Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
The need for fertilizers is growing, and most of them are made from phosphorus-containing minerals found in nature. Phosphorus (P) is like food for living things, especially in farming. The kind of phosphate found in rocks, called apatite, isn't easy for plants to use. So, they have to treat the phosphate rock to make it useful for plants. There are also other sources of phosphate, like manure, bone meal, and waste from cities, but these are not used much because they cost more and there's not enough to make all the fertilizers the world needs.
The most common fertilizers are diammonium phosphate (DAP), monoammonium phosphate (MAP), and triple superphosphate (TSP). These make up half of all phosphate-based fertilizers used. According to IFA, fertilizers with high amounts of phosphate, like DAP, and compounds with nitrogen (N), phosphorus (P), and potassium (K), known as NPK, will be the main ones in demand in the next five years. DAP is the most used phosphate fertilizer globally because it has a lot of nutrients and works well for plants like wheat, barley, fruits, and vegetables. In 2020, the world wanted about 30 million tons of DAP. NPKs are compound fertilizers that have different amounts of nitrogen, phosphorus, and potassium. In 2020, the demand for NPK was about 20 million tons worldwide.
In 2020, the world needed a lot of fertilizer, around 201.66 million tons. This happened because the weather was good after a strong El Niño event, and farming was looking profitable in some countries. The supply of fertilizer was good, and prices were low for most crops. Economic prospects were going up in developed countries like Russia, Brazil, and Sub-Saharan Africa, but there was some uncertainty in big markets that use a lot of fertilizer. The situation in 2020 supports a modest increase in demand for fertilizer in the next five years, unless there are big changes in the weather or the economy.
The Food and Agriculture Organization (FAO) of the United Nations thinks the global farming industry will be worth more than USD 4.1 trillion by the end of 2020, growing at a rate of around 4%. They also estimate that the world wanted over 200 million tons of fertilizer in 2020. The global fertilizer market is expected to grow by around 2%. Asia-Pacific, especially India, is a big market for fertilizers. The United Nations predicts that the world's population will be more than 8.6 billion by 2030, and there will be less land for each person to grow crops. This means we need to grow more from the same land. In places like India, Brazil, China, and Turkey, using phosphate-based fertilizers has increased crop yields. So, with the growing farming industry and the need for more crops, the demand for phosphate in making fertilizers is likely to go up in the coming years.
Specialty Fertilizers Market Highlights:
Specialty Fertilizers Market Overview
Specialty Fertilizers Market Size is expected to reach USD 52.67 Billion at a CAGR 6.23% during the forecast 2024-2032. 
The growing demand for high yielding and high quality worldwide is rising the demand of the specialty fertilizers market. Specialty fertilizers are specialized fertilizers provided to the soil as plant nutrition. The effective nature of these fertilizers results in quality crops and increases the volume of crops compared to normal yielded crops. The specialty fertilizers act as a nutrition booster for the plants, which boosts the growth and quality of the crop. Therefore, the need for these fertilizers is propelling the specialty fertilizers market growth. As the population worldwide is increasing day today, the demand for basic requirements, for instance, food, is highly growing. The rising population’s demand for food to continue in the future generation. To meet the growing demand for high-yielding crops and vegetables across the globe, the rise in the need for specific fertilizers is increasing. The specific fertilizers consist of various components such as nitrogen fertilizers, phosphate fertilizers, potash fertilizers, and others beneficial for plant growth. These fertilizers apply to various crops and plants such as cereals & oilseeds, fruits, and vegetables, turfs & ornamental plants, etc.
Due to the presence of high-quality ingredients in the specific fertilizers, they play an effective role in promoting the nutritional benefits of the plants and crops. The Specialty fertilizers market is to emerge globally due to the increase in demand in the agricultural sectors. As it is known that the agriculture sector is the most important sector among others because it takes the responsibility of providing the required demand for crops in the respective nation. Hence, for the high yielding of crops in the agriculture sector, there is an immense necessity for specific fertilizers to increase productivity. The government’s support and investment in agricultural sectors are largely driving the market value as the statics report shows that these fertilizers improve the quality of the product. The growth of residential farming and gardening boosts the specialty fertilizers market trends. Growing decorative and ornamental plants in the gardens are rising the market demand because these plants need specific fertilizers to grow within a short duration of time.
COVID-19 Analysis
The virus outbreak has shown a negative impact on the Specialty fertilizers market forecast. The manufacturers faced financial loss due to the lockdown effect because the industries' manufacturing units, operational sectors, and production units were shut down. Due to the strict rules, the closure of these units lasted for a long period. The supply chain management was disrupted in this period, and these factors have led to huge revenue loss. The small and medium-sized enterprises of the market have faced more tough conditions. But the players focused on the new growth opportunities to resume the market's growth rate and let it reach its estimated CAGR.
Chief Factors Existing in The Market
Key Market Drivers
The increased demand for high-yielding crops in the agricultural sector is driving the market. The continuously rising population worldwide is one of the major driving factors of the market. The change in farming activities and the acceptance of modern farming techniques is another primary market driver. These drivers of the specialty fertilizers market boost its growth in the future years.
Market Challenges
The pandemic period was a challenging situation for the market. During this period, the market faced many challenging factors; for example, the disruption of supply chains has been a challenging factor.
Specialty Fertilizers Market Opportunities
The market is getting huge growth opportunities across the world. The agriculture sector’s need for specialty fertilizers for high-volume crops is setting open opportunities for the market. Growing ornamental and decorative plants is boosting the specialty fertilizers market trends.
Market Restraints
The market is even facing restraining factors that are hindering the market's growth. The high cost of specialty fertilizers acts as a major market constraint. Another restraining factor is that consuming organic food can hamper the Specialty fertilizers market size.
Cumulative Evaluation of The Market
The market analysis evaluation shows the market's development in the past years. The key market drivers to boost the Specialty fertilizers market share during the review period. Amid COVID-19, the market will emerge with new growth opportunities in the future years. The growth limiting factors of the market will be checked by the key players so that they won’t affect the market during progression. The Specialty fertilizers market analysis is estimated to reach its expected CAGR in the evaluation period.
Specialty Fertilizers Market Segmentation
The market size is segmented into type and crop type segments.
- By Type
The type segment is classified into various segments such as nitrogen fertilizers, phosphate fertilizers, potash fertilizers, and others. All these fertilizers have beneficial usage for the growth of the plant. These specific fertilizers provide nutritional value to the soil for the high quality and high yielding of plants. Among all these sub-segments, potash fertilizers hold the highest market share of the Specialty fertilizers market share. Therefore, it is considered as the dominating segment of the type segment. In potash fertilizers, potassium chloride was noticed to be the dominating one. Meanwhile, the nitrogen fertilizers segment observed a steady growth during the review period.
- By Crop Type
The Specialty fertilizers market Size is categorized into cereals & oilseeds, fruits & vegetables, turf & ornamentals, and others in the crop type segment. Among all these segments, the turf & ornamentals segment is anticipated to dominate the market. The cereal and oilseeds segment is growing rapidly due to its high demand.
Regional Analysis
The Specialty fertilizers market's regional update shows the market's distribution in various regions across the globe, such as North America, Europe, Asia Pacific, and the rest of the world. Among these above regions, the Asia Pacific Market is the dominating region due to its growth consistency. The presence of key regions such as China and India is boosting the Specialty fertilizers market of the region because of its high population growth. The China Market holds the title of the major shareholder of the market. North America is anticipated as the second largest region due to the wide usage of specialty fertilizers in different countries. In the rest of the world, the South American region is the dominating region. All these regions propel the growth of the global Specialty fertilizers market.
Competitive Intensity Within the Industry
The key players are responsible for enhancing the Specialty fertilizers market globally. There are trying to implement different marketing strategies and plans to overcome various problems and other growth limiting factors. Here is the list of key players of the market mentioned below.
- Mosaic Company (U.S.)
- Agrium Inc. (Canada)
- Yara International (Norway)
- Haifa Chemicals (Israel)
- Atlantic Gold Corp (Canada)
- Art Wilson Co. (U.S.)
- Eurochem (Switzerland)
Recent Market Development
According to the recent updates, Smartchem Technologies Limited (STL), one of India’s leading manufacturers of Nitro-Phosphate Fertiliser and Bentonite Sulphur and the market leader in the water-soluble and specialty fertilizer category, a wholly-owned subsidiary of Deepak Fertilisers And Petrochemicals Corporation Limited (DFPCL), announced the formal launch of its innovative fertilizer – ‘CROPTEK’ for onion growers under its flagship brand Mahadhan.
Report Overview
The Specialty fertilizers market Trends' overview report showed the market's development in the past years. The market dynamics have shown effective roles in the market. The key drivers are the reason the growth of the market is propelling at high speed—the growth of new opportunities to emerge the market outlook in the future years. The COVID analysis report has shown the effect on the growth rate, which impacted the share value of the market. Other growth limiting factors are even noticed to hamper the Specialty fertilizers market growth. But the strategies of key players to let the market regain its growth rate. The report displayed the list of key market players across the globe. The recent developments of the key players are uplifting the market value. The overall report shows that the Specialty fertilizers market forecast will successfully achieve its estimated value and CAGR during the forecast period.
Key Industrial Segments
By Type
- Nitrogen Fertilizers
- Phosphate Fertilizers
- Potash Fertilizers
- Others
By Crop Type
- Cereals & Oilseeds
- Fruits & Vegetables
- Turf & Ornamentals
- Others
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
