English Extended Distribution Financial Content iCN Internal Distribution Press Release Reportedtimes Research Newswire Wire

Specialty Fertilizers Market witnessed USD 21.9 billion and forecast to reach USD 35.2 billion in 2029, expanding at a CAGR of 6.1% | Size & Forecast Report

Specialty Fertilizers market was estimated at USD 21.9 billion in 2021 and is projected to reach USD 35.2 billion BY 2029, growing at a CAGR of 6.1% over the forecast period (2022-2029).

Major Specialty Fertilizers Market Drivers

Primary factors driving specialty fertilizers market are growing demand for high-efficiency fertilizers, government policies promoting manufacturing of speciality fertilizers and increasing adoption of precision farming practices around the world. For instance, State of Michigan, United States has enforced set of regulations to promote uniformity in labelling of speciality fertilizers. To comply with these regulations, manufacturers are required to label information such as name and address of registrant and net weight of bagged fertilizers. Such well regulated frameworks are accelerating the growth of specialty fertilizers market.

Request For a FREE Sample Report on Specialty Fertilizers Market

Farmers in many countries are increasingly adopting precision farming techniques as these techniques utilizes Artificial Intelligence (AI) and advanced sensors, which helps to farmers to determine the amount of fertilizers and water required at given point of time. Moreover, growing population growth rates worldwide, has significantly increased the demand for food, which is creating is lucrative opportunities for farmers to opt for highly efficient tailored made fertilizer solutions, for increasing their yields. However, farmers are not well aware about different brands of speciality fertilizers available in the market, which has become a major challenge for manufacturers of speciality fertilizers. 

Based on Type.

Market offers various types of fertilizers such as Calcium Ammonium Nitrate (CAN), Sulfate of Potash (SOP), Monoammonium Phosphate (MAP), Urea-Ammonium Nitrate (UAN) and Urea-Ammonium Nitrate (UAN). Farmers worldwide prefer Urea-Ammonium Nitrate (UAN) fertilizers for cereal production. Using UAN based fertilizers can help in saving labour cost and reduce residual amount of soil nitrogen. Asia-Pacific region has emerged to a major producer of cereals. According to our research, in FY 2022, cereal production across India reached approximately 288 million metric tons.

Based on Crop Type.

Fruits & Vegetables is majorly driven by surge in demand for organic fruits and vegetables and increasing food security concerns. As consumers are becoming more conscious about their health, they are adding high nutrition food items in their diets, which is boosting the demand for organic fruits and vegetables.  

Based on Application, Fertigation segment forecast to expand at a significant CAGR.

Drip irrigation methods are gaining traction in the market due to its labour saving application. Furthermore, demand for fertigation methods is expected to increase in countries who suffering high baseline water stress. 

Based on Region.

Speciality fertilizers are gaining popularity in Asia-Pacific region due to subsidies offered by various governments on the use of specially formulated fertilizers. While Europe speciality fertilizers market is driven by growing demand for micronutrient fertilizer mixes and customized nutrient mixes. Additionally, due to favourable climatic conditions and advancements in farming techniques, farmers across Brazil and Argentina are increasing using speciality fertilizers.

Top Market Players

Various notable players operating in the speciality fertilizers market include Nutrien, Ltd., Yara International ASA, Israel Chemical Ltd., K+S Aktiengesellschaft, Sociedad Química Y Minera De Chile (SQM), The Mosaic Company, EuroChem Group, CF Industries Holdings, Inc., OCP Group, and OCI Nitrogen, among others.

Key Developments: 

  • In September 2022, ICL a leading speciality chemicals company launched Ego.x, biodegradable release technology, developed to help farmers to increase Corp performance.
  • In March 2022, Eurochem announced acquired approximately 51.48% share in Fertilizantes Heringer S.A. Through this acquisition, Eurochem plans to expand its distribution capabilities in Brazil.
  • In September 2019, Nutrien, Ltd, announced that it has completed acquisition of Rualco Holdings Limited, a major agriculture company based out of Australia. This
  • acquisition helped Nutrien to supply more products to Australian farmers.
  • In June 2019, EuroChem Group inaugurated a new fertilizer blending plant in Brazil, located in Araguari in Minas Gerais.

Market Segmentation

Global Specialty Fertilizers Market by Technology
• Slow-Release Fertilizers
• Coated & Encapsulated
• N-Stabilizers
• Chelated
Global Specialty Fertilizers Market by Type
• Calcium Ammonium Nitrate (CAN)
• Urea-Ammonium Nitrate (UAN)
• Sulfate of Potash (SOP)
• Monoammonium Phosphate (MAP)
• Potassium Nitrate
• Others
Global Specialty Fertilizers Market by Crop Type
• OilSeeds & Pulses
• Canola
• Soyabean
• Others
• Cereals & Grains
• Wheat
• Rice
• Corn
• Others
• Turf & Ornamentals
• Fruits & Vegetables
• Citrus fruits
• Roots & tubers
• Brassicas
• Others
• Others
Global Specialty Fertilizers Market by Application Method
• Soil
• Foliar
• Fertigation
Global Specialty Fertilizers Market by Form
• Dry
• Liquid

Global Specialty Fertilizers Market by Region
• North America Specialty Fertilizers Market (Option 1: As a part of the free 25% customization)
• By Technology
• By Type
• By Crop Type
• By Application Method
• By Form
• US Market All-Up
• Canada Market All-Up
• Europe Specialty Fertilizers Market (Option 2: As a part of the free 25% customization)
• By Technology
• By Type
• By Crop Type
• By Application Method
• By Form
• UK Market All-Up
• Germany Market All-Up
• France Market All-Up
• Spain Market All-Up
• Rest of Europe Market All-Up
• Asia-Pacific Specialty Fertilizers Market (Option 3: As a part of the free 25% customization)
• By Technology
• By Type
• By Crop Type
• By Application Method
• By Form
• China Market All-Up
• India Market All-Up
• Japan Market All-Up
• Rest of APAC Market All-Up
• RoW Specialty Fertilizers Market (Option 4: As a part of the free 25% customization)
• By Technology
• By Type
• By Crop Type
• By Application Method
• By Form
• Brazil Market All-Up
• South Africa Market All-Up
• Saudi Arabia Market All-Up
• UAE Market All-Up
• Rest of world (remaining countries of the LAMEA region) Market All-Up

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

Our Related Reports:

Protective Coatings Market

 

Tags:

See Campaign: https://www.gmiresearch.com/report/speciality-fertilizer-market/

Contact Information:

Media Contact Company Name: GMI RESEARCH Contact Person: Sarah Nash Email: [email protected] Phone: Europe – +353 1 442 8820; US – +1 860 881 2270 Address: Dublin, Ireland Website: https://www.gmiresearch.com/


Tags:
Financial Content, Reportedtimes, Extended Distribution, Wire, iCN Internal Distribution, Research Newswire, English