Market Research Future Insights
According to market research future insights analysis, the global specialty fertilizers market is expected to register a CAGR of 6.23% from 2022 to 2030 and hold a value of over USD 52.67 billion by 2030.
The global specialty fertilizers market is propelled by increased crop nutrition industry innovation and crop nutrition-related research development. An increasing trend in this sector is the use of specialized fertilizer solutions to fulfill certain crop nutrition needs. The increasing demand for high-efficiency nutrition products for crop growth is what is fueling the expansion of this market. Globally, there is a considerable increase in demand for agricultural goods that can provide all the necessary nutrients for plant growth, which is expected to boost the market growth. Due to the widespread knowledge of the product's advantages in North America, its adoption is significantly growing. Farmers in the area have high incomes, making pricey crop nutrition products more affordable, which is further accelerating the market's expansion. The manufacturing of specialty fertilizers has been adversely affected worldwide by the abrupt coronavirus outbreak. Due to supply shortages and increasing production costs, product prices are likely to rise. However, there is uncertainty around downstream demand, and there are still significant pressures on the export market, both of which will increase market pressure in 2021. In spite of the challenges, producers should explore fresh growth prospects. The new coronavirus caused the worldwide industry to grow slowly.
Regional Analysis
In 2021, the specialty fertilizers industry is dominated by the Asia-Pacific region, with China representing its fastest-growing market. China is the most significant and influential nation in the world's fertilizer market, according to numerous research. Due to the rising demand for novel chemicals in the agricultural sector to increase production, the People's Republic of China's Ministry of Agriculture proposed a plan in 2021 to reduce the dependence and usage of pesticides such as fertilizers by 2030 and further promote the development and usage of eco-friendly products such as specialty fertilizers. Farmers are using more micronutrients to improve soil health and crop productivity as a result of a high micronutrient deficiency and rising crop demand. As farmers attempt to increase the yield per planted hectare, awareness of and demand for speciality fertilisers, such as micronutrients and controlled-release fertilisers, has risen quickly in recent years. The market is then expected to be driven by this.
Due to the region's expanding use of high-quality crop nutrition products, North America is expected to register lucrative growth. In nations like the U.S. and Canada, there is an increasing demand for effective fertilizers that can manage the nutritional requirements of plants and provide them with the necessary nourishment at the right times. The regional market is expanding as a result of increased awareness among farmers in the area of the various specialty fertilizers available on the market and the benefits connected with their use. Moreover, the region's market expansion is being greatly aided by the presence of top-producing firms like FMC Corporation, Nutrien Ltd., and others.
Market Segmentation
The global specialty fertilizers market has been segmented into type, technology, form, application methods, and crop type.
The market has been bifurcated into urea ammonium nitrate (UAN), calcium ammonium nitrate (CAN), monoammonium phosphate (MAP), sulfate of potash (SOP), potassium nitrate, urea derivatives, blends of NPK, and other types based on type. The market share for specialty fertilizers was dominated by potash fertilizers in 2021. As a result, it is regarded as the type segment's dominant segment. Potassium chloride was found to be the predominant component in potash fertilizers. During the review period, the nitrogen fertilizers market saw consistent growth.
Based on technology, the market has been segmented into controlled-release fertilizers, water-soluble fertilizers, liquid fertilizers, micronutrients, and other technologies. Water-soluble fertilizers (WSFs) dominated the global market in 2021. They are highly effective at increasing both the quality and quantity of crop yields, so their demand is anticipated to remain high throughout the forecast period. The demand for WSFs is anticipated to increase due to their compatibility with contemporary irrigation technology and low water usage requirements.
The market has been divided into dry and liquid segments based on form. Dry fertilizers are easier to store, more effective, and do not require special storage conditions. As a result, the market will probably be driven by the dry fertilizer segment in 2021.
Based on application methods, the market has been segmented into Fertigation, Foliar, and Soil. In 2021, the Fertigation sector dominated the industry. The increased use of fertigation techniques for specialty fertilizers is anticipated to increase during the projection years as a result of the rising innovation in irrigation technology. Because applying fertilizers using this technique, also known as drip irrigation, saves time and labor, their popularity is expected to grow significantly over the coming years and support the market's expansion. Additionally, this approach can help you conserve water and electricity. They are therefore a productive way to raise fiber crops in places with limited water resources.
Based on crop type, the market has been segmented into cereals grains, oilseeds pulses, fruits vegetables, and other crops. In 2021, the global market was dominated by the fruits and vegetable segment. Since many different types of cereal are consumed as staple foods all over the world, the demand for cereals is rising quickly. Given the growing concern about food security caused by the expanding global population, this market sector is anticipated to account for a sizeable portion of the specialty fertilizers market. As a result, it is projected that the product will become increasingly popular in promoting cereal crop yields. Due to their great nutritional value, the demand for fruits and vegetables is rising in both established and emerging nations.
Key Players
Some of the key specialty fertilizers market players are Agrium Inc., Haifa Chemicals Limited, Sociedad Quimica Y Minera S.A, Israel Chemical Limited, Yara International ASA, Coromandel International Limited, Sinochem Group, The Potash Corporation of Saskatchewan Inc., The Mosaic Company, Vardhaman Fertilizers and Seeds Pvt Ltd., Verdesian Life Sciences, Sungro Seeds Ltd.
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