BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Global Specialty Fertilizers Market size at USD 23.2 billion in 2021. During the forecast period between 2022 and 2028, BlueWeave expects global specialty fertilizers market size to grow at a steady CAGR of 6.6% reaching a value of USD 36 billion by 2028. Global specialty fertilizers market expansion is driven by rising global precision farming area, increasing frequency of fertilizer leaching, demand for fertilizer usage efficiency enhancement, and government initiatives. Various government agencies and other groups have been encouraging people to utilize specialist fertilizers to improve plant and soil health. The demand for high-quality crops has aided industry expansion, increased food and vegetable exports, as well as the expanding tendency of people consuming foods, resulted in an increase in crop plantation area. As a result, the global specialty fertilizers market is predicted to expand significantly throughout the forecast period. Additionally, rising food security concerns, a reduction in arable land availability in emerging countries, and a surge demand for water-soluble fertilizers for fertigation and foliar feeding could drive global specialty fertilizers market growth. However, high expenses related to specialty fertilizers are anticipated to restrain the growth global specialty fertilizers market during the period in analysis.
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Global Specialty Fertilizers Market – Overview
Specialty fertilizers are used under specific soil and plant conditions. Specialty fertilizers are utilized in plants to boost production levels through specific action. Specialty fertilizers make critical nutrients available. These nutrients are present in insufficient quantities but are totally utilized by the plants. It regulates the moisture content. Specialty fertilizers also help to improve nutrient uptake, limit nutrient loss, and prevent toxicity caused by excessive ionic concentration.
Global Specialty Fertilizers Market – Growth Driver
Specialty fertilizers are water-soluble fertilizers that contribute to the fastest growing category of agricultural products, with a variety of properties and several vital micronutrients for crops. It is widely employed in a wide variety of crops, including cereals and grains, fruits and vegetables, oilseeds and pulses, and others. The expansion of agricultural harvest and crop output around the world is driving up demand for specialty fertilizers. According to the World Bank, worldwide agriculture, fisheries, and forestry growth has accounted for around 2.04% of global GDP in 2020. Thus, rising agricultural development and production are driving the industry and are likely to account for a sizable proportion of the Specialty Fertilizer market in the future years.
Global Specialty Fertilizers Market – Challenges
Demand for environmentally friendly products has increased in recent years. The agricultural sector is no exception. Organic fertilizers are in high demand since they supply vital nutrients to plants and help to produce healthy soil. These fertilizers might be animal-derived, plant-derived, or mineral-derived. It increases soil fertility by improving water circulation into the soil. Organic fertilizers are eco-friendly since they are sustainable, renewable, and biodegradable. As a result, a rising demand for organic fertilizers may impede the growth of the Specialty Fertilizers market.
Global Specialty Fertilizers Market – By Crop Type
On basis of crop type, global specialty fertilizers market is segregated into Cereals & Grains, Oilseeds & Pulses, and Fruits & Vegetables segments. The cereals and grains segment held the highest market share in 2021. Cereals and grains are regarded as the primary source of nourishment for the human body. Many underdeveloped countries rely on cereals and grains for their dietary requirements, and they are the primary source of calories. The production of cereals and grains around the world has been influenced by a variety of factors, including cultural, environmental, and economic concerns, as well as water availability. Corn, wheat, rice, barley, and sorghum are the most extensively grown cereals and grains in the world.
Impact of COVID-19 on Global Specialty Fertilizers Market
The COVID-19 pandemic slightly affected specialty fertilizers business across the world. Due to the lack of limitations on agricultural items, the pandemic resulted in a variety of supply chain and operational disruptions. The market participants faced numerous challenges because of the delayed import and export of fertilizers due to lockdown conditions and trade restrictions imposed to curb the virus’s spread. The low supply inventory in businesses generated supply constraints, which resulted in an increase in product rates, placing the market under significant strain during the pandemic. To ensure food security and market stability, governments in various nations issued notices confirming the shipping and circulation of agricultural products.
Competitive Landscape
Major players operating in global specialty fertilizers marketinclude Nutrien Ltd., Yara, ICL, The Mosaic Company, CF Industrial & Holdings, Inc, Nufarm, Agzon Agro, OCP Group, Kingenta, and COMPO Expert GmbH. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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