Specialty Fertilizers Industry size is expected to register 6.5% CAGR between 2024 and 2032 propelled by the growing global population and food demand.
Selbyville, Delaware , Feb. 19, 2024 (GLOBE NEWSWIRE) — Specialty fertilizers market size is predicted to cross USD 44.5 billion by 2032, as per a recent study by Global Market Insights Inc.
The market growth is driven by the increasing global population, which intensifies the demand for food production. According to the United Nations estimates, the population reached 8.1 billion as of 8th January 2024 and will continue to increase.
Agricultural sector is shifting towards more efficient and sustainable methods, promoting the adoption of specialty fertilizers. These fertilizers are designed to provide precise and balanced nutrients, optimizing plant growth and mitigating environmental concerns associated with excessive fertilizer use. Furthermore, the rising awareness among farmers about the product benefits in enhancing crop quality and yield is contributing to its widespread acceptance.
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Nutrient deficiencies to influence product uptake
The specialty fertilizers market size from micronutrients technology segment is anticipated to witness substantial growth through 2032, playing a crucial role in optimizing plant growth and development. Micronutrients, including essential elements like zinc, iron, copper, manganese, and molybdenum, are vital for plant nutrition. As conventional fertilizers often lack these micronutrients, the demand for specialty fertilizers enriched with micronutrient technologies is on the rise. These ensure a balanced and targeted delivery of essential elements to plants, addressing nutrient deficiencies and promoting healthier crops.
Higher nutrition requirements of oilseeds & pulses
The specialty fertilizers market share from oilseeds & pulses segment is expected to record strong CAGR from 2024 to 2032 due to the growing awareness of the nutritional benefits and versatility of oilseeds and pulses. Farmers are increasingly adopting specialty fertilizers to enhance the yield and quality of these crops. The fertilizers are tailored to meet the specific nutritional requirements of oilseeds and pulses, ensuring optimal plant growth and better yields. The demand for specialty fertilizers in this segment is also driven by the expanding consumer preference for protein-rich diets, emphasizing the importance of these crops in global food systems.
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Friendly farming practices in Europe to push industry expansion
Europe specialty fertilizers market size will expand significantly through 2032, propelled by the increasing environmental consciousness, stringent regulations on conventional fertilizer use, and a focus on sustainable agriculture practices. European farmers are increasingly adopting specialty fertilizers to address the environmental concerns associated with excessive nutrient runoff and soil degradation. The emphasis on precision farming and sustainable agriculture aligns with the product benefits in optimizing nutrient use efficiency. The presence of key players, ongoing R&D activities, and government initiatives supporting sustainable agriculture practices will bolster the regional market share.
Some of the key players in the global specialty fertilizers market are EuroChem Group, Sociedad Química y Minera de Chile (SQM), ICL Group, Haifa Chemicals, Nutrien Ltd., Zuari Agro Chemicals Ltd., Yara International, Coromandel International Ltd., The Mosaic Company, Sinochem Group, K+S Group, The Andersons, Inc., CF Industries Holdings, Tessenderlo Group, and OCI Nitrogen.
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