Newark, July 30, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 37.14 billion in 2023 global specialty fertilizers market will reach USD 71.77 billion by 2033. The global tendencies towards biostimulants, microbial inoculants, and bio-based fertilizers are prospective for further developing the specialty fertilizers market. It is a range that relies on the advantages of plant growth-promoting microbes, organic matter, and bioactive compounds to optimize nutrient uptake, abiotic stress tolerance and crop performance without the need for synthetic inputs. Moreover, rising concern with nutrient utilization tools, supply and demand of nutrients, and nutrient use efficiencies opens up opportunities for strategic fertilizers that reduce nutrient leaching, promote nutrient absorption and optimize nutrient use by crops. This is especially because the products labelled as controlled-release, slow-release, or coated formulations can assist in the mobilization or stabilization of nutrients, as well as the maintenance of good health of the environment, including the improvement of sustainable agriculture. Furthermore, the differentiation associated with the individual nutrient requirements of various crops, crop varieties, and environmental conditions also provides further market opportunities. Targeted fertilizers developed for lucrative crops, specific segments and specialty crop growing environments satisfy specific growers’ nutrient needs and high-quality product expectations, thereby adding value and market differentiation to the products.
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Key Insight of the global Specialty Fertilizers market
Asia Pacific is expected to witness the highest market growth over the forecast period.
That favourable market accessibility and advancements in infrastructure and supply chain systems enhance access to and availability of specialty fertilizers in the Asia Pacific region for specialized investments in agricultural infrastructure support logistics and distribution networks. Improved infrastructure also enables efficient delivery and distribution of products, positively influences the agricultural extension service, and contributes to the uptake by smallholder farmers. Furthermore, globalization and liberalization through opening up for free trade and integration of markets open up a lucrative market for specialty fertilizer manufacturers, especially in Asia-Pacific markets. The availability of large expanding local markets and exports to other regions encourages market development. In addition, the APAC region is at risk of being affected by climate change-related weather conditions, including droughts, floods, and heat, which affect the yield of agricultural produce. Nutrient recovery enhances the performance of specialty fertilizers that guarantee the client improved efficiency of nutrients, stress tolerance and crop resilience to the impacts of climate change on farming systems, which fuel demand in the region.
In 2023, the urea ammonium nitrate segment dominated the market with the largest share of 24.38% and revenue of 9.05 billion.
The type segment is divided into blends of NPK, calcium ammonium nitrate, monoammonium phosphate, potassium nitrate, sulfate of potash, urea derivatives, urea ammonium nitrate and others. In 2023, urea ammonium nitrate segment dominated the market with the largest share of 24.38% and revenue of 9.05 billion.
In 2023, the dry segment dominated the market with the largest share of 67.24% and revenue of 24.97 billion.
The form segment is classified into dry and liquid. In 2023, the dry segment dominated the market with the largest share of 67.24% and revenue of 24.97 billion.
In 2023, the fruits & vegetables segment dominated the market with the largest share of 42.19% and revenue of 15.67 billion.
The crop type segment includes cereals & grains, fruits & vegetables, oilseeds & pulses and others. In 2023, the fruits & vegetables segment dominated the market with the largest share of 42.19% and revenue of 15.67 billion.
In 2023, the fertigation segment dominated the market with the largest share of 54.41% and revenue of 20.21 billion.
The application segment is split into fertigation, foliar and soil. In 2023, the fertigation segment dominated the market with the largest share of 54.41% and revenue of 20.21 billion.
Advancement in market
In September 2022: A new brand, Cumist Calcium, is an organic specialty fertilizer that, in addition to providing necessary nutrients, emphasizes improving the quality of the soil and the efficiency of the agriculture sector in Coromandel. This launch will not only help to supplement the existing product portfolio of Coromandel but also diversify it by offering a broader range of specialty fertilizers.
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Market Dynamics
Driver: Changing dietary preferences and demand for high-quality produce.
There is always rising demand for healthy foods, especially regarding quality in the market, and this has been triggered by the need among consumers to embrace healthy meals. They crave sweet, juicy fruits, green leafy vegetables and other horticultural produce required to maintain healthy lives. As a result, growers now have to look at specialized fertilizers to grow more nutritious, tastier, and visually appealing crops to the refined buyer and meet the requirements of niche markets. Conventional fertilizers are general fertilizers irrespective of their source, form or type. In contrast, specialty fertilizers are deliberately designed fertilizers or nutrient products to meet the specific needs of plants, which involve the supply of nutrient elements in proper demand, suitable chemical forms, rates and availability to plants. Amending the nutritional composition of fertilizer with particular nutrients such as nitrogen, phosphorus, potassium, calcium, magnesium, and other micronutrients responds to the shortcomings of the soil and enriches the produce with nutritional content. For instance, enhancing the potassium concentration in fruits can also increase their taste, texture, and storability; raising calcium levels in vegetables increases their firmness and shelf-life values. Also, specialty fertilizers can elicit changes in the formation of secondary metabolites and phytochemicals in plants regarding food's flavours, aromas, and nutritional qualities. In this capacity, specialty fertilizers facilitate the delivery of nitrogen and micronutrients to plants that, in turn, support metabolic processes that synthesize vitamins and other biochemicals that benefit humans. This characteristic means that fruits and vegetables containing higher antioxidants, vitamins, minerals, and phytonutrients are available for consumption, thus giving consumers improved nutritional values and functions. Aside from boosting nutritional value, fertilizers specific to specialities are necessary for enhancing the quality of agricultural commodities' appearance, making them attractive to consumers. The appearance of crops is also directly improved and influenced through growth, colour, and fruit sizing, which are made possible by these fertilizers that see the crops lure consumers and fetch premium prices in the market. Some specialty fertilizers can also contribute to the minimization of skin imperfections and disorders, growth abnormalities, and unevenness of their surface and size among fruits and vegetables, creating products of better quality that meet the requirements of exclusive supermarkets, elegant restaurants, and gourmet stores. Besides, specialty fertilizers ought to be consistent with sustainable agricultural production to address issues concerning the agricultural soils, environment, and efficient usage of resources. They contribute to minimal environmental degradation, water utilization, and ecosystem resilience since their nutrient use is efficient and minimal inputs are leached into the environment. This aspect is in line with today's clients, who are very sensitive towards the impacts that food production has on the environment and, as such, are looking for foods that are produced sustainably and socially responsible.
Restraint: Regulatory hurdles and compliance challenges.
It aims to support specialty fertilizer manufacturers to fulfil the current intense laws regarding specialty fertilizer production, packaging and application. The legal requirements vary significantly across global locations and jurisdictions, and laws regarding these regulations should be carefully, fully understood, and adhered to locally, nationally, and internationally. This factor is the rules and regulations laid down by regulatory bodies of different countries, including the EPA for Environment Protection Agency, FDA for Drug and Food Control Authority of the U.S., and the USDA, which are analogous to other countries. However, manufacturers are also subjected to guidelines issued by industry associations and certifying bodies concerning any policy on fertilizer manufacturing and handling, labelling, storage, and recommended usage. In addition to proof labelling, product safety and efficacy, an essential precondition to qualify the medical product, mandates respective testing, quality control, documentation and standard adherence at every phase of manufacture. Some may have proprietary formulations, which must be registered, authorized, or certified by regulatory bodies before they are marketed and sold as specialty fertilizers. Manufacturers must meet the legal requirements, test, and report on product utility and safety for human use. Labelling provisions for specialty fertilizers are elaborate and include labelling information such as the nutrient content and the recommended rates for application, as well as any special precautions necessary for handling or using the fertilizer and the environmental impacts of using the fertilizer. Labels must be legible, explanatory and designed to comply with the requirements of various authorities that regulate industries involved in the use, handling or storage of foods and other consumables. Lack of compliance with these labelling regulations may lead to product recalls or even fines that manufacturers may incur or legal cases against them that may arise due to the lack of proper labelling of products. The need to address multiple regulations in various regions for a single product while also addressing the safety and quality of the product/larger, and subsequently, the added cost for production and distribution will also increase.
Opportunity: Growing adoption of organic farming practices.
The demand for organic foods increases as the number of individuals who organize their farming system through Organic farming also increases. Hence, specialty fertilizers certified for organic use have great market opportunities. Manufacturers can produce inputs that are organic-compliant and natural. In this manner, manufacturers can supply organic growers interested in environmentally friendly inputs. Reduced reliance on synthetic inputs and chemicals, approach to crop-integrated pest management and soil fertility management, prohibition of GMOs, and minimal use of synthetic fertilizers and pesticides. Over the years, especially with the rise of information on food angles, the demand for organic foods has experienced a drastic shift because consumers consider such foods healthier and environmentally friendly. To this end, specialty fertilizer manufacturers are now creating compositions of organic-certified versions of specialty fertilizers to conform to the specifications and guidelines provided by the organic certification authorities and the law. Such formulations use organic and eco-friendly inputs from plant and animal origin, like plant residues, manures, compost, and minerals that help replenish and restore soil nutrient reserves and maintain their fertility, supporting the ecosystem's life that sustains the crops.
Challenge: Supply chain disruptions and logistics challenges.
The specialty fertilizers market is specific regarding its supply chain, which cannot afford a shutdown of supplies to end consumers. These delays include traffic jams, bad weather, a strike from transport workers, and sometimes even the breakdown of transport infrastructure, thus hindering the delivery of specialty fertilizers to end-users on time. Transportation-related interruptions result in shortages and stockouts of products, which is a blow to farmers since fertilizer application must be constant due to its impact on crop yields and profitability. Also, instances, where there is a low supply of inventory due to issues such as production constraints or interrupted supply chain and high demand for certain products, may force a business to run out of some products, thus losing its customers. Additionally, regulations from relevant global bodies, such as limiting imports and exports, trading restrictions, high tariffs, and compulsory licensing, may limit the purchase and distribution of specialty fertilizers across the globe. Besides, restrictive structures related to infrastructure and access to transportation channels such as roads or rails and docks, storage, chill or freezing facilities and dockyards will also limit the distribution of specialty fertilizers, especially in rural or relatively underdeveloped areas.
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Some of the major players operating in the global Specialty Fertilizers market are:
• Agrium Inc.
• CF Industries and Holdings, Inc.
• Compo Expert GmbH
• Coromandel International Ltd.
• Eurochem Group
• Haifa Group
• ICL
• K+S Aktiengesellschaft
• Koch Industries Inc.
• Mosaic
• Nufarm
• Nutrien Ltd.
• OCP Group
• Sociedad Quimica y Minera de Chile SA
• SQM SA
• Sinochem Group
• The Mosaic Company
• Vardhaman Fertilizers and Seeds Pvt Ltd.
• Verdesian Life Sciences, Sungro Seeds Ltd.
• Yara
Key Segments cover in the market:
By Type
• Blends of NPK
• Calcium Ammonium Nitrate
• Monoammonium Phosphate
• Potassium Nitrate
• Sulfate of Potash
• Urea Derivatives
• Urea Ammonium Nitrate
• Others
By Form
• Dry
• Liquid
By Crop Type
• Cereals & Grains
• Fruits & Vegetables
• Oilseeds & Pulses
• Others
By Application
• Fertigation
• Foliar
• Soil
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion) and volume (Tons). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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