The global specialty fertilizers market size was valued at USD 25.49 billion in 2023. The market is projected to grow from USD 27.02 billion in 2024 to USD 43.07 billion by 2032, exhibiting a CAGR of 7.31% during the forecast period.
The increasing recognition of the need for customized fertilizers tailored to different crops and soil types, considering diverse environmental conditions, is surging the demand for innovative agricultural solutions. Fortune Business Insights presents this information in their report titled ""Global Specialty Fertilizers Market, 2024–2032."
Information Source: https://www.fortunebusinessinsights.com/industry-reports/specialty-fertilizers-market-100527
COVID-19 Impact:
Labor Shortages Affected Production During Pandemic
The lockdown measures and border closures during the early stages of the pandemic resulted in significant logistical challenges and labor shortages, causing major concerns for producers. Many producers, especially Small & Medium-sized Enterprises (SMEs), had to suspend or reduce their production activities due to the unavailability of labor.
Segments:
Water-Soluble Fertilizers Lead the Market with a Wide Range of Products and Competitive Pricing
Based on type, the market is classified into controlled-release fertilizer, water-soluble fertilizer, agricultural micronutrient, and customized fertilizer.
Water-soluble fertilizers dominate the market due to the wide range of products offered by manufacturers and their cost-effectiveness compared to controlled-release fertilizers, agricultural micronutrients, and customized fertilizers.
Fertigation Method Gains Popularity due to High Adoption of Water-Soluble Fertilizers
By application method, the market for specialty fertilizers is segmented into soil, foliar, and fertigation. The use of fertigation application method is widely preferred in the global market due to increased adoption of water-soluble fertilizers. Additionally, the market growth is expected to be further accelerated by the growing investments and initiatives focused on developing advanced and higher-capacity fertilizer sprinklers.
Fruits & Vegetables Segment to Drive Market Growth due to Export PotentialBy crop type, the market for is classified into row crops, fruits & vegetables, turf & ornamentals, and others. The fruits & vegetables segment dominates the market due to the higher sales price associated with these perishable products and the significant export volume they generate.
Geographically the market is studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report offers: