Specialty Fertilizers Market Revenue, Top Companies, Report 2033

17 Jul 2024

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Table of Content

1. Specialty Fertilizers Market Revenue and Trends 2. Market Overview 3. Specialty Fertilizers Market Trends 4. Specialty Fertilizers Market Highlights 5. Specialty Fertilizers Market Top Companies 6. Market Potential and Growth Opportunity 7. Specialty Fertilizers Market News

Specialty Fertilizers Market Revenue and Trends

The global specialty fertilizers market revenue was valued at USD 28.24 billion in 2023 and is poised to grow from USD 30.21 billion in 2024 to USD 55.02 billion by 2033, at a CAGR of 6.89% during the forecast period 2024 – 2033. The increasing demand and utilization of specialty fertilizers are estimated to drive the growth of the specialty fertilizers market.

Market Overview

The specialty fertilizers market manufactures fertilizers used to meet soil needs and deliver nutrients for specific crops in an efficient and targeted manner compared to conventional chemicals and fertilizers. These specialty fertilizers are applied extensively in high-value crops, such as ornamental plants, fruits, and crops, to optimize crop quality and yield and customize soil conditions.

The increasing focus on sustainable agriculture practices, rising demand for high-yield crops, and rapid population growth are expected to boost market growth. In addition, continuous advancements in fertilizer technologies, the increasing use of slow-release and controlled-release fertilizers, and the increasing effectiveness and ease of application of dry specialty fertilizers are further expected to accelerate the growth of the specialty fertilizers market during the forecast period.

Specialty Fertilizers Market Trends

• The specialty fertilizers behave as a nutrition booster for the plants, which boosts the quality and growth of the market.
• The growing population demand for food to continue in the future generation contributed to the growth of specialty fertilizers.
• The increasing demand in the agricultural sector provides the required demand for crops and is anticipated to accelerate the growth of the market.

Increasing demand for high-quality crops and focus on precision agriculture to enhance market growth.

Specialty fertilizers that can improve nutritional value, quality, and crop production are becoming more and more essential as consumer demand is growing and the world’s population for premium agricultural products rises. In addition, by using precision agriculture techniques, specialty fertilizers are designed to offer specific nutrients based on soil characteristics and crop requirements. It also helps to reduce waste and increase productivity.

The demand for specialty fertilizers is enhanced by the implementation of precision agriculture techniques, such as digital farming technologies, variable rate application, and soil testing. Furthermore, farmers now have more specialty fertilizers with the help of technological developments such as enhanced efficiency fertilizers, micro-nutrient-enriched formulations, and controlled release. These driving factors are anticipated to drive the growth of the specialty fertilizers market.

However, the complexity of management and application of specialty fertilizers may restrain the market growth. Particular management strategies and application methods may be needed to improve the effectiveness of specialty fertilizers. Guaranteeing proper application integration, timing, and rates with other agronomic practices can be very tough, especially for those with insufficient access to expanded services. Farmers require sufficient assistance and training. These factors may create challenges and may hinder the growth of the specialty fertilizers market.

Specialty Fertilizers Market Highlights

Specialty Fertilizers Market Top Companies

• Agrium Inc.
• Coromandel International Limited
• EuroChem Group
• Haifa Chemicals Limited
• ICL Fertilizers
• Israel Chemical Limited
• Kugler Company
• Mosaic
• Nutrien Ltd.
• OCP Group
• Sinochem Group
• Sociedad Quimica Y Minera S.A
• The Mosaic Company
• The Potash Corporation of Saskatchewan Inc.
• Vardhaman Fertilizers and Seeds Pvt Ltd.
• Verdesian Life Sciences, Sungro Seeds Ltd.
• Yara International ASA

Recent Innovation in Specialty Fertilizers by EuroChem

• In March 2024, the new phosphate fertilizer production facility located in Serra do Salitre, State of Minas Gerais, Brazil, was inaugurated by EuroChem Group (Zug, Switzerland). This new phosphate mine and plant complex, which cost almost $1 billion in total, was built in record time and could produce one million metric tons of advanced phosphate fertilizers annually. This greatly increased the Brazilian farmers' access to domestic phosphate fertilizer supplies.

Recent Innovation in Specialty Fertilizers by ICL

• In September 2022, with the introduction of eqo. x, a novel, quickly biodegradable release technology intended for open-field agriculture, a leading worldwide specialized minerals firm unveiled an invention for controlled release urea. By lowering nitrogen loss and raising nutrient use efficiency (NUE) by up to 80%, this ground-breaking technology works through a coating to assist farmers in optimizing agricultural crop performance while minimizing environmental effects. Moreover, the release method offers steady and predictable nutrient release, can assist in lowering the frequency and volume of nitrogen applications, and increases or maintains yields at lower fertilizer rates.

Read Also: Green Fertilizers Market Size

Regional Insights

Asia Pacific dominated the specialty fertilizers market in 2023 and is expected to grow fastest during the forecast period. The increasing incidence of sulfur and zinc deficiency, increasing demand for specialized fertilizers to improve production effectiveness to the rapidly growing population, and the increasing investment in cutting fertilizers that reduce environmental effects and maximize nutrient uptake simulated by government programs to improve food security and support sustainability are expected to enhance the growth of the specialty fertilizers market in the region. China, India, Japan, and South Korea are the leading countries in the market. China is the fastest leading country and has an enhanced need for innovative nutrient sources used in specific plant and soil conditions to improve special responses that optimize plant productivity and growth.

• For instance, in October 2023, The Directorate General of Trade Remedies (DGTR) in China initiated several investigations under anti-dumping duty over certain chemical imports from the country as a result of an increase in dumping. Four different chemicals are the subject of independent investigations that have been requested by many listed firms, indicating a noteworthy pattern. The review of IPA imports from China was started by Deepak Fertilizers, one of the nation's top producers of isopropyl alcohol (IPA).

North America held the second-largest market share in the specialty fertilizers market. North America is the most developed region due to the presence of countries with favorable agriculture strategies, early adoption of specialty fertilizers, and high gross domestic product. The enhanced emphasis on sustainable agriculture and increasing adoption of precision farming techniques are further driving the growth of the market in the region. The U.S. and Canada are the major countries in North America.

Market Potential and Growth Opportunity

Improvements and technological developments

Improvements in specialty fertilizer technology include the adoption of better application devices such as strip tillage equipment, streamer nozzles, Y-drops, and variable rate applicators. This equipment helps with the placement and timing of fertilizer to reduce environmental losses. New specialty technology provided by NACHURS can offer some of the equipment essential to unlock nutrient uptake challenges.

A specialty fertility program based on fertility standardized recommendations and soil sampling was developed over the years. New specialty fertilizer technology is focused on utilizing the utilization and efficiency rate of fertilizer rather than simply increasing the nutrient level of the soil. These major factors are expected to drive the growth of the specialty fertilizers market in the coming years.

Specialty Fertilizers Market News

• In May 2022, in Mumbai, the Union Minister of State for Chemicals and Fertilizers & New and Renewable Energy, Government of India, visited the RCF Trombay Unit in Chembur, Bhagwanth Khuba, and introduced the company's recently produced NPK grade of Rashtriya Chemicals and Fertilizers Limited (RCF) - Suphala 10:26:26. Suphala 10:26:26 is a balanced fertilizer that may be applied to any crop.
• In December 2022, the goal of Deepak Fertilizers & Petrochemicals' proposed business restructuring is to better divide the company's different business segments such as mining services, industrial chemicals, and fertilizers into distinct entities so that investors can monitor each one more closely and facilitate partnerships and capital raising.
• In March 2024, under the brand name UPM Solargo, UPM Biochemicals announced the introduction of a new line of bio-based plant stimulants. With this launch, UPM officially enters the lucrative and sizable agrochemicals sector by providing a cutting-edge and sustainable substitute for goods made from fossil fuels.

Market Segmentation

By Type

• Controlled Release Fertilizers (CRFs)
• Slow-release Fertilizers (SRFs)
• Fortified Fertilizers
• Stabilized Fertilizer
• Others

By Form

• Dry
• Liquid

By Application Method

• Foliar
• Fertigation
• Soil

By Crop Type

• Cereals & grains
  • Corn
  • Wheat
  • Rice
  • Others (Barley, Sorghum, and Millets)
• Oilseeds & Pulses
  • Soybean
  • Canola
  • Others (Peas, Cotton, and Legumes)
• Fruits & Vegetables
  • Root & Tubers
  • Citrus Fruits
  • Brassicas
  • Others (Berries, Melons, Pome Fruits, and Stone Fruits)
• Turf & Ornamentals
• Others 

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