The Asia Pacific Specialty Fertilizers Market would witness market growth of 6.2% CAGR during the forecast period (2024-2031). In the year 2022, the Asia Pacific market's volume surged to 46,243.8 kilo tonnes, showcasing a growth of 15.2% (2020-2023).
The outlook for fruits and vegetables in the specialty fertilizers market is highly promising, propelled by the increasing demand for high-quality and nutritious produce, coupled with the rising adoption of sustainable agricultural practices. Fruits and vegetables are essential components of a healthy diet, driving consumer preferences towards premium quality produce cultivated using advanced agricultural technologies. Therefore, the China market would utilize 6,002.96 kilo tonnes of specialty fertilizers in fruits and vegetables by the year 2031.
The China market dominated the Asia Pacific Specialty Fertilizers Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $6,691.9 million by 2031. The India market is exhibiting a CAGR of 6.5% during (2024 - 2031). Additionally, The Indonesia market would experience a CAGR of 6.7% during (2024 - 2031).
Foliar feeding, in which nutrients are administered directly to the foliage of plants, employs specialized fertilizers. Foliar fertilization can effectively supply nutrients to crops during critical growth stages or periods of nutrient deficiency. Specialty foliar fertilizers are formulated to ensure rapid nutrient absorption and translocation within the plant, promoting quick correction of nutrient deficiencies and enhancing overall crop health and productivity. In hydroponic systems and greenhouse production, it is essential for providing plants with nutrients without soil. These fertilizers are often water-soluble and formulated to meet the precise nutrient requirements of hydroponically grown crops, ensuring optimal growth, yield, and quality.
It includes organic and natural alternatives to synthetic fertilizers, catering to the growing demand for organic and sustainable agricultural practices. These fertilizers are derived from organic sources like compost, manure, and bio-based materials, providing nutrients in a form that is readily available to plants while improving soil health and fertility. A growing emphasis on sustainability in agriculture leads to increased demand for specialty fertilizers that minimize environmental impact. This includes products with controlled-release formulations, organic ingredients, and those designed to reduce nutrient runoff.
According to the report titled Cities as Engines of Growth, published in 2022 by the Government of India, the population of urban areas in India is projected to have increased approximately fourfold, from 109 million in 1970 to 460 million in 2018. The country is projected to experience an additional 416 million inhabitants in its urban areas by 2050, resulting in a 50 percent urban population share. Therefore, due to the above-mentioned factors, the market will grow significantly in this region.
Free Valuable Insights: The Global Specialty Fertilizers Market is Predict to reach USD 53.4 billion by 2031, at a CAGR of 6.0%
Based on Crop Type, the market is segmented into Cereals & Grains, Fruits & Vegetables, Oilseeds & Pulses, and Others. Based on Application, the market is segmented into Fertigation, Foliar, and Soil. Based on Technology, the market is segmented into Water-soluble Fertilizers, Controlled-release Fertilizers, Liquid Fertilizers, Micronutrients, and Others. Based on Type, the market is segmented into Urea Ammonium Nitrate, Calcium Ammonium Nitrate, Monoammonium Phosphate, Sulfate of Potash, Potassium Nitrate, Urea Derivatives, Blends of NPK, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Indonesia, Australia, and Rest of Asia Pacific.
By Crop Type (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Application (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Technology (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Type (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Country (Volume, Kilo Tonnes, USD Billion, 2020-2031)
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