Specialty Fertilizers Market Forecasts to 2028 – Global Analysis By Product Type (Calcium Ammonium Nitrate, Urea Ammonium Nitrate and Other Product Types), Technology (Controlled-Release Fertilizers, Customized Fertilizers and Other Technologies), Crop Ty

Specialty Fertilizers Market Forecasts to 2028 – Global Analysis By Product Type (Calcium Ammonium Nitrate, Urea Ammonium Nitrate and Other Product Types), Technology (Controlled-Release Fertilizers, Customized Fertilizers and Other Technologies), Crop Type (Cereals, Turfs & Ornamentals and Other Crop Types), Application and By Geography

According to Stratistics MRC, the Global Specialty Fertilizer Market is accounted for $24.3 billion in 2022 and is expected to reach $36.0 billion by 2028 growing at a CAGR of 6.8% during the forecast period. Fertilizers occupy a major role and are measured one of the key components in crop production. The imbalanced usage of fertilizers can cause a nutrient deficiency in crops, a decrease in productivity and lower crop yield. Thus, the demand and utilization of specialty fertilizers have increased to improve the quality of crops and enhance nutrient efficiency by providing micronutrients. These are water-soluble fertilizers that provide benefits to the growers by providing exact nutrients to the crops and reducing bacterial growth. These are majorly applied in the fertigation stage. The growing agricultural output is boosting the demand for the specialty fertilizers market.

According to Michigan State University, liquid fertilizer use in Michigan has steadily increased over the last 50 years. They accounted for roughly half of the market in 2018 because of their ease of handling and application. According to FAOSTAT, the total area of land equipped for irrigation in the Asia Pacific was 1,669 million ha in 2020, which was ~36% of the global area of land equipped for irrigation.

Market Dynamics:

Driver:

Rising global population

The global market continues to grow as the world population grows, resulting in increased concern about food security. Specialty fertilisers are high-efficiency, concentrated, and custom made fertilisers that can increase crop yield by providing essential nutrients to plants. Globally shrinking agricultural land and rising soil contamination are attempting to put a fee on the use of smart fertilisers that can effectively promote plant growth in adverse conditions which is driving the market growth.

Restraint:

High cost of the products are declining the market growth

The high cost of fertilizers, such as micronutrient fertilizers and customized fertilizers, is expected to act as a major restraint for the growth of the specialized fertilizers market. The utilization of easily available and cost-effective ingredients for the formulation of the product can help overcome this restraint. Moreover, they reduce the soil fertility and provide only short term benefits as well as change the natural soil, making the soil either too acidic or too alkaline thereby, hindering the market growth.

Opportunity:

Precision farming through nutrient management

The precision agriculture focuses on growing crops efficiently in a site specific manner with specialized application equipments, which can help retain water and nutrients in the root zone. This precision farming can improve production and nutrient use efficiency, ensuring the nutrients do not leach from or accumulate in excessive concentration in parts of the field. It has been gaining importance in developed countries for efficient usage of fertigation. The release patterns and coating technology of this pattern can be fed into the information system for an accurate analysis of the nutrients, thereby driving the market.

Threat:

Lack of infrastructure for manufacturing of the speciality fertilizers in developing countries

The developing countries are dependent on agriculture; this sector is most demanded in the developing countries. This is the most important end user for the speciality fertilizers. Due to the limited domestic availability, most of the developing countries import these fertilizers such as muriate of potash and other speciality fertilizers hence, the importation of these fertilizers are cost ineffective and hindering the market growth.

Covid-19 Impact

COVID-19 outbreak has led to the shortage of labor supply and travel restrictions are the primary factors restricting the agricultural sector growth. Many countries operations have been hampered by lack of labour. Increased labour costs have resulted in massive losses and, as a result, rotting vegetation in the fields. During the forecast period, these factors are expected to hamper demand for specialty fertiliser’s market growth.

The urea ammonium nitrate segment is expected to be the largest during the forecast period

The urea ammonium nitrate segment is estimated to have a lucrative growth; due to their efficiency and produce less greenhouse gas emissions than other fertilizers. Urea ammonium nitrate can be applied more uniformly than non-liquid forms of fertilizer. It can be mixed with herbicides, pesticides, and other nutrients, enabling farmers to reduce costs by applying several materials simultaneously rather than making several separate applications. The main function of urea ammonium nitrate fertilizer is to provide the plants with nitrogen to promote green leafy growth and make the plants look lush and also aids the photosynthesis process of plants, thus driving the market growth.

The controlled-release fertilizers segment is expected to have the highest CAGR during the forecast period

The controlled-release fertilizers segment is anticipated to witness the fastest CAGR growth during the forecast period, due to their benefits of releasing nutrients in a controlled manner to satisfy the nutrient uptake of a crop. Controlled-release fertilizers increase crop production, reduce plant toxicity and stress, and reduce soil, water, and atmospheric pollution. There are three easily identifiable benefits to using controlled-release fertilizers such as they ease of use, reduction of application costs compared to water-soluble fertilizers, and potential reduction of environmental impact. Hence, the above benefits provided by the controlled-release fertilizers are propelling the market growth.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to rising modernization in the agriculture sector in agri-dominant economies such as China and India will fuel 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 speed up the utilization of specialized fertilizers among farmers of the region. Additionally, the increasing adoption of advanced farming products and inputs, coupled with the usage of specialty agrochemicals within the region.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to the rising acceptance of quality crop nutrition products in the region. The command for resourceful fertilizers that can hold the nutritional requirements of plants and offer them the required nutrition at suitable time intervals is increasing in countries such as the U.S. and Canada. Superior awareness among farmers of the region about different specialty fertilizers available in the market with their use is contributing to the growth of the regional market

Key players in the market

Some of the key players profiled in the Specialty Fertilizers Market include Coromandel International Ltd, EuroChem Group, The Mosaic Co, Sociedad Quimica y Minera de Chile SA, Yara International ASA, ICL Fertilizers, Nutrien Ltd, Haifa Negev technologies LTD, Sinochem Group Co., Ltd., Coromandel International Limited, EuroChem Group, Kugler Company, Agrium Inc

Key Developments:

In May 2022, Coromnadel launches 5 new products in its crop protection range: 3 Insecticides, 1 Herbicide & 1 Fungicides into their portfolio. OFFICER which is a new generation selective herbicide broad-spectrum systemic herbicide, ORTAIN SUPER is a combination insecticide for paddy, has a dual mode of action for resistance management and provides effective control over both lepidopteran and sucking pests.

In March 2022, EuroChem Group announced that it has completed the purchase of the share holding control of Brazilian distributor Fertilizantes Heringer SA, with 51.48% of the shares, further strengthening its production and distribution capacity in Brazil.

In September 2021, Coromandel International launched GroShakti Fertilizer. It is a new technology and superior complex fertilizer with EnPhos Technology and Zincated 14-35-14. This grade has a high nutrient percentage and less filler material, because of which it does not hurt the soil mechanism.

Product Types Covered:
• Calcium Ammonium Nitrate
• Urea Ammonium Nitrate
• Monoammonium Phosphate
• Potassium Nitrate
• Urea Derivatives
• Potassium Sulfates
• Other Product Types

Technologies Covered:
• Controlled-Release Fertilizers
• Customized Fertilizers
• Agricultural Micronutrients
• Water-Soluble Fertilizers
• Other Technologies

Crop Type Covered:
• Cereals
• Turfs & Ornamentals
• Pulses & Oilseeds
• Fruits & Vegetables
• Other Crop Types

Application Methods Covered:
• Soil
• Foliar
• Fertigation
• Other Application Methods

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements