New York, United States , May 30, 2023 (GLOBE NEWSWIRE) -- The Global Specialty Fertilizers Market Size is to grow from USD 24.2 billion in 2022 to USD 45.9 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 6.6% during the projected period. Growing demand for high-quality crops, as well as a growing need for sustainable agricultural practices, are driving the global specialty fertilizers market. Furthermore, the widespread utilization of precision agriculture techniques, which necessitate the use of specialized fertilizers, is fueling market growth. Other factors include a growing global population, increased food demand, and the need for effective nutrient management.
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Specialty fertilizers are advanced fertilizers that are tailored to specific crop and soil nutrient needs, increasing crop productivity while reducing environmental impact. The global specialty fertilizers market is a subset of the fertilizer market that provides specialized products for specific crops and soil types. These fertilizers contain essential nutrients and micronutrients that are tailored to the specific needs of various crops. The global specialty fertilizers market has been steadily expanding over the last decade and is expected to expand further in the coming years.
Precision agriculture techniques such as soil testing, variable-rate application, and controlled-release fertilizers are becoming increasingly popular. Specialty fertilizers are ideal for precision agriculture because they allow for targeted application, reducing nutrient losses and optimizing resource utilization. Precision agriculture enables farmers to make data-driven decisions, resulting in increased crop yields and demand for specialty fertilizers. However, specialty fertilizers are frequently designed for specific crops and their specific nutritional needs. Smaller-scale farmers, particularly in developing countries, can grow a diverse range of crops on limited land. A lack of readily available specialty fertilizer solutions tailored to the needs of small-scale farmers can be a barrier to adoption, as they may struggle to afford or gain access to a variety of specialty fertilizers.
Browse key industry insights spread across 210 pages with 124 market data tables and figures & charts from the report on “Global Specialty Fertilizers Market Size, Share, and COVID-19 Impact Analysis, By Type (Calcium Ammonium Nitrate (CAN), Urea Ammonium Nitrate (UAN), Monoammonium Phosphate (MAP), Potassium Nitrate, Sulfate of Potash (SOP), Blends of NPK, Urea Derivatives, and Others), By Application Method (Soil, Foliar, and Fertigation), By Technology (Micronutrients, Controlled-release Fertilizers, Water Soluble Fertilizers, and Liquid Fertilizers), By Form (Dry and Liquid), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032 " Get Detailed Report Description Here:
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The urea ammonium nitrate (UAN) segment is expected to hold the largest share of the global specialty fertilizers market during the forecast period.
The global specialty fertilizers market is divided into calcium ammonium nitrate (CAN), urea ammonium nitrate (UAN), monoammonium phosphate (MAP), potassium nitrate, sulfate of potash (SOP), NPK blends, urea derivatives, and others. The urea ammonium nitrate (UAN) segment is projected to dominate the global specialty fertilizers market over the forecast period. The reason for the increase is that it is a popular choice among farmers because of its versatility and ease of application.
The soil segment is expected to hold the largest share of the global specialty fertilizers market during the forecast period.
The global specialty fertilizers market is classified into soil, foliar, and fertigation applications. The soil segment is projected to account for the largest share of the global specialty fertilizers market over the forecast period. The reason for this expansion is that soil application is the most traditional and widely used method of fertilizer application in agriculture.
The controlled-release fertilizers segment is expected to hold the largest share of the global specialty fertilizers market during the forecast period.
Based on technology, the global specialty fertilizers market is divided into four segments: micronutrients, controlled-release fertilizers, water soluble fertilizers, and liquid fertilizers. Among these, controlled-release fertilizers are projected to account for the majority share of the global specialty fertilizers market during the forecast period. Controlled-release fertilizers have gained popularity due to their ability to provide nutrients gradually over time, providing several benefits in terms of nutrient efficiency, environmental sustainability, and labor savings.
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North America is estimated to hold the largest share of the global specialty fertilizers market over the predicted timeframe.
North America is expected to hold the largest share of the global specialty fertilizers market during the forecast period. The increasing adoption of precision agriculture techniques, the need for improved crop yield and quality, and the rising demand for environmentally friendly fertilizers are all factors driving market growth in North America. During the forecast period, Asia Pacific is expected to grow at the fastest rate in the global specialty fertilizers market. Due to factors such as population growth, rising food demand, and a shift towards high-value crops, Asia-Pacific is a rapidly growing market for specialty fertilizers.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Specialty Fertilizers Market include Nutrien Ltd., Yara, ICL, The Mosaic Company, CF Industries, Nufarm, SQM SA, OCP Group, Kingenta, K+S Aktiengesellschaft, OCI Nitrogen, EuroChem, Coromandel International Limited, Zuari Agro Chemicals Ltd., and Others.
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Recent Developments
In February 2022, EuroChem Group completes Mergers and Acquisitions and takes ownership of the Serra do Salitre phosphate project. The deal was worth $452 million, and EuroChem will invest a similar amount to complete the project.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Specialty Fertilizers Market based on the below-mentioned segments:
Global Specialty Fertilizers Market, By Type
- Calcium Ammonium Nitrate (CAN)
- Urea Ammonium Nitrate (UAN)
- Monoammonium Phosphate (MAP)
- Potassium Nitrate
- Sulfate of Potash (SOP)
- Blends of NPK
- Urea Derivatives
- Others
Global Specialty Fertilizers Market, By Application Method
- Soil
- Foliar
- Fertigation
Global Specialty Fertilizers Market, By Technology
- Micronutrients
- Controlled-release Fertilizers
- Water Soluble Fertilizers
- Liquid Fertilizers
Global Specialty Fertilizers Market, By Form
- Dry
- Liquid
Global Specialty Fertilizers Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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