PUBLISHER: Grand View Research | PRODUCT CODE: 1751402
PUBLISHER: Grand View Research | PRODUCT CODE: 1751402
The global specialty fertilizers market size is anticipated to reach USD 53,383.72 million by 2030 and is projected to grow at a CAGR of 5.8% from 2025 to 2030, according to a new report by Grand View Research, Inc. The increasing adoption of specialty fertilizers is due to the increasing concern over the environment, which is expected to drive the market during the forecast period.
Specialty fertilizers are known for their precise and localized application, which leads to high nutrient use efficiency. This, in turn, reduces the dependency of growers on commercial fertilizers. In addition, the use of specialty fertilizers helps achieve higher-quality crops while causing a lower environmental impact. This trend is expected to drive market growth, particularly in terms of value sales during the study period.
The global market can be classified into two categories: dry and liquid specialty fertilizers. In 2023, the dry specialty fertilizers segment is predicted to have the largest global market share. This is primarily due to the increasing use of controlled-release and slow-release fertilizers and the simplicity of application and high efficiency of dry specialty fertilizers. In addition, their cost-effectiveness, extended shelf life, ability to provide long-term nutrient release, and high efficacy in all weather conditions compared to their counterparts further contribute to the market growth.
The market is witnessing remarkable growth owing to the rising demand for grains and cereals. As per the Ministry of Agriculture of India, the country produced 102.36 million tons of rice in the 2020-2021 fiscal year, nearly 6.70 million tons higher than the average production of 95.66 million tons in the previous five years. This surge in rice production presents significant opportunities for market growth.