The Specialty Fertilizers Market is predicted to grow at a CAGR of 6.7% during the forecast period of 2022-2027 and reach a market value of US$47 billion by 2027. The growth of the specialty fertilizers market would be remarkably dependent on the growth and increase in production in the agricultural industry. Fertilizers are considered one of the key components in crop production. The development in the Agricultural industry during the past few years such as green practices, the use of advanced technologies and sustainable production have fueled the demand for specialty fertilizers. Furthermore, the surge in environmental concerns, the need for high-quality crops and the focus on improved crop nutrient efficiency have further created a need for specialty fertilizers. These are water-soluble fertilizers that provide needed micronutrients to the crops, slow down bacterial activity and improve nutrient availability. These are largely applied in the fertigation stage.
Specialty Fertilizers Market: Cereals and Grains Segment Leads the Market
On the basis of crop type, the Specialty Fertilizers market can be segmented into cereals and grains, oilseeds and pulses, fruits and vegetables, turf and ornamentals and others. The cereals and grains segment held the largest share of 40% in the specialty fertilizers market in 2021. Specialty fertilizers include a wide range of products such as nitrogen fertilizers for broad cropping systems, water-soluble fertilizers and controlled release fertilizers. Cereals and grains are primary sources of nutrients, providing staple food in different parts of the world. Many countries are highly dependent on these crops as the source of calories and nutritional needs. The major cereals and grain crops that need specialty fertilizers to grow are wheat, corn, barley, rice and sorghum. According to the Food and Agriculture Organization of the United Nations, the global cereal production has grown by 7 million tons in July 2022 compared to the previous month which accounted for 2792 million tons.
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Specialty Fertilizers Market: Asia-Pacific Holds the Largest Share
On the basis of geography, the Specialty Fertilizers market can be categorized into North America, Europe, Asia-Pacific, South America and the Rest of the World. According to IndustryARC’s analysis, Asia-Pacific has emerged as one of the most lucrative regions in the market. In 2021, the Asia-Pacific region held a market share of 42% of the overall market. The major factors such as growth in arable land, a surge in population and the need to increase the agricultural output are boosting the demand for specialty fertilizers in this region. According to Asia Development Outlook 2021, fruits and vegetables account for 32% of production value in agriculture, with India and Indonesia being the top producers of fruits and vegetables. Asia-Pacific is followed by Europe which is expected to gain demand for specialty fertilizers market. The major countries in Europe include the UK, Germany, France, Italy, the Netherlands, Spain, Russia and Belgium.
Specialty Fertilizers Market: Competitive Landscape
The key companies holding a major share in the specialty fertilizers market are ICL Fertilizers, Nutrien Ltd., Yara International ASA, Mosaic, Haifa Negev technologies LTD, Coromandel International Limited, Sinochem Group Co., Ltd., EuroChem Group, OCP Group and Kugler Company.
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