The global specialty fertilizers market size is projected to reach USD 33.7 billion by 2027, recording a CAGR of 6.8% in terms of value. The global industry was estimated to be valued at USD 24.3 billion in 2022 and The high nutrient use efficiency and precise & localized application associated with the specialty fertilizers help reduce growers’ dependency on commercial fertilizer usage and simultaneously achieve higher quality crops and yields with a lower environmental impact. This trend is expected to drive the market significantly in value sales during the forecast period.
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UAN Provides Prolonged Nutrition to the Plants and has High Application Efficiency
UAN is one of the predominant nitrogen fertilizer sources used on pastures in the US. It provides prolonged nutrition to plants with nitrogen and has high application efficiency in all climatic zones, including dry climates. UAN applications is widely used in liquid fertilizer compared to solid and granular types. The Asia Pacific holds the largest share of the specialty fertilizer market for phosphorus, owing to the high production of cereals & grains and fruits & vegetables in China, India, and Japan.
Micronutrients are Essential for Plant Growth, Which Drives Demand For Micronutrient Fertilizers
Micronutrients consist of a fine blend of mineral elements comprising zinc (Zn), copper (Cu), manganese (Mn), iron (Fe), boron (B), and molybdenum (Mo). Mineral elements nurture horticultural crops, cereals, pulses, oilseeds, spices, and plantations. Despite their low demand, critical plant functions are hindered if micronutrients are unavailable, which results in plant deformations, lower yields, and diminished growth. Micronutrients are crucial for plant growth and play an important role in balancing crop nutrition. Micronutrient deficiency is easily identified by visual symptoms on crops and by testing soil and plant tissues. To understand these visual symptoms, it is necessary to know the role each micronutrient plays in plant growth and development.
Micronutrients are important in crop nutrition because of the increased demand for higher-yielding crops and intensive cropping. Plants require micronutrients in relatively trace amounts, which play an important role in plant metabolism, chlorophyll synthesis, the production of carbohydrates, and fruit and seed development. Apart from the direct benefits of increased crop production, micronutrients increase the efficiency of macronutrient fertilizers. The most common method of micronutrient application for crops is soil application.
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South America is growing at the fastest CAGR during the forecasted period.
The South American market includes Brazil, Argentina, Chile, and the rest of South America. According to USDA, Brazil is one of the few nations in the world with the ability to boost agricultural yields and area. The rising adoption of agrochemicals, advancements in farming techniques in Brazil & Argentina, and extensive distribution channels of global agrochemical players are projected to drive market growth.
Brazil and Argentina will occupy the major market share for specialty fertilizers in South America in 2021. However, according to FAO, these countries also depend on other nations for fertilizers since domestic production could not meet the rising demand in 2020. The climatic conditions of these countries help in the cultivation of diverse crops. Soybean, sugarcane, corn, rice, fruits, and vegetables are the major crops cultivated in this region.
The key players in this market include Nutrien Ltd. (Canada), Yara (Norway), ICL (Israel), The Mosaic Company (US), CF Industries and Holdings, Inc. (US), Nufarm (Australia), SQM SA (Chile), OCP Group (Morocco), Kingenta (China), K+S Aktiengesellschaft (Germany), OCI Nitrogen (Netherlands), EuroChem (Switzerland), Coromandel International Limited (India), Zuari Agro Chemicals Ltd. (India), and Deepak Fertilizers and Petrochemicals Corporation Limited (India).
