Specialty Fertilizers Market Forecast
Specialty Fertilizers Market is estimated to reach USD 52.67 billion at a CAGR of 6.23%.
Specialty fertilizers are commercial fertilizers primarily distributed for non-farm use such as use on home gardens, lawns, shrubbery, flowers, golf courses, municipal parks, cemeteries, greenhouses, and nurseries. They contain plant nutrients which are helpful in improving the growth, yield, and quality of the plant. These fertilizers steadily release nutrients into the root zone depending on the thickness of fertilizer coating and environmental conditions. Specialty fertilizers can be broadly categorized into nitrogen fertilizers, phosphate fertilizers, potash fertilizers, and others.
Specialty fertilizers help in improving agricultural productivity by promoting plant growth. Increasing population and growing demand for food have led to high agricultural productivity which is driving the growth of the specialty fertilizers market. Moreover, limited availability of cultivable land and the pressure to increase farm productivity is boosting the demand for specialty fertilizers.
Growing acceptance of modern farming is adding fuel to the growth of specialty fertilizers market. Owing to the demand for improving the efficiency of specialty fertilizers, major players are investing in research and development which is further boosting the growth of global specialty fertilizers market. Additionally, government initiatives to support the growth of fertilizer industry is adding advantage to the growth of specialty fertilizers market. However, high production cost may hamper the growth of the specialty fertilizers market. Nevertheless, all these factors are projected to contribute to the estimated CAGR of 6.23% of specialty fertilizers market during the forecast period 2022-2030.
Downstream analysis
Specialty fertilizers market is segmented on the basis of a type such as nitrogen fertilizers, phosphate fertilizers, potash fertilizers, and others. Among all, potash fertilizers are holding the major market share. Moreover, in potash fertilizers, potassium chloride is dominating the market. However, nitrogen fertilizers are experiencing a decent growth over the forecast period.
Based on the crop type, the specialty fertilizers market is segmented into cereals & oilseeds, fruits & vegetables, turf & ornamentals, and others. Among all, turf & ornamentals segment is witnessed to be dominating the specialty fertilizers market. However, cereal and oilseeds segment is expanding at a high rate during the given period of time.
Competitive analysis
The major players in the specialty fertilizers market
- Mosaic Company (U.S.)
- Agrium Inc. (Canada)
- Yara International (Norway)
- Haifa Chemicals (Israel)
- Atlantic Gold Corp (Canada)
- Art Wilson Co. (U.S.)
- Eurochem (Switzerland)
Regional Analysis
The global specialty fertilizers market is segmented into North America, Europe, Asia Pacific and rest of the world (RoW). Asia Pacific dominates the market and is projected to witness substantial growth over the estimated period. India and China which are two of the largest countries in terms of population are majorly contributing to the growth of specialty fertilizers in this region.
In North America, the U.S. is the major contributor to specialty fertilizers. However, stringent environmental regulations in the developed economies of North America and Europe are expected to restrain the market growth in these regions. Biobased specialty fertilizers are expected to offer huge growth opportunity in North America and Europe. For rest of the world, South America is projected to witness high growth owing to increasing demand for crops in this region.
Market Segmentation
Specialty fertilizers market is segmented on the basis of type, crop type, and region.
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