Fertiliser manufacturer Yara will build a new global production plant for specialty crop nutrition products and biostimulants in Yorkshire.
The plant, which will be built close to the firm's existing factory in Pocklington, will be one of the largest in the world for these products.
Yara said the move would allow it to increase its footprint in the specialty crop nutrition business, which is seen as one of the fastest growing markets in agriculture.
The factory, which will export around the world, is expected to be operational by the end of 2025.
The market for global specialty fertilisers is projected to grow at compounded annual growth rate (CAGR) of 6.8% between 2022 and 2027.
Such products are formulated to meet the needs of crops throughout the growing season and to help them increase their resilience to climate change.
According to Yara, sales of YaraVita specialty crop nutrition products and biostimulants have grown fivefold in the last 20 years.
Mónica Andrés Enríquez, executive vice president for Europe at Yara said: “Our specialty crop nutrition products help farmers increase yields and quality without increasing land use.
"That not only benefits farmers but is also good for the planet. It’s no wonder that this market is growing exponentially.
"Amid today’s food security and climate change challenges, it’s more important than ever to feed the world with nutritious food while also protecting the planet."