REDDING, Calif., May 15, 2024 /PRNewswire/ -- According to a new
market research report titled, 'Specialty Fertilizers Market
Size, Share, Forecast, & Trends Analysis by Type
(Slow-release {Sulfur-coated Urea}, Controlled-release Fertilizer,
Micronutrients), Form (Dry), Mode of Application (Fertigation),
Crop Type (Cereals & Grains)- Forecast to 2031,' published
by Meticulous Research®, the specialty fertilizer
market is projected to reach $46.83
billion by 2031, at a CAGR of 9.2% from 2024 to 2031.
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Specialty fertilizers are sources of nutrients that are applied
in special conditions of soil and plants for special action in
plants to achieve higher efficiency. These fertilizers are
innovated with the help of different technologies to achieve
optimum crop yield and quality. Specialty fertilizer significantly
reduces possible nutrient losses and increases uptake by plants
through gradual nutrient release.
The specialty fertilizer is different from general fertilizer as
the NPK rate is adjusted according to the crop requirement, and the
application of these fertilizers varies accordingly. Different
technologies are used for the manufacturing of these fertilizers,
such as coating with different materials, nanotechnology, and
liquefaction.
There is no universal definition or category of specialty
fertilizers. The International Fertilizer Association (IFA)
included controlled-release fertilizers (CRFs), slow-release
fertilizers (SRFs), sulfur-coated urea (SCU), stabilized nitrogen
fertilizers (SNFs), WSFs, liquid NPKs, and chelated micronutrients
and boron in their assessment study of the global market for
special products. In this study, all these types of specialty
fertilizers are covered. The stakeholders in this market are raw
material suppliers, manufacturers, distributors, dealers, and
end-users of specialty fertilizers.
The specialty fertilizers market is segmented by type (specialty
NPK fertilizers, slow-release fertilizers {sulfur-coated urea, and
other slow-release fertilizers}, controlled-release fertilizers,
agricultural micronutrients, and other fertilizers), form (dry
specialty fertilizers, and liquid specialty fertilizers), mode of
application (fertigation, soil application, and foliar spray), crop
type (cereals & grains {maize/corn, wheat, rice, and other
cereals & grains}, fruits & vegetables, oilseeds &
pulses, and other crops), and geography (Asia-Pacific, Europe, North
America, Latin America, and
the Middle East & Africa). The study also evaluates industry
competitors and analyzes the regional and country-level
markets.
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The report includes an extensive assessment of the key strategic
developments by leading market participants in the industry over
the past four years (2021–2024). The specialty fertilizers market
has witnessed several partnerships, agreements, collaborations,
mergers, and acquisitions in recent years. The key players
operating in the specialty fertilizers market are Nutrien Ltd.
(Canada), Coromandel International
Limited (India), Haifa Group
(Israel), Yara International ASA
(Norway), ICL Group Ltd.
(Israel), EuroChem Group AG
(Switzerland), Kingenta Ecological
Engineering Group Co., Ltd (China), The Mosaic Company (U.S.), Deepak
Fertilisers and Petrochemicals Corporation Ltd. (DFPCL)
(India), Sociedad Química y Minera
de Chile S.A. (Chile), and Kugler
Company (U.S.).
Key Findings in the Global Specialty Fertilizers Market
Study:
Based on type, the specialty fertilizers market is mainly
segmented into specialty NPK fertilizers, slow-release fertilizers,
controlled-release fertilizers, agricultural micronutrients, and
other fertilizers. In 2024, the specialty NPK fertilizer segment is
expected to account for the largest share of 61% of the
specialty fertilizer market. However, the agricultural
micronutrients segment is projected to register the highest CAGR
during the forecast period of 2024–2031 owing to rising
micronutrient deficiency in the soil, increasing awareness of uses
of micronutrients for crop production, rising government policies,
and various organizations encouraging the use of micronutrients and
increasing the production of fruits and vegetables which is heavy
feeder of micronutrients.
Based on form, the global specialty fertilizers market is
segmented into dry specialty fertilizers and liquid specialty
fertilizers. In 2024, the dry specialty fertilizers segment is
expected to account for the largest share of the specialty
fertilizers market. The large market share of this segment is
mainly attributed to the increasing adoption of controlled-release
and slow-release fertilizers and the high efficacy and easier
applicability of dry specialty fertilizers. Moreover, its
cost-effectiveness, longer shelf life, ability to provide long-term
release of nutrients, and high efficiency in all climatic
conditions over its counterparts further support the growth of this
market.
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Based on application, the global specialty fertilizers market is
segmented into fertigation, soil application, and foliar spray. The
foliar spray segment is projected to register the highest CAGR
during the forecast period of 2024–2031 owing to increasing product
launches by manufacturers suitable for foliar application, growing
farmer preference for foliar spray due to its ability to offer more
precise nutrient delivery to plants and rapid nutrient absorption
with easy and uniform application, and growing advancement in
spraying technologies.
Based on crop type, the specialty fertilizers market is mainly
segmented into cereals & grains, fruits & vegetables,
oilseeds & pulses, and other crops. In 2024, the cereals &
grains segment is expected to account for the larger share of
50.7% of the specialty fertilizers market. However, the
fruits & vegetables segment is projected to register the
highest CAGR during the forecast period of 2024–2031. The growth of
this segment is driven by the increasing area of fruit and
vegetable cultivation and the growing demand for chemical-free
organic fruits and vegetables.
Geographically, the specialty fertilizers market is majorly
segmented into five regions: North
America, Europe,
Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the
largest share of 57.4% of the specialty fertilizers market,
followed by Europe and
North America. The Asia-Pacific specialty fertilizer market is
estimated to be worth USD 14.48
billion in 2024. The large share of this market is
mainly attributed to the presence of major specialty fertilizers
suppliers in the region, a huge area under agriculture production,
rising demand for high-yield crop products, and the growing support
from various organizations & governments to enhance crop
cultivation.
The Latin America specialty fertilizer market is slated to
register the highest CAGR during the forecast period of 2024–2031,
mainly due to the rapidly growing population, a huge agricultural
area, rising demand for specialized agriculture input products,
rising government support for the agricultural sector, increasing
adoption of advance agricultural techniques, and rising focus of
various manufactures in the region.
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Scope of the Report:
Global Specialty Fertilizers Market Assessment—by
Type
- Specialty NPK Fertilizers
- Slow-release Fertilizers
- Sulfur-coated Urea
- Other Slow-release Fertilizers
- Controlled-release Fertilizers
- Agricultural Micronutrients
- Other Fertilizers
Global Specialty Fertilizers Market Assessment—by
Form
- Dry Specialty Fertilizers
- Liquid Specialty Fertilizers
Global Specialty Fertilizers Market Assessment—by Mode of
Application
- Fertigation
- Soil Application
- Foliar Spray
Global Specialty Fertilizers Market Assessment—by Crop
Type
- Cereals & Grains
- Maize/Corn
- Wheat
- Rice
- Other Cereals & Grains
- Fruits & Vegetables
- Oilseeds & Pulses
- Other Crops
Global Specialty Fertilizers Market Assessment—by
Geography
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
(RoAPAC)
- Europe
- France
- Germany
- Spain
- Italy
- U.K.
- Rest of Europe (RoE)
- North America
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
(RoLATAM)
- Middle East and Africa
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Related Reports:
Controlled Release Fertilizers Market by Type (Slow-release
Fertilizers, Nitrogen Stabilizers, Coated & Encapsulated
Fertilizers), End Use (Agriculture, Non-agriculture), and Mode of
Application (Fertigation, Foliar, Soil) - Global Forecast to
2030
Biofertilizers Market by Microorganism Type (Nitrogen-fixing
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Crop Type (Cereals & Grains, Oilseeds & Pulses), Mode of
Application (Seed Treatment, Fertigation), Form - Global Forecast
to 2029
Seaweed Fertilizers Market by Form (Powder Seaweed Fertilizer,
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Type (Field Crops, Horticultural Crops), End Use (Agriculture,
Household Garden), and Geography - Global Forecast to 2030
Agricultural Micronutrients Market by Type (Zinc, Iron, Copper,
Molybdenum), Crop Type (Cereals & Grains, Fruits &
Vegetables), Form (Non-chelated, Chelated), Mode of Application
(Soil, Foliar, Fertigation, Seed Treatment) – Global Forecast to
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