According to the publisher, the global speciality fertilizers market size is estimated to be valued at USD 24.3 billion in 2022 and is projected to reach USD 33.7 billion by 2027, recording a CAGR of 6.8% in terms of value. As per the Gulf Petrochemicals & Chemicals Association (GPCA), speciality fertilizers are a fast-growing and diverse group of products with different characteristics containing essential primary, secondary, or micro-nutrients. speciality fertilizers are designed to yield higher efficiency. They are meant for slow or controlled release and aim to enhance nutrient use efficiency, reduce costs, and minimize risk to the environment. The market for speciality fertilizers has seen significant growth due to the comparatively lower effectiveness of conventional fertilizers and the need to boost crop productivity.

Asia Pacific is estimated to retain its dominance as the leading market for speciality fertilizers

The Asia Pacific region retains its dominance as the leading market for speciality fertilizers. The Asia Pacific held 40.5% of the global speciality fertilizers market in 2021. This regional segment includes China, India, Japan, Australia & New Zealand, Vietnam, and the Rest of Asia Pacific. These key countries that play an important role in the agriculture sector. Cotton, sugar crops, fruits & vegetables, and cereals are the leading agricultural commodities exported from these countries. The APAC is one of the largest markets for fertigation due to its large agriculture and irrigation area. According to FAOSTAT, the total area of land equipped for irrigation in the Asia Pacific was 1,669 million ha in 2020, which was ~36% of the global area of land equipped for irrigation. The demand for controlled-release fertilizers has been growing in this region due to the increasing investment of overseas business lines in agricultural inputs to meet the demand of crop growers to attain export quality. Additionally, the regulations for speciality fertilizers are favorable in this region. China accounts for the largest share in the Asia Pacific speciality fertilizers market due to the increasing investments by several multinational manufacturers in research & development.

The Water Soluble Fertilizers is gaining rapid popularity in the speciality fertilizers market across the globe

Water-soluble fertilizers improve the health of crops and plants and are more efficient than conventional fertilizers. Their efficiency in fertilization is a major factor driving demand. These fertilizers possess high solubility, which enables the user to apply them to the soil and leaves. Adequate and appropriate foliar application of water-soluble fertilizers can reduce the use of fertilizers by up to 15-25%. Due to their high solubility, water-soluble fertilizers can also be applied to fruit crops without the danger of residue during harvest.

The growing demand for fertigation as a mode of application, supported by the increasing adoption of micro-irrigation systems, is expected to fuel the demand for water-soluble fertilizers. Additionally, the increasing demand for better yields, decreasing arable land, increasing cost of fertilizers, ease of application, innovative production practices, product offerings, increased availability, and the advent of microirrigation and mechanized irrigation systems are expected to fuel the demand for water-soluble fertilizers.

Source: Research and Markets