Specialty Fertilizers Global Market Report 2024

The specialty fertilizers market size has grown strongly in recent years. It will grow from $28.5 billion in 2023 to $30.6 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth witnessed in the historical period can be attributed to various factors, including efforts focused on optimizing crop yields, increased awareness regarding soil health, government support and subsidies for agricultural initiatives, a notable shift towards precision agriculture practices, the expansion of horticulture and floriculture sectors, and mounting concerns regarding environmental sustainability.

The specialty fertilizers market size is expected to see strong growth in the next few years. It will grow to $39.66 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. Anticipated growth in the upcoming period is expected to be driven by population growth coupled with food security challenges, a heightened emphasis on sustainable agricultural practices, efforts geared towards climate change adaptation, an increase in organic farming practices, and the entry of new players into the market. Key trends projected for the forecast period encompass substantial investments in research and development, the adoption of precision farming technologies, notable advancements in fertilizer production technology, an upsurge in demand for controlled-release fertilizers, and a rise in the popularity of customized fertilizer blends.

A surge in the demand for agricultural products is expected to boost the specialty fertilizers market. This market caters to specialized plant nutrition requirements, aiming to enhance crop yields. Reports from the Organization for Economic Co-operation and Development predict a 28% increase in agricultural productivity over the next decade to achieve zero hunger goals, with a projected 87% global crop production increase by 2030. This rising demand for agricultural output is a major catalyst for the specialty fertilizers market.

The specialty fertilizer market expects growth driven by a shift towards organic farming. Organic farming avoids synthetic substances, and specialty fertilizers in this domain provide targeted organic-approved nutrients, enhancing soil fertility without synthetic chemicals. In 2021, around 15.9 million hectares of agricultural land in the European Union were dedicated to organic farming, constituting 9.9% of the total utilized agricultural area. Thus, the rising shift towards organic farming propels the specialty fertilizer market.

Technological progression drives the evolution of the specialty fertilizers market as companies adopt innovative solutions. In September 2022, ICL Specialty Fertilizers, an Israeli chemical company specializing in sustainable nutrition and plant protection products, introduced Biodegradable Controlled Release Fertilizer (CRF) Technology. This advancement, applied to coat urea, enables enhanced yields while reducing fertilizer rates.

Leading companies in the specialty fertilizer market prioritize strategic investments, such as establishing specialty crop nutrition production plants, to address rising demands and expand their clientele. These production plants, dedicated to crafting tailored fertilizers for specific crops, aim to cater to unique nutritional needs. In May 2023, Yara International ASA, a Norwegian chemical company, initiated the construction of a cutting-edge global production facility for specialty crop nutrition products and biostimulants. This facility aims to bolster food security by enhancing yields and quality while positioning Yara as a significant player in this expanding market.

In July 2021, ICL Specialty Fertilizers, an Israeli chemical firm renowned for sustainable nutrition and plant protection products, concluded the acquisition of Compass Minerals América do Sul S.A. for approximately $420 million. This strategic move is intended to expand ICL Specialty Fertilizers' diverse portfolio of advanced plant nutrition offerings. Compass Minerals América do Sul S.A. specializes in providing specialized plant nutrition and liquid fertilizers, primarily operating in Brazil.

Major companies operating in the specialty fertilizers market report are Koch Industries Inc., Nutrien Ltd., Agrium Inc., Yara International ASA, The Mosaic Company, CF Industries Holdings Inc., The OCP Group, EuroChem Group, Sociedad Quimica y Minera SA, Israel Chemicals Ltd., J.R. Simplot Company, K+S Aktiengesellschaft, Wilbur-Ellis Company, Nufarm Canada, Coromandel International Limited, Arab Potash Company, Haldor Topsoe A/S, Compo Expert GmbH, Sinochem Group, Valagro S.p.A., Haifa Group, Helena Agri-Enterprises LLC, Miller Chemical & Fertilizer LLC, Kugler Company, Suståne Natural Fertilizer Inc., Van Iperen International, Greenway Biotech Inc., Daymsa, Heliospectra AB, Sapec Agro S.A., Art Wilson Company, Rural Liquid Fertilisers.

North America was the largest region in the specialty fertilizers market in 2023. The regions covered in the specialty fertilizers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the specialty fertilizers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Specialty fertilizers encompass diverse types such as controlled-release fertilizers, water-soluble fertilizers, agricultural micronutrients, and customized blends. Controlled-release fertilizers (CRF) are granules designed to gradually release nutrients over an extended duration. They utilize carrier molecules to improve nutrient efficiency. These specialized fertilizers find application across cereals, pulses, oilseeds, fruits, vegetables, turf, ornamentals, and more. They come in dry or liquid forms and are administered through various techniques such as slow-release, n-stabilizers, coated, encapsulated, chelated, applied to soil, foliage, and via fertigation.

The specialty fertilizers market research report is one of a series of new reports that provides specialty fertilizers market statistics, including specialty fertilizers industry global market size, regional shares, competitors with a specialty fertilizers market share, detailed specialty fertilizers market segments, market trends and opportunities, and any further data you may need to thrive in the specialty fertilizers industry. This specialty fertilizers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The specialty fertilizers market consists of sales of potassium nitrate, mono-potassium phosphate, and urea phosphate. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.