anticipated to reach USD 53.0 billion by 2030 and is projected to grow at a CAGR of 5.7% from 2024 to 2030, according to a new report by Grand View Research, Inc. The increasing adoption of specialty fertilizers is due to the increasing concern over the environment, which is expected to drive the market during the forecast period.

Specialty fertilizers are known for their precise and localized application, which leads to high nutrient use efficiency. This, in turn, reduces the dependency of growers on commercial fertilizers. In addition, the use of specialty fertilizers helps achieve higher-quality crops while causing a lower environmental impact. This trend is expected to drive market growth, particularly in terms of value sales during the study period.

The global market can be classified into two categories: dry and liquid specialty fertilizers. In 2023, the dry specialty fertilizers segment is predicted to have the largest global market share. This is primarily due to the increasing use of controlled-release and slow-release fertilizers and the simplicity of application and high efficiency of dry specialty fertilizers. In addition, their cost-effectiveness, extended shelf life, ability to provide long-term nutrient release, and high efficacy in all weather conditions compared to their counterparts further contribute to the market growth.

The market is witnessing remarkable growth owing to the rising demand for grains and cereals. As per the Ministry of Agriculture of India, the country produced 102.36 million tons of rice in the 2020-2021 fiscal year, nearly 6.70 million tons higher than the average production of 95.66 million tons in the previous five years. This surge in rice production presents significant opportunities for market growth.

Specialty Fertilizers Market Report Highlights

• Based on application, the fertigation segment led the market with the largest revenue share of over 53.69% in 2023. The application of fertilizers through irrigation systems is a precise and efficient method that aligns with the trends of sustainable agriculture and environmental goals
• Based on technology, the liquid fertilizer is expected to grow at the fastest CAGR of 6.5% during the forecast period. Liquid products are easier to mix uniformly into agriculture, and the rising awareness of environmental concerns, also leads to the preference for liquid fertilizers, which considered as more environmentally friendly than the traditional dry fertilizer
• Based on type, the yield function witnessed the fastest CAGR over the forecasted period. The addition of natural extracts and essential oils can enhance the palatability of feed, making it more attractive to animals. Improved taste and smell can stimulate appetite, encouraging animals to consume more feed, resulting in better growth rates and increased yield
• Central and South America emerged as the fastest growing region in the global market and is anticipated to grow at the fastest CAGR during the forecast period, due to rising adoption of agrochemicals, advancement in farming techniques in Brazil & Argentina, and extensive distribution channels of global agrochemicals player are projected to drive the market growth
• In March 2022, EuroChem Group strengthened its production and distribution capacity in Brazil by completing the purchase of a controlling stake of 51.48% in Brazilian distributor Fertilizantes Heringer SA

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