Brazil’s specialty fertilizers market experienced a significant expansion in 2024, reaching revenues of BRL 26.9 billion (approximately USD 5.3 billion), marking an 18.9% increase compared to the previous year. This growth was primarily driven by a surge in specialty mineral fertilizers, which saw a 30.7% rise in revenue.
Market Dynamics and Segment Performance
The specialty fertilizers sector encompasses various product types, including mineral fertilizers, biofertilizers, organomineral fertilizers, and organic fertilizers. In 2024, mineral fertilizers accounted for the majority of the sector’s growth. Conversely, organomineral and organic fertilizers experienced declines of 19.7% and 44%, respectively.
Application methods also influenced market dynamics. Seed application of specialty fertilizers grew by 49.6%, fertigation/hydroponics by 36.1%, and foliar application by 23.2%. Soil application saw a modest increase of 5.2%.
Crop-Specific Demand
Soybeans remained the leading crop in terms of specialty fertilizer consumption, accounting for 44.1% of usage. However, their share decreased compared to the previous year. Sugarcane and fruit crops significantly increased their use of these inputs, while the vegetable segment showed a sharp decline in its share.
Industry Growth and Outlook
The number of companies operating in Brazil’s fertilizer market reached 872 in 2024, with 129 new entrants since 2020, representing a 17.4% growth. Most active companies specialize in mineral fertilizers, but organics stand out among the new entrants.
Investments in research, development, and innovation have been a focal point, with the industry allocating an average of 2.8% of revenue to R&D&I over the past decade. This commitment to innovation is expected to drive further growth and adaptation to evolving agricultural needs.
