The plant, which will be built next to the company’s existing site in Yorkshire, UK, will allow Yara to double the production capacity of YaraVita products when the facility is operational by the end of 2025, and further expand production capacity if required. Almost all of the plant’s products will be exported to markets around the world.
The plant will be one of the world’s largest producers of specialty fertilizers and biostimulants, which are “crucial for achieving food security and combating climate change.”
The new plant will allow Yara to increase its presence in the specialty crop nutrients business, one of the fastest growing markets in agriculture. Over the past 20 years, sales of YaraVita’s specialty crop nutrition products and biostimulants have grown five-fold. These products are designed to meet the specific needs of crops throughout the growing season and help increase their resilience to climate change.
From 2022 to 2027, the global specialty fertilizer market is expected to grow at a compound annual growth rate (CAGR) of 6.8%, according to Markets and Markets. The CAGR for biostimulants is growing at an even higher rate – more than 12% – DunhamTrimmer estimates, referring to the period from 2018 to 2030.
