Specialty Fertilizer Market Trends

Statistics for the 2023 & 2024 Specialty Fertilizer market trends, created by Mordor Intelligence™ Industry Reports. Specialty Fertilizer trend report includes a market forecast to 2030 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

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Market Trends of specialty fertilizer Industry

Field crops being the staple food across the globe, area under field crops will grow in the coming years.

  • The global agricultural sector is facing many challenges. According to the UN, the world population will likely exceed nine billion by 2050. This population growth may overburden the agricultural industry, which is already experiencing an output loss due to a lack of laborers and the shrinkage of agricultural fields caused by rising urbanization. According to the Food and Agriculture Organization, 70% of the global population is expected to live in cities by 2050. Due to the global loss of arable land, farmers now need to utilize more fertilizers to increase crop yields.
  • Asia-Pacific is the world's largest producer of agricultural products. Agriculture is critical to the region's economy, as it employs about 20% of the total available workforce. Field crop cultivation dominates the region, accounting for about more than 95% of the total crop area in the region. Rice, wheat, and corn are the major field crops produced in the region, together accounting for about 24.3% of the total crop area in 2022.
  • North America is the second-largest arable region of the total agricultural land area in the world. Diverse varieties of crops are grown in North American farms, primarily field crops. As per the USDA, corn, cotton, rice, soybean, and wheat are among the region's dominant field crops. The United States dominated the market by accounting for 46.2% of the total area under crop cultivation in 2022 of the overall North American area under cultivation. Crop acreage in the country fell significantly between 2017 and 2019, primarily due to unfavorable environmental conditions that resulted in heavy floods in areas such as Texas and Houston.
Global Specialty Fertilizer Market

Among all nutrients, primary nutrients (N, P, and K) have the highest average application rate at 164.3 kg/hectares.

  • Corn/maize, rapeseed/canola, cotton, sorghum, rice, wheat, and soybean rank among the primary nutrient-intensive crops globally. The application rates for primary nutrients in these crops were as follows: corn/maize - 230.57 kg/ha, rapeseed/canola - 255.75 kg/ha, cotton - 172.70 kg/ha, sorghum - 158.46 kg/ha, rice - 154.49 kg/ha, wheat - 135.35 kg/ha, and soybean - 120.97 kg/ha. Primary nutrient fertilizers are pivotal for crop growth, facilitating vital plant metabolic processes and aiding in the formation of crucial plant tissues like cells, cell membranes, and chlorophyll. Phosphorus is particularly vital for cultivating high-quality crops, while potassium plays a key role in activating enzymes essential for plant growth.
  • The global average application rate for nitrogen, potassium, and phosphorus in field crops stands at 164.31 kg/ha. Nitrogen emerges as the most widely used primary nutrient fertilizer, with an average application rate of 224.6 kg/ha, followed by potassic fertilizers at 150.3 kg/ha. Phosphorus ranks third, with an average application rate of 117.9 kg/ha in 2022.
  • In 2022, rapeseed recorded the highest nitrogen application rate at 347.4 kg/ha, while corn/maize led in phosphorus application at 156.3 kg/ha. Canola took the lead in potassium application, with a rate of 248.6 kg/ha. The global cultivation area for field crops is on the rise, with South America and Asia-Pacific witnessing notable growth. These regions are emerging as potential markets for fertilizers. Developed regions like Europe and North America, along with areas grappling with nutrient deficiencies, are increasingly turning to specialty fertilizers for their efficacy. These trends are expected to propel the primary nutrient fertilizers market during 2023-2030.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT

  • The expansion of horticulture crop cultivation is driven by growing demand for fruits and vegetables
  • Micronutrients help overcome several detrimental effects in vegetable crops.
  • A steady supply of sulfur is required from early growth stages until harvest as it is immobile in plants, and any shortage in its supply can limit the yield
  • Asia-Pacific occupies the majority of the irrigation area globally, accounting for 66.8% in 2022
  • Asia-Pacific accounted for the highest average micronutrient application rate of 5.20 kg/hectare
  • Tomatoes stand out among vegetable crops, with an average application rate of 386.36 kg/ha for primary nutrients, surpassing other crops
  • Magnesium accounted for the highest average application rate in vegetable crops among the secondary nutrients.

Specialty Fertilizer Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2030