Pune, Feb. 20, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Specialty Fertilizers Market Size, Share & Trends Analysis Report By Type (Micronutrient Fertilizers, Slow-Release Fertilizers, Controlled-Release Fertilizers, Customized Fertilizers, Water-Soluble Fertilizers And Others), Crop Type (Pulses And Oilseeds, Grains And Cereals, Commercial Crops, Fruits And Vegetables And Others)- Market Outlook And Industry Analysis 2031"
The global specialty fertilizers market is estimated to reach over USD 75.27 billion by 2031, exhibiting a CAGR of 7.38% during the forecast period.
Specialty fertilizers aid in the proper growth of many crops by releasing fertilizer nutrients into the crops and preventing moisture. The term "specialty fertilizers" refers to fertilizers used in particular plant and soil situations to promote specific plant activity. Specialty fertilizers release vital nutrients that aid in increasing plant production levels. The growing need for more effective fertilizers to increase agricultural output and reduce environmental impact drives market revenue growth.
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Furthermore, specialty fertilizers are being used more frequently around the world as a result of the growing need to reduce the use of chemical fertilizers because their excessive use depletes the organic carbon content, kills microflora and fauna, builds up toxic chemical substances in the soil, and negatively affects soil fertility and crop productivity. These elements fuel the demand for specialized fertilizers for the site- and location-specific treatments of nutrient deficiencies, and the trend is anticipated to last in the future.
Recent Developments:
- In January 2020, Agrosema Comercial Agricola Ltda, a Brazilian agricultural retailer, will be acquired by Nutrien Ltd. This acquisition aims to increase market penetration in South America's traditional or niche fertilizer sector.
- In June 2019, the specialty fertilizer sector pioneer EuroChem Group AG opened a new fertilizer blending facility in Brazil. The new facility has a storage capacity of 100 KMT and can generate 6,000 tonnes of fertilizer in a single day.
List of Prominent Players in the Specialty Fertilizers Market:
- CF Industries Holdings, Inc
- Coromandel International Limited
- Deepak Fertilizers
- EuroChem Group AG
- ICL Group Ltd.
- Israel Chemical Ltd.
- K+S AG
- Kingenta
- Nufam
- Nutiren, LTD.
- OCI Nitrogen
- OCP Group
- Petrochemicals Corporation Limited
- Sociedad Quimica y Minera de Chile (SQM)
- SQM SA
- The Mosaic Company
- Yara International ASA
- Zuari Agro Chemicals Ltd.
| Report Attribute | Specifications |
| Market size value in 2022 | USD 40.23 billion |
| Revenue forecast in 2031 | USD 75.27 billion |
| Growth rate CAGR | CAGR of 7.38% from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Million and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
| Customization scope | Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Market Dynamics:
Drivers-
The growing world population drives the worldwide market, adding to the stress related to food security. Specialty fertilizers are highly effective, concentrated, and custom-made fertilizers that can increase crop output by providing vital nutrients that plants need. Additionally, during the forecast period, the market is expected to develop due to the adoption of precision farming techniques and the introduction of novel technologies in farming. The expansion would also be aided by the leading market participants' growing investments in developing and marketing efficient specialized fertilizers on the international market.
Challenges:
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.
Regional Trends:
The Asia Pacific specialty fertilizers market, is expected to register a major market share in revenue and is projected to grow at a high CAGR shortly. The acceptance of the product in the region will be aided by growing innovation in the agricultural sector in agri-dominant nations like China and India. It is anticipated that the region's farmers will use specialized fertilizers more quickly if the government increases its efforts to encourage their use by providing subsidies for new and carefully designed fertilizers. Besides, the North American region had a substantial share in the market due to the region's expanding use of high-quality crop nutrition products. In nations like the U.S. and Canada, there is an increasing demand for effective fertilizers that can manage the nutritional requirements of plants and provide them with the necessary nourishment at the right times.
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Segmentation of Specialty Fertilizers Market-
By Type
- Micronutrient Fertilizers
- Slow Release Fertilizers
- Controlled Release Fertilizers
- Customized Fertilizers
- Water-soluble Fertilizers
- Others
By Crop Type
- Pulses and Oilseeds
- Grains and Cerals
- Commercial Crops
- Fruits and Vegetables
- Others
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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