Dublin, Jan. 16, 2024 (GLOBE NEWSWIRE) -- The "Specialty Fertilizers Market by Type, Form, Mode of Application, and Crop Type - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The specialty fertilizers market is projected to reach $42.57 billion by 2030, at a CAGR of 8.9% from 2023 to 2030. The report provides an in-depth analysis of the specialty fertilizers market across five major geographies, current market trends, size, and recent developments, and the forecast till 2030.
The growth of the specialty fertilizers market is driven by the declining availability of arable land and the rising demand for food, growing environmental concerns, and favorable government policies and regulations. However, high production costs restrain the growth of the specialty fertilizers market.
The rising adoption of precision farming technologies is expected to generate market growth opportunities. However, the lack of awareness among farmers is a challenge for the stakeholders in this market. Additionally, the increasing use of nanotechnology in agriculture is a key trend in this market.
The agricultural micronutrients segment is projected to register the highest CAGR during the forecast period of 2023-2030 due 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.
The dry specialty fertilizers segment is expected to account for the largest share of the global specialty fertilizers market in 2023, owing to the growing 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.
The foliar spray segment is projected to register the highest CAGR during the forecast period of 2023-2030. The growth of this segment is driven by the 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.
In 2023, the cereals & grains segment is expected to account for the larger share of the global specialty fertilizers market. The large market share of this segment is mainly attributed to factors such as the rising demand for food grains due to the growing population, high area under cereals and grains production such as wheat, maize, rice, and barley, and increasing industrial application of cereals and grains.
Latin America is expected to witness significant growth during the forecast period of 2023-2030, 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.
Key Questions Answered in the Report:
- What is the value of revenue generated by the specialty fertilizers market?
- At what rate is the global demand for specialty fertilizers projected to grow for the next 5-7 years?
- What is the historical market size and growth rate for the specialty fertilizers market?
- What are the major factors impacting the growth of this market at global and regional levels?
- What are the major opportunities for existing players and new entrants in the market?
- Which type, form, mode of application, and crop type segments create major traction for the manufacturers in this market?
- What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the specialty fertilizers market?
- Who are the major players in the specialty fertilizers market? What are their specific product offerings in this market?
- What recent developments have taken place in the specialty fertilizers market? What impact have these strategic developments created on the market?
Market Insights
Factors Affecting Market Growth
- Decrease in Arable Land and Rising Food Demand Due to Rapid Population Growth Driving the Adoption of Specialty Fertilizers
- Growing Concerns Regarding Environmental Safety Supporting the Use of Specialty Fertilizers
- Favorable Government Policies and Regulations Boosting Market Growth
- High Production Costs Increasing Product Prices
- Rising Adoption of Precision Farming Technologies Expected to Generate Market Growth Opportunities
- Lack of Awareness Among Farmers to Remain a Major Challenge for Market Players
Trends
- Increasing Use of Nanotechnology in Agriculture
Porter's Five Forces Analysis
Company Profiles
- 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 Quimica y Minera de Chile S.A. (Chile)
- Kugler Company (U.S.)
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
For more information about this report visit https://www.researchandmarkets.com/r/n6mb23
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