The specialty fertilizers market refers to a subset of the broader fertilizer market, which focuses on the production and distribution of fertilizers that have specific nutrient compositions or modes of action. Specialty fertilizers may be used to address specific soil deficiencies, improve crop yields, or promote specific growth characteristics in plants.
The global specialty fertilizers market is expected to grow significantly in the coming years, driven by a number of factors including increasing demand for high-quality, high-yield crops; growing concerns over soil degradation and nutrient depletion; and the development of innovative new fertilizer technologies.
Some of the key players in the specialty fertilizers market include companies such as Yara International ASA, Israel Chemicals Ltd., The Mosaic Company, and SQM, among others. These companies are involved in the production and distribution of a wide range of specialty fertilizers, including nitrogen-based fertilizers, phosphorous-based fertilizers, potassium-based fertilizers, and micronutrient-based fertilizers.
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 occupied 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.
Other growth drivers include the use of new techniques and technologies to bring unusable and barren lands into productivity. Crop production in South America has risen dramatically in recent decades and is expected to rise further as growers expand the planted area and push for higher yields. This will support specialty fertilizer consumption.
In addition to traditional chemical fertilizers, the specialty fertilizers market is also seeing growth in organic and bio-based fertilizers, which are derived from natural sources such as plant and animal waste. These products are becoming increasingly popular as consumers and farmers seek more sustainable and environmentally friendly alternatives to traditional chemical fertilizers.
Overall, the specialty fertilizers market is expected to continue to grow in the coming years, driven by increasing demand for high-quality crops, sustainable agricultural practices, and innovative new fertilizer technologies.
