|Fastest Growing Market:||Africa|
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The specialty fertilizers market is projected to record a CAGR of 4.8% during the forecast period (2022–2027).
In addition to the serious implications for people's health and healthcare services, COVID-19 seemed to have a significant impact on the global specialty fertilizers market. The impact of COVID-19 can be largely characterized by an unprecedented disruption in the functioning of both the market forces of demand and supply. Due to the reduced income, farmers, especially in the developing countries, may become price sensitive to use specialty fertilizer, which may discern the market's growth in the coming years.
The drivers identified in the market are increasing global area under precision farming, increasing incidence of fertilizer leaching, need for improvement of fertilizer use efficiency, and favorable government policies. There has been increasing encouragement from various government agencies and other organizations to increase the use of specialty fertilizers to enhance plant and soil health. Moreover, the demand for controlled release fertilizers has witnessed a boost from the increasing number of golf courses across the world, which stood at 33,161 and 38,864 in 2018 and 2019, respectively. The segment witnessed significant demand and subsequent expansion in controlled-release fertilizers in recent years.
The high cost of the controlled release fertilizers and the slow pace of R&D toward specialty fertilizers are anticipated to act as deterrents to the growth of specialty fertilizers in the coming years.
Scope of the Report
Specialty fertilizers are small fertilizer particles that help to prevent moisture and release the fertilizer nutrients into the crops for their proper growth. The report defines the specialty fertilizer market in terms of end users.
The Specialty Fertilizer Market is segmented by type into Controlled Release Fertilizers (CRF) and Slow Release Fertilizers (SRF), Micronutrient Fertilizers, Liquid Fertilizers, Customised Fertilizers, and Water Soluble Fertilizers and by Crop Type into Grains and Cereals, Pulses and Oilseeds, Commercial Crops, Fruits and Vegetables, and Other Crop Types. The market is also segmented by Geography (North America, Europe, Asia-Pacific, South America, and Africa). The report offers the market size and forecasts in terms of value in USD million for all the above segments.
|Controlled Release Fertilizers (CRF) and Slow Release Fertilizers (SRF)|
|Water Soluble Fertilizers|
|Grains and Cereals|
|Pulses and Oilseeds|
|Fruits and Vegetables|
|Other Crop Types|
Key Market Trends
Increasing Adoption of Precision Farming Technique
With the expanding global population and rising concerns over food security and environmental pollution, there has been rising adoption of farming methods to provide food safety. Thus, precision farming has successfully made the transition from being an academic research topic to a highly beneficial practice in the field of agriculture over the past two decades. Over the past two decades, PF (precision farming) has successfully made the transition from being an academic research topic to a highly beneficial practice in the field of agriculture.
An important component of precision farming is the provision of the right dosage of nutrients to crops at the right time. Controlled release fertilizers serve as important inputs in precision farming, satisfying this need. The precise application of fertilizer is one of the fastest-emerging opportunities in precision farming, and this practice is highly dependent on these controlled-release fertilizers.
In addition to optimizing the fertilizer use efficiency, the application of controlled fertilizers using precision farming technologies can also be beneficial to prevent issues, such as excessive fertilizer leaching, fertilizer drain-off, and subsequent increase in biological oxygen demand (BOD) of water bodies. Hence, the rapid use of precision farming techniques over the world is boosting the use of specialty fertilizers.
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Asia- Pacific Dominates the Market
The Asia-Pacific region accounts for the largest market share of the global specialty fertilizers market, with China being its fastest-growing market.
As per various studies, China is the most important and most influential country in the global fertilizer business. In 2017, the Ministry of Agriculture of the People's Republic of China proposed a plan to reduce the reliance and usage of pesticides such as fertilizers by 2020 and further promote the development and usage of eco-friendly products such as specialty fertilizers, owing to the increasing demand for novel chemicals in the agricultural sector to enhance the production.
China has been a pioneer in the production and application of controlled-release fertilizers over the years, as a move toward nutrient imbalance and excessive nitrogen fertilizer usage challenges, such as eutrophication, ammonia loss, and low fertilizer usage efficiency. As a result, the Slow (Controlled) Release Fertilizer Development Association came into being in February 2011, which aims to actively develop new slow and controlled release varieties and implement tariff reduction and exemption policies for developing a low-carbon agricultural economy.
High micronutrient deficiency and increasing demand for crops have encouraged the farmers to adopt more micronutrients to increase soil health and enhance crop productivity. As farmers aim to get more out of every planted hectare, the awareness and demand for specialty fertilizers such as micronutrients and controlled-release fertilizers in the production of crops have increased rapidly in the recent past. This, in turn, is anticipated to drive the market.
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The results of the market share analysis indicate a consolidated global specialty fertilizer market. Some of the major players are ICL Group, Nutrien Limited, Yara International, Eurochem Group AG, and The Mosaic Company. New product launches, partnerships, and acquisitions are the major strategies adopted by the leading companies in the market, globally.
In March 2021, Mosaic had taken a step in building out a soil health portfolio by entering a strategic partnership with Sound Agriculture to develop and distribute a nutrient efficiency product. The product will leverage Sound Agriculture’s bio-inspired chemistry that activates the soil microbiome to give plants access to important nutrients and allow growers to optimize fertilizer inputs.
In January 2021, ICL completed the acquisition of Fertilaqua. The company expects to leverage Fertilaqua's strong market presence and distribution capabilities to increase the sales of its organic fertilizers, controlled-released fertilizers, and other specialty plant nutrition products to the Brazilian market, one of the world's fastest-growing agriculture markets.
In September 2020, SQM SA launched Ultrasoline that incorporates iodine, an essential element for plants, allowing better root growth, optimal photosynthesis, and better tolerance to oxidative stress, among other advantages.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1.1 Controlled Release Fertilizers (CRF) and Slow Release Fertilizers (SRF)
5.1.2 Micronutrient Fertilizers
5.1.3 Liquid Fertilizers
5.1.4 Customized Fertilizers
5.1.5 Water Soluble Fertilizers
5.2 Crop Type
5.2.1 Grains and Cereals
5.2.2 Pulses and Oilseeds
5.2.3 Commercial Crops
5.2.4 Fruits and Vegetables
5.2.5 Other Crop Types
5.3.1 North America
126.96.36.199 United States
188.8.131.52 Rest of North America
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
18.104.22.168 Rest of Asia-Pacific
5.3.4 South America
22.214.171.124 Rest of South America
126.96.36.199 South Africa
188.8.131.52 Rest of Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Nutrien Limited
6.3.2 The Mosaic Company
6.3.3 EurochemGroup AG
6.3.4 Israel Chemicals Ltd
6.3.5 Yara International ASA
6.3.6 Haifa Chemicals Ltd
6.3.7 CF Industrial Holdings Inc.
6.3.8 Sociedad Quimicay Minera de Chile
6.3.9 Coromandel International Ltd
6.3.10 EverrisNA Inc.
6.3.11 Compo Expert GmbH
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MEARKET
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Frequently Asked Questions
What is the study period of this market?
The Specialty Fertilizers Market market is studied from 2017 - 2027.
What is the growth rate of Specialty Fertilizers Market?
The Specialty Fertilizers Market is growing at a CAGR of 4.8% over the next 5 years.
Which region has highest growth rate in Specialty Fertilizers Market?
Africa is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Specialty Fertilizers Market?
Asia-Pacific holds highest share in 2021.
Who are the key players in Specialty Fertilizers Market?
ICL Specialty Fertilizer, Yara International, Nutrien Limited, Eurochem Group AG, The Mosaic Company are the major companies operating in Specialty Fertilizers Market.