Specialty Fertilizer Market to Reach $46.83 Billion by 2031 - Exclusive Report by Meticulous Research®

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
  • U.S.
  • Canada
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America (RoLATAM)
• Middle East and Africa

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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 2030

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