New York, US, Jan. 25, 2023 (GLOBE NEWSWIRE) -- Specialty Fertilizers Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), Specialty Fertilizers Market Information By Type, Crop Type, And Region - Forecast till 2030"; the market will reach USD 52.67 Billion by 2030, an 6.23% CAGR.
Market Synopsis
Specialty fertilizers regulate the level of moisture contact while releasing essential nutrients. Specialty fertilizers also limit possible nutrient loss, hasten nutrient uptake, and reduce toxicity from excessive ionic concentration. Their use will boost the grower's profit, assist in supplying the market with high-quality crops, and allow for larger margins than those typically attained with high-volume fertilizers. The global market for specialty fertilizers is propelled by increased crop nutrition industry innovation and crop nutrition-related research & development. An increasing trend in this sector is the use of specialized fertilizer solutions to fulfill certain crop nutrition needs. The requirement of high nutrition products for growing crops is fueling this market's expansion.
Globally, there is a considerable increase in demand for agricultural goods that can provide all the necessary nutrients for plant growth, which is expected to boost the market growth. Specialty fertilizers can improve plant performance and well-being, leading to an adequate crop output and supporting market expansion. Using precision farming technologies to apply controlled fertilizers can help avoid problems like fertilizer drain-off, excessive fertilizer leaching, and a consequent rise in the biological oxygen demand (BOD) of bodies of water and improve fertilizer use efficiency. As a result, the use of specialty fertilizers is increasing due to the increased adoption of precision farming techniques worldwide.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 52.67 Billion |
| CAGR | 6.23% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Crop Type, And Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing Demand For Food |
| Government Initiatives To Promote Fertilizer Industry |
Market Competitive Landscape:
The notable companies in the specialty fertilizers market are:
- Haifa Chemicals (Israel)
- Atlantic Gold Corp (Canada)
- Art Wilson Co. (U.S.)
- Mosaic Company (U.S.)
- Agrium Inc. (Canada)
- Yara International (Norway)
- Eurochem (Switzerland)
Market U.S.P. Covered:
Market Drivers:
The market for specialized fertilizers is experiencing increased demand because of the rising need for high-yielding and high-quality products globally. Specialized fertilizers are added to the soil as plant food and are referred to as specialty fertilizers. These fertilizers' efficiency produces high-quality crops and boosts crop volume compared to crops with typical yields. Specialty fertilizers strengthen the plants' nutrition, which promotes plant growth and improves crop quality. As a result, the demand for these fertilizers is fueling the expansion of the specialty fertilizers market. The demand for necessities like food is rising dramatically as the world's population continues to rise. Future generations will continue to need food to feed the growing population.
As horticulture crops are produced in many nations that are low in key micronutrients, the need for micronutrient fertilizers across the horticulture industry is anticipated to increase significantly. During the forecast period, the requirement for customized fertilizers is anticipated to increase due to the growing need for fertilizers that can act on and discuss specific crop-related issues and aid their healthy growth. The awareness of and demand for specialty fertilizers, such as micronutrients and controlled-release fertilizers, in the production of crops, have grown quickly in recent years as farmers seek to maximize the yield per planted hectare. The market is then expected to be driven by this.
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Market Restraints:
Specialty fertilizers' high price is a significant market restraint. The market for specialized fertilizers is anticipated to see significant development restraints due to the high cost of fertilizers, including micronutrient fertilizers and customized fertilizers. This limitation can be removed by using readily available and reasonably priced ingredients in the product's formulation.
COVID 19 Analysis
The impact of COVID-19 on the world has been unprecedented and devastating, and the pandemic has had a detrimental effect on the demand for specialty fertilizers in every region. The principal factors limiting the expansion of the agriculture sector are a lack of available manpower and travel restrictions. This is a result of the lockdown that was put in place after the COVID-19 outbreak. Operations have fallen off in many nations due to a lack of labor. Increased labor costs have resulted in significant losses, which have caused the vegetation in the fields to decay.
It is anticipated that these factors will lower the need for specialty fertilizers during the projected period. In addition to having grave consequences for people's health and access to healthcare, COVID-19 appeared to have had a huge impact on the world's specialty fertilizers market. An unparalleled interruption in the operation of the market forces of supply and demand best describes COVID-19's effects. Farmers, particularly those in emerging nations, may become price-conscious and utilize specialty fertilizers due to their decreased revenue, which could indicate future market growth.
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Market Segmentation
By crop type, the market includes cereals & oilseeds, turf & ornamentals, and fruits & vegetables. By type, the market includes nitrogen fertilizers, phosphate fertilizers, and potash fertilizers.
Regional Insights
The region that controls the market is expected to do so throughout the projection period. The Asia-Pacific region's expansion is mostly linked to the region's population's exponential development, rising purchasing capacity, rise in health problems brought on by dangerous pesticides, and frightening rise in crop disease prevalence. Due to strict government regulations against chemical fertilizers, there has been an increase in demand for natural products in Europe, which has led to market expansion for specialty fertilizers there. During the projection period, North America is anticipated to experience significant growth. The increased use of high-quality agricultural fertilizer products in the area is credited with this expansion. Over the years, China has been a leader in developing and using controlled-release fertilizers in response to problems with the nutrient imbalance and high nitrogen fertilizer use, including eutrophication, ammonia loss, and inefficient fertilizer use.
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