Specialty Fertilizers Market Size, Share And Forecast To 2031

(MENAFN- Straits Research) Specialty fertilizers are those utilized in unique soil and plant conditions. Specialty fertilizers release vital nutrients and regulate contact with moisture. These fertilizers accelerate nutrient uptake, reduce the likelihood of nutrient loss, and reduce the toxicity of a high ionic concentration. Numerous specialty fertilizers contain potassium sulfate, diammonium phosphate, potassium nitrate, phosphoric acid, mono-ammonium phosphate, UAN, monopotassium phosphate, calcium nitrate, ammonium nitrate, urea, potassium chloride, and ammonium sulfate. They are applied to cereals, oilseeds, fruits and vegetables, grasses, and ornamental plants.
Market Dynamics
Rising Preference for Precision Farming Techniques Drive the Global Market
Precision farming has transitioned from an academic research topic to a highly profitable agricultural practice over the past few decades. Precision agriculture focuses primarily on monitoring soil conditions by analyzing moisture, nitrates, and electrical conductivity week. Timing the application of nutrients to crops is a crucial component of precision farming. Controlled-release fertilizers (CRF) are indispensable inputs for precision agriculture, meeting the demand.
In addition, applying controlled fertilizers through precision farming technologies can prevent issues such as fertilizer drain-off, excessive fertilizer leaching, and BOD (the resulting increase in the biological oxygen demand) in water bodies. As a result, the rapid global adoption of precision farming techniques increases the use of specialty fertilizers. In addition, the surging adoption of precision farming practices and the introduction of agricultural technologies are anticipated to augment the market's growth in the coming year.
Favorable Government Policies and Companies Initiatives Creates Tremendous Opportunities
The use of specialty fertilizers to improve plant and soil health has received increasing support from various government agencies and major stakeholders. For instance, in 2020, the European Parliament, the Policy Department for Structural and Cohesion Policies (IPOL), and the Common Agricultural Policy took measures to reduce the risk of chemical pesticides, fertilizers, and antibiotics. The use of fertilizers and antibiotics in agriculture has yielded noteworthy outcomes in pursuing an environmentally sustainable system with minimal pollution and no toxins. This is evidenced by the substantially decreasing pollution levels and completely eradicating toxins.
Regional Analysis
Asia-Pacific is the most significant global specialty fertilizers market shareholder and is anticipated to exhibit a CAGR of 5.1% during the forecast period. The Asia-Pacific region, the largest agricultural sector, is expected to dominate the specialized fertilizers market in market share throughout the projected timeframe. According to the Organisation for Economic Co-operation and Development and the Food and Agriculture Organization, 30 percent of the world's agricultural land is in Asia and the Pacific. This is due to the extensive farming methods in India, China, Thailand, and other nations. For instance, China is amongst the largest producers and consumers of agricultural inputs. In 2020, according to FAOSTAT data, the country's arable land comprised approximately 8% of the world's total arable land or 119.474 million hectares.
Additionally, specialty fertilizer manufacturers in this region develop their market position through various strategies, such as launching new products and enhancing production capacity, due to the significant agricultural economies present in the area. For example, in December 2019, Mosaic China inaugurated a new Yantai Port facility with various features and capabilities, including a sophisticated Soil Lab. Additionally, the 25,000-square-foot facility has a modernized logistics tracking system to promote safer and more efficient operations.
Key Highlights

The global specialty fertilizers market was valued at USD 46 billion in 2022. It is estimated to reach USD 47.15 billion by 2031, growing at a CAGR of 4.61% during the forecast period (2023–2031).
Based on type, the global specialty fertilizers market is segmented into controlled-release fertilizers (CRF), slow-release fertilizers (SRF), micronutrient fertilizers, customized fertilizers, water-soluble fertilizers, and other fertilizers.
The water-soluble fertilizers segment dominates the global market and is predicted to grow at a CAGR of 4.31% throughout the forecast period.
Based on the application, the global specialty fertilizers market is segmented into fertigation, foliar, soil, and other applications.
The foliar segment owns the highest market share and is estimated to exhibit a CAGR of 4.7% during the forecast period.
Based on crop type, the global specialty fertilizers market is segmented into grains and cereals, oilseeds and pulses, fruits and vegetables, commercial crops, and other crop types.
The grains and cereal segment is the largest revenue contributor to the market and is projected to exhibit a CAGR of 4.12% over the forecast period.
Asia-Pacific is the most significant global specialty fertilizers market shareholder and is anticipated to exhibit a CAGR of 5.1% during the forecast period.

Competitive Players
The key players in the global specialty fertilizers market are Nutrien Limited, EurochemGroup AG, The Mosaic Company, Israel Chemicals Ltd., Yara International ASA, Haifa Chemicals Ltd, Sociedad Quimicay Minera de Chile, CF Industrial Holdings Inc., Coromandel International Ltd., EverrisNA Inc., and Compo Expert GmbH.
Market News

In May 2023, Yara International announced that it would construct a new global production facility for crop nutrition products and biostimulants to increase yields and enhance quality. The plant will be one of the world's largest producers of these essential products for attaining food security and combating climate change.
In June 2023, ICL, a global leader in specialty minerals, introduced a new line of advanced foliar and fertigation solutions under their Nova brand of water-soluble fertilizers in North America. Nova FINISHTM, Nova PULSETM, Nova ELEVATETM, and Nova FLOWTM are the company's flagship products.

Global Specialty Fertilizers Market: Segmentation
By Type

Controlled-release Fertilizers
Slow-release Fertilizers
Micronutrient Fertilizers
Customized Fertilizers
Water-soluble Fertilizers
Other Fertilizers

By Applications

Soil
Foliar
Fertigation
Other Applications

By Crop Type

Grains and Cereals
Oil Seeds and Pulses
Commercial Crops
Fruits and Vegetables
Other Crop Types

By Regions

North America
Europe
Asia-Pacific
South America
Africa

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