“Global Specialty Fertilizers Market to reach a market value of USD 53.4 Billion by 2031 growing at a CAGR of 6%”
The Global Specialty Fertilizers Market size is expected to reach $53.4 billion by 2031, rising at a market growth of 6.0% CAGR during the forecast period. In the year 2023, the market attained a volume of 96,157.1 kilo tonnes, experiencing a growth of 15.0% (2020-2023).
Liquid fertilizers distribute uniform nutrients, ensuring crops receive consistent essential nutrients throughout the growing season. Thus, the liquid fertilizers segment acquired $5,030.6 million revenue in the year 2023. Also, Russia market would utilize 968.04 kilo tonnes of Liquid fertilizers by 2031. Liquid fertilizers can be precisely formulated to deliver specific ratios and concentrations of nutrients tailored to the nutritional requirements of different crops and growth stages.
Customized specialty fertilizers can be designed to meet the unique requirements of different high-value crops and production systems, including protected agriculture, hydroponics, and vertical farming. Thus, because of the customized formulations for high-value crops, the specialty fertilizers market is anticipated to increase significantly.
Additionally, Protected agriculture allows growers greater control over environmental factors like temperature, humidity, and light intensity. This controlled environment allows for year-round cultivation of crops and creates ideal conditions for maximizing plant growth. Therefore, the market is expanding significantly due to the growing adoption of protected agriculture.
However, the higher upfront cost of specialty fertilizers can impose a significant financial burden on farmers, especially smallholder farmers and those operating on tight budgets. Limited access to capital and credit facilities may make it difficult for farmers to afford specialty fertilizers, leading to reduced adoption rates and reliance on cheaper conventional fertilizers despite their potential limitations. Thus, higher costs can slow down the growth of the market.
Based on crop type, the market is categorized into cereals & grains, fruits & vegetables, oilseeds & pulses, and others. The fruits & vegetables segment recorded a remarkable 35% revenue share in the market in 2023. In terms of volume, the fruit & vegetables segment would utilize 48,538.6 kilo tonnes of specialty fertilizers by 2031. Fruits & vegetables have specific nutrient uptake patterns and requirements throughout their growth stages.
By application, the market is classified into fertigation, foliar, and soil. In 2023, the fertigation segment registered the maximum 53% revenue share in the market. In terms of volume, the fertigation segment would utilize 74,313.0 kilo tonnes of specialty fertilizers by 2031. Fertigation allows for precise and targeted application of fertilizers through irrigation systems, such as drip irrigation and sprinklers.
On the basis of technology, the market is segmented into controlled-release fertilizers, water-soluble fertilizers, liquid fertilizers, micronutrients, and others. The controlled-release fertilizers segment procured a promising growth rate in the market in 2023. In terms of volume, the controlled-release fertilizers segment would utilize 16,078.6 kilo tonnes of specialty fertilizers by 2031. Controlled-release fertilizers release nutrients gradually over an extended period, providing plants with a steady supply of nutrients.
By type, the market is divided into urea ammonium nitrate, calcium ammonium nitrate, monoammonium phosphate, sulfate of potash, potassium nitrate, urea derivatives, blends of NPK, and others. In 2023, the urea ammonium nitrate segment witnessed the largest 31% revenue share in the market. In terms of volume, the urea ammonium nitrate segment would utilize 62,584.2 kilo tonnes of specialty fertilizers by 2031.
Free Valuable Insights: Global Specialty Fertilizers Market size to reach USD 53.4 billion by 2031
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the Asia Pacific region led the market by generating 48.3% revenue share. In terms of volume, the Asia Pacific region would utilize 76,220.8 kilo tonnes of specialty fertilizers by 2031. With a rapidly increasing population and rising incomes in many countries across Asia Pacific, there is a heightened demand for food production to ensure food security.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 33.9 Billion |
| Market size forecast in 2031 | USD 53.4 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 6% from 2024 to 2031 |
| Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2020 to 2031 |
| Number of Pages | 531 |
| Number of Tables | 1030 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Technology, Crop Type, Type, Application, Region |
| Country scope |
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| Companies Included | Nutrien Limited, Yara International ASA, The Mosaic Company, CF Industries Holdings, Inc., Nufarm Ltd., SQM S.A., OCP SA, K+S Aktiengesellschaft, EuroChem Group AG (AIM Capital Ltd.), Haifa Negev technologies Ltd. |
By Crop Type (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Application (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Technology (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Type (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Geography (Volume, Kilo Tonnes, USD Billion, 2020-2031)
This Market size is expected to reach $53.4 billion by 2031.
Customized formulations for high-value crops are driving the Market in coming years, however, Higher costs of specialty fertilizers restraints the growth of the Market.
Nutrien Limited, Yara International ASA, The Mosaic Company, CF Industries Holdings, Inc., Nufarm Ltd., SQM S.A., OCP SA, K+S Aktiengesellschaft, EuroChem Group AG (AIM Capital Ltd.), Haifa Negev technologies Ltd.
In the year 2023, the market attained a volume of 96,157.1 kilo tonnes, experiencing a growth of 15.0% (2020-2023).
The Water-soluble Fertilizers segment is leading the Market by Technology in 2023; thereby, achieving a market value of $29.2 billion by 2031.
The Asia Pacific region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $26.3 billion by 2031.
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