Market Trends of global specialty fertilizer Industry
This section covers the major market trends shaping the Specialty Fertilizer Market according to our research experts:
Water Soluble is the largest segment by Speciality Type.
- The global specialty fertilizers market accounts for about 48.0% of the overall global fertilizer market value. It was valued at about USD 74.96 billion in 2021. The market grew by about 23.0% in the study period. The increasing adoption of specialty fertilizers is due to the increasing concern over the environment, which is expected to drive the specialty fertilizer market during the forecast period.
- Water-soluble fertilizers dominate the global specialty fertilizer market, accounting for about 40.5% of the market value. Asia-Pacific and Middle East & Africa dominate the water-soluble fertilizers market. Both regions accounted for more than 50.0% of the global water-soluble fertilizer market value in 2021.
- Liquid fertilizers occupy the second-largest market in the global specialty fertilizer market and account for about 35.5% of the market value. In the liquid fertilizers market, Europe is the second-largest market, followed by Asia-Pacific. The large micro-irrigated area in Europe is driving the growth of the liquid fertilizers market.
- The controlled/slow-release fertilizers account for the remaining market value of specialty fertilizers. However, controlled-release fertilizers have penetrated more into the market than slow-release fertilizers. Controlled-release fertilizers accounted for about 16.8% of the global specialty fertilizer market value in 2021.
- Factors like high fertilizer-use efficiency, the increased adoption of specialty fertilizers, and the increasing trend in the overall area under sprinklers or micro-irrigation systems are expected to drive the global specialty fertilizer market during the forecast period.
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Europe is the largest segment by Region.
- Europe dominates the global specialty fertilizer market, accounting for about 31.75% of the total market value, valued at about USD 20.1 billion in 2021. The European specialty fertilizer market was dominated by field crops, accounting for 86.8% of consumption volume, followed by turf and ornamental crops for 7.6% and horticultural crops for 6.2% of the market share in 2021.
- The Asia-Pacific region is the second-largest market for specialty fertilizers, and it accounted for about 21.32% of the total market value in 2021. The Asia-Pacific specialty fertilizers market was dominated by field crops, accounting for 84.98% of the consumption volume, followed by horticultural crops for 14.37% and turf and ornamental crops for less than 1% in 2021.
- China leads the field crops segment in terms of total specialty fertilizer market value with 43.04%, followed by India with 17.15%, Japan with about 16.35%, and Indonesia with 5.67%. Australia occupied 4.07% of the Asia-Pacific specialty fertilizer market value in 2021.
- South America accounted for about 18.48% of the market value, valued at about USD 11.7 billion in 2021. Brazil dominates the South American specialty fertilizer market. The specialty fertilizer market in Brazil was valued at USD 4.40 billion in 2021, with a volume consumption of 4.7 million metric ton in the same year.
- There has been an increasing trend observed in the overall specialty fertilizer market, both in terms of volume and value, except for a decrease in market value in 2020 due to supply chain disruptions caused by the COVID-19 pandemic.
- The increasing concern over fertilizer pollution caused due to overuse of fertilizers around the world may drive the global specialty fertilizer market during the forecast period.
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