{"id":147329,"date":"2025-07-15T15:37:51","date_gmt":"2025-07-15T15:37:51","guid":{"rendered":"https:\/\/orkestra.deusto.es\/hiddenchampions-observatory\/case-study\/bellota-agrisolutions-en\/"},"modified":"2026-03-07T15:49:32","modified_gmt":"2026-03-07T15:49:32","slug":"bellota-agrisolutions-en","status":"publish","type":"case-study","link":"https:\/\/orkestra.deusto.es\/hiddenchampions-observatory\/en\/case-study\/bellota-agrisolutions-en\/","title":{"rendered":"Bellota Agrisolutions"},"content":{"rendered":"

[vc_row row_height_percent=”100″ override_padding=”yes” h_padding=”2″ top_padding=”0″ bottom_padding=”2″ back_color=”color-xsdn” overlay_alpha=”0″ equal_height=”yes” gutter_size=”3″ column_width_percent=”100″ shift_y=”0″ z_index=”0″ top_divider=”gradient” content_parallax=”0″ uncode_shortcode_id=”150272″ el_class=”case” back_color_type=”uncode-palette”][vc_column column_width_percent=”100″ gutter_size=”2″ overlay_alpha=”50″ shift_x=”0″ shift_y=”0″ shift_y_down=”0″ z_index=”0″ medium_width=”0″ mobile_width=”0″ width=”2\/3″ uncode_shortcode_id=”482995″ el_class=”cs-contenido”][vc_empty_space][vc_custom_heading text_color=”accent” heading_semantic=”h1″ text_size=”” text_weight=”300″ uncode_shortcode_id=”780686″ text_color_type=”uncode-palette” el_class=”cs-empresa”]Bellota Agrisolutions case lessons[\/vc_custom_heading][vc_custom_heading heading_semantic=”h5″ text_size=”h5″ text_weight=”600″ text_space=”fontspace-587840″ uncode_shortcode_id=”163239″]Global leader in the manufacturing of agricultural components and tools[\/vc_custom_heading][vc_separator sep_color=”color-jevc” uncode_shortcode_id=”177241″ sep_color_type=”uncode-palette”][vc_empty_space][vc_column_text uncode_shortcode_id=”158944″ el_class=”cs-text”]<\/p>\n

Introduction<\/h2>\n

Companies that succeed in the shadows, known as ‘Hidden Champions’ [i]\u00a0<\/a>or \u201cInternational Niche Market Leaders\u201d<\/i> (hereinafter, INMLs), are gaining increasing attention. [ii]\u00a0<\/a>They are companies that provide goods which\u00a0remain\u00a0hidden from the\u00a0general public, as they manufacture intermediate products, components, machinery, devices, and software that serve as inputs for the\u00a0manufacture\u00a0of\u00a0end\u00a0products\u00a0by third parties. They operate\u00a0in\u00a0highly\u00a0internationalised\u00a0Business-to-Business (B2B) markets (industrial markets involving transactions between companies, with limited visibility\u00a0within society), often capturing significant market shares.\u00a0[iii]\u00a0<\/a><\/p>\n

While Spain possesses\u00a0several INMLs,\u00a0the phenomenon\u00a0has been\u00a0poorly documented domestically. [iv]\u00a0<\/a>Since most of the research on the subject has focused on the central-northern area,\u00a0the majority of\u00a0the cases known so far come from the Basque Country. [vi]\u00a0<\/a><\/p>\n

Bellota Agrisolutions<\/a>, based in Legazpi (Gipuzkoa),\u00a0is\u00a0a practical example of an INML. A manufacturer of\u00a0disc\u00a0ploughs\u00a0and\u00a0disc\u00a0harrows, as well as other soil preparation and\u00a0sowing\u00a0components, which are sold to both agricultural machinery manufacturers (e.g. John Deere, Case New Holland, Agco), and to distributors of agricultural components.\u00a0Their speciality lies in manufacturing specially heat-treated steel components that\u00a0facilitate\u00a0the cultivation of agricultural soil \u2014 for instance, a\u00a0disc\u00a0plough that achieves maximum durability by balancing hardness and strength. Bellota\u00a0Agrisolutions’\u00a0Legazpi\u00a0plant has a turnover of around 80 million euros a year,\u00a0of which\u00a0more than 90% comes from foreign sales.\u00a0In addition to\u00a0its headquarters in Gipuzkoa, it has production plants in America and Asia,\u00a0as well as\u00a0in several European countries. It\u00a0has a presence\u00a0in markets in more than 80 countries,\u00a0with\u00a0a turnover of more than 200 million euros per year.\u00a0It\u00a0has been\u00a0ranked as the\u00a0number one\u00a0company worldwide\u00a0in direct supply\u00a0to\u00a0agricultural machinery manufacturers\u00a0(considered to be the most demanding customers and the top market segment),\u00a0with an estimated global market share of 33%.<\/p>\n

Bellota Agrisolutions\u00a0shares the following features with other INMLs:[\/vc_column_text][vc_row_inner row_inner_height_percent=”0″ overlay_alpha=”50″ equal_height=”yes” gutter_size=”2″ shift_y=”0″ z_index=”0″ uncode_shortcode_id=”159489″ el_class=”cards”][vc_column_inner column_width_percent=”100″ align_horizontal=”align_center” gutter_size=”3″ override_padding=”yes” column_padding=”2″ back_color=”color-lxmt” overlay_alpha=”50″ radius=”lg” shift_x=”0″ shift_y=”0″ shift_y_down=”0″ z_index=”0″ medium_width=”3″ mobile_width=”0″ css_animation=”bottom-t-top” width=”1\/3″ uncode_shortcode_id=”214379″ back_color_type=”uncode-palette”][vc_icon display=”inline” icon_image=”146954″ media_size=”150″ uncode_shortcode_id=”183557″ el_class=”cs-text-item”]<\/p>\n

Its flagship product is among the Top 3 best-selling worldwide or No. 1 in its home continent in terms of market share.<\/p>\n

[\/vc_icon][\/vc_column_inner][vc_column_inner column_width_percent=”100″ align_horizontal=”align_center” gutter_size=”3″ override_padding=”yes” column_padding=”2″ back_color=”color-lxmt” overlay_alpha=”50″ radius=”std” shift_x=”0″ shift_y=”0″ shift_y_down=”0″ z_index=”0″ medium_width=”3″ mobile_width=”0″ css_animation=”bottom-t-top” animation_delay=”400″ width=”1\/3″ uncode_shortcode_id=”193098″ back_color_type=”uncode-palette”][vc_icon icon_image=”146957″ icon_color=”color-azulOrk” media_size=”150″ uncode_shortcode_id=”253752″ el_class=”cs-text-item” icon_color_type=”uncode-palette”]<\/p>\n

It obtains at least 50% of its turnover from international trade.<\/p>\n

[\/vc_icon][\/vc_column_inner][vc_column_inner column_width_percent=”100″ align_horizontal=”align_center” gutter_size=”3″ override_padding=”yes” column_padding=”2″ back_color=”color-lxmt” overlay_alpha=”50″ radius=”std” shift_x=”0″ shift_y=”0″ shift_y_down=”0″ z_index=”0″ medium_width=”3″ mobile_width=”0″ css_animation=”bottom-t-top” animation_speed=”400″ animation_delay=”800″ toggle=”yes” max_height=”250″ max_height_mobile=”220″ closed_txt=”” icon_closed=”fa fa-chevron-down2″ open_txt=”” icon_open=”fa fa-chevron-up2″ btn_margin_open=”no” width=”1\/3″ uncode_shortcode_id=”129779″ back_color_type=”uncode-palette” toggle_classes=”toggle”][vc_icon icon_image=”146960″ icon_color=”color-azulOrk” media_size=”150″ uncode_shortcode_id=”130886″ el_class=”cs-text-item” icon_color_type=”uncode-palette”]<\/p>\n

It markets its flagship product on at least three continents.<\/p>\n

If the company is among the Top 3 worldwide, it must market its flagship product on at least three continents. If it operates exclusively in its home continent, it will be required to have the largest market share for that product in that geographic area.<\/p>\n

[\/vc_icon][\/vc_column_inner][\/vc_row_inner][vc_column_text uncode_shortcode_id=”128230″ el_class=”cs-text”]Despite the growing interest in these types of businesses, there is a dearth of case studies that categorise and characterise INMLs, and reveal the modus operandi behind their success. The matrix below shows how different types of INMLs can be identified. Drawing on the case of Bellota Agrisolutions, we will then illustrate how INMLs can dominate their market niches.[\/vc_column_text][vc_empty_space][vc_column_text uncode_shortcode_id=”179845″ el_class=”cs-text”]<\/p>\n

Categorisation of INMLs<\/h2>\n

The following matrix can be used to explain the types of international niche market leaders that exist. It shows what kind of product or service an INML can offer, and how it remains hidden from the general public:[\/vc_column_text][vc_single_image media=”147405″ media_width_percent=”100″ css_animation=”bottom-t-top” uncode_shortcode_id=”105807″][vc_empty_space empty_h=”1″][vc_column_text uncode_shortcode_id=”192769″ el_class=”cs-text”]Four specific categories can be identified:[\/vc_column_text][vc_row_inner row_inner_height_percent=”0″ overlay_alpha=”50″ equal_height=”yes” gutter_size=”2″ shift_y=”0″ z_index=”0″ uncode_shortcode_id=”118109″ el_class=”cards”][vc_column_inner column_width_percent=”100″ align_horizontal=”align_center” gutter_size=”2″ override_padding=”yes” column_padding=”2″ back_color=”color-lxmt” overlay_alpha=”50″ radius=”lg” shift_x=”0″ shift_y=”0″ shift_y_down=”0″ z_index=”0″ medium_width=”3″ mobile_width=”0″ css_animation=”bottom-t-top” width=”1\/2″ uncode_shortcode_id=”910970″ back_color_type=”uncode-palette”][vc_column_text uncode_shortcode_id=”181589″]<\/p>\n

Silent components<\/h5>\n

The INML acts as a supplier of a component, system or technology that is embedded in an end product
\n(Intel Inside <\/em>– type).[\/vc_column_text][vc_column_text uncode_shortcode_id=”120880″]<\/p>\n

For example: Copreci (safety components for household appliances)<\/h6>\n

[\/vc_column_text][\/vc_column_inner][vc_column_inner column_width_percent=”100″ align_horizontal=”align_center” gutter_size=”2″ override_padding=”yes” column_padding=”2″ back_color=”color-lxmt” overlay_alpha=”50″ radius=”std” shift_x=”0″ shift_y=”0″ shift_y_down=”0″ z_index=”0″ medium_width=”3″ mobile_width=”0″ css_animation=”bottom-t-top” animation_delay=”400″ width=”1\/2″ uncode_shortcode_id=”152306″ back_color_type=”uncode-palette”][vc_column_text uncode_shortcode_id=”119156″]<\/p>\n

Invisible industrial suppliers<\/h5>\n

The INML manufactures an end product, but this is used at the site of an industrial, and is thus invisible to the general public.[\/vc_column_text][vc_column_text uncode_shortcode_id=”696403″]<\/p>\n

For example: Etxe-Tar (manufacturer of machines for the production of automotive engine components)<\/h6>\n

[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_row_inner row_inner_height_percent=”0″ overlay_alpha=”50″ equal_height=”yes” gutter_size=”2″ shift_y=”0″ z_index=”0″ uncode_shortcode_id=”159489″ el_class=”cards”][vc_column_inner column_width_percent=”100″ align_horizontal=”align_center” gutter_size=”2″ override_padding=”yes” column_padding=”2″ back_color=”color-lxmt” overlay_alpha=”50″ radius=”lg” shift_x=”0″ shift_y=”0″ shift_y_down=”0″ z_index=”0″ medium_width=”3″ mobile_width=”0″ css_animation=”bottom-t-top” animation_delay=”800″ width=”1\/2″ uncode_shortcode_id=”245934″ back_color_type=”uncode-palette”][vc_column_text uncode_shortcode_id=”189763″]<\/p>\n

Functional systems specialists<\/h5>\n

The INML may supply a component to the integrator of an installation, and while the part provided remains visible, the final installation operates out of sight of the general public.[\/vc_column_text][vc_column_text uncode_shortcode_id=”204231″]<\/p>\n

For example: Bellota Agrisolutions (disc ploughs and disc harrows)<\/h6>\n

[\/vc_column_text][\/vc_column_inner][vc_column_inner column_width_percent=”100″ align_horizontal=”align_center” gutter_size=”2″ override_padding=”yes” column_padding=”2″ back_color=”color-lxmt” overlay_alpha=”50″ radius=”std” shift_x=”0″ shift_y=”0″ shift_y_down=”0″ z_index=”0″ medium_width=”3″ mobile_width=”0″ css_animation=”bottom-t-top” animation_delay=”1200″ width=”1\/2″ uncode_shortcode_id=”109405″ back_color_type=”uncode-palette”][vc_column_text uncode_shortcode_id=”214478″]<\/p>\n

Actors in remote infrastructures<\/h5>\n

Finally, the INML may be the manufacturer, integrator or operator of an outdoor installation, which itself is visible, but its location is either not accessible or not open to the public.[\/vc_column_text][vc_column_text uncode_shortcode_id=”220946″]<\/p>\n

Examples of this are onshore or offshore wind farms, or solar panel fields (created by companies such as Sener)<\/h6>\n

[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_empty_space][vc_column_text uncode_shortcode_id=”233169″ el_class=”cs-text”]<\/p>\n

How do INMLs dominate the niches they lead, and how do they sustain their leadership?<\/h2>\n

The pathway to niche leadership typically commences with an initial target niche positioning phase. This is followed by a consolidation phase, in which the INML defends or maintains its leadership in the established niche.[\/vc_column_text][vc_accordion no_toggle=”yes” no_lazy=”yes” typography=”advanced” label_border=”yes” content_border=”yes” gutter_simple=”1″ no_h_padding=”yes” radius=”sm” heading_semantic=”h5″ titles_size=”h5″ titles_weight=”600″ uncode_shortcode_id=”197271″ active_tab=”0″][vc_accordion_tab gutter_size=”0″ column_padding=”0″ title=”Niche picking, carving and shaping” tab_id=”1753437650-1-47″][vc_column_text uncode_shortcode_id=”199983″ el_class=”cs-text” css=”.vc_custom_1753519244477{margin-top: 0px !important;border-top-width: 0px !important;padding-top: 0px !important;padding-right: 40px !important;padding-left: 40px !important;}”]The first phase involves identifying a specific market (niche), aiming to meet the needs of a group of customers who are currently either not being served or being underserved. Meeting these needs is the leitmotiv of INMLs.<\/p>\n

Many INMLs undergo a process that involves clarifying \u2018what business are we in?\u2019 [vi] <\/a> and \u2018who is our target audience\u2019. Many of them start without a clear understanding of their main market niche and therefore spend considerable time serving multiple audiences and markets before identifying their true target.<\/p>\n

Bellota Agrisolutions currently has a clear understanding of its core business and target audience, but this has not always been the case.<\/p>\n

Until 2005, Bellota was primarily defined by its industrial strength and operated under a \u2018supply-push\u2019 logic. Its competitive advantage lay in its expertise in forging technology, which enabled the firm to offer a wide range of forged metal products for various markets, including agriculture. At this stage, production was not necessarily driven by demand, but by the industrial processes in which the company had the most specialised knowledge.<\/p>\n

In 2005, Bellota shifted direction towards a demand-pull approach, allowing market needs to define both its product portfolio and the most suitable manufacturing technologies to meet customer expectations. As part of this process, agricultural machinery manufacturers emerged as one of the key strategic niches. As a result, these Original Equipment Manufacturers (OEMs) became the reference point for the development of a specialist, product offering, driven by constant innovation and adapted to market needs.<\/p>\n

Following on from this development, Bellota Agrisolutions was created as an independent company within the Bellota holding. In parallel to this reorganisation, a customer-focused product engineering team was built, which was tasked with developing solutions in close partnership with customers. This team operated separately from the process engineering team, whose focus remained on optimising factory operations.<\/p>\n

This new approach also provided a decisive impetus to the internationalisation of the business, establishing a production platform closer to the markets and OEM in order to serve their specific needs in each region more effectively.<\/p>\n

As part of this transformation, Bellota launched a communication campaign targeting all OEMs, with the aim of promoting its new positioning and action plan. Since then, the company\u2019s marketing strategy has concentrated on identifying emerging trends and needs within the agricultural sector that Bellota can address, rather than indiscriminately pushing industrial solutions into potential markets.<\/p>\n

During the process of specifying the value proposition to be offered, INMLs are often guided, albeit implicitly, by a \u2018jobs-to-be-done\u2019 perspective (\u2018what job do we have to do or what function will be served by our solution?). [vii] <\/a>This means that Bellota Agrisolutions is not only a manufacturer of metal discs for agricultural purposes, but also a partner for farmers in tilling their soil, increasing their yields and maximising the productive potential of their land. Consequently, the company promises its customers that, by working with Bellota Agrisolutions, their work will be more accurate and consistent, avoiding idle time and enabling them to achieve greater profitability. To deliver on this promise, Bellota Agrisolutions concentrates all its resources on cooperating with OEMs in product design through shared engineering. Its aim is to develop more efficient and innovative solutions in processes and materials, ensuring that the machine the OEM delivers to farmers fulfils their expectations in terms of value. By communicating its value proposition in this way to customers and users, the company shapes its target market beyond the physical characteristics of its base product.[\/vc_column_text][\/vc_accordion_tab][vc_accordion_tab gutter_size=”0″ column_padding=”0″ title=”Taking a moonshot and positioning oneself in a highly demanding niche” tab_id=”1753437650-2-80″][vc_column_text uncode_shortcode_id=”157476″ el_class=”cs-text” css=”.vc_custom_1758725261367{margin-top: 0px !important;border-top-width: 0px !important;padding-top: 0px !important;padding-right: 40px !important;padding-bottom: 0px !important;padding-left: 40px !important;}”]To successfully position itself in a niche market, a company must tailor its offering and its way of engaging with the market by matching the specific preferences of the type of customer it wants to serve. In terms of generic strategy, [viii] <\/a> this involves making a choice between competing through specialisation, aimingd at differentiation, or pursuing cost leadership. The resulting value propositions that emerge do not meet the needs of all possible customers, they do not provide a one-size-fits-all solution for all audiences. They will work for some specific customers, but not for others. At the same time, by targeting a specific type of customer, it may raise barriers to entry for other companies that specialise in other types of customers or that try to serve all types of customers. Likewise, a positioning strategy focused on a selective audience allows for the development of a stronger connection with the corresponding customers than a company that seeks to serve the general population can achieve.<\/p>\n

Consequently, Bellota Agrisolutions does not regard all disc plough users as its target market. Instead, it concentrates on premium agricultural machinery manufacturers (OEMs) and dealers supplying end-users who work the most demanding land. This positioning stems from the fact that Bellota\u2019s design processes and materials deliver their greatest added value in the most demanding environments (such as the hardest soils), when used with the most powerful tractors and in collaboration with OEMs that place the highest demands on their suppliers. In this way, Bellota Agrisolutions concentrates its resources and focuses its attention on OEMs that demand customised products, or products especially designed to meet their specifications. By contrast, the market for disc ploughs for soft soils (where lower quality discs and the standard product have higher market penetration) is of much less interest to the company.<\/p>\n

Therefore, faced with the triad \u2018competing on cost, specialisation or focus\u2019, Bellota Agrisolutions clearly opts for specialisation and differentiation (focus). This translates, on the one hand, into a \u2018narrow product focus\u2019 (focus on a very specific and confined product line or family: disc ploughs), and on the other hand, into \u2018deep specialisation\u2019 as well as \u2018deep differentiation\u201d\u2019, offering a wide variety of models, many opportunities for customisation and unique after-sales services and warranties.<\/p>\n

In line with this customisation, the Bellota Agrisolutions portfolio has the broadest variety of products on the market. In fact, it is the only company that operates in all geographic markets worldwide where agriculture has a strong presence. Moreover, it does so with a very wide range of products, catering to all the needs of the major manufacturers.<\/p>\n

Bellota Agrisolutions\u2019s specialisation on disc ploughs is also reflected in its product portfolio, as they occupy a very prominent place within it. Of the 10,000 items the company offers globally, almost half are disc ploughs and disc harrows. Moreover, sales of these discs represent approximately 40% of the total turnover of Bellota Agrisolutions. The concentration of the business on a specific product family is a typical feature of INMLs, [ix] <\/a> which Bellota Agrisolutions complements with a soft diversification with complementary products, [x] <\/a> such as tines, cultivators and other components for tiller cultivators, as well as components for sowing and harvesting machines.<\/p>\n

In terms of the differentiation of its product offering, the company is increasingly focusing on providing an after-sales service that sets it apart from the rest of the market. Bellota Agrisolutions offers a lifetime guarantee on all its products against any manufacturing defect. This kind of a guarantee, even if the customer never needs to use it, conveys a sense of security and reassurance, making the customer feel they are not spending money on consumables, but rather investing in a product that retains its value over time.<\/p>\n

As a general rule, INMLs do not compete on price. In fact, in terms of the initial investment to purchase their products or services, their prices often put INMLs at a competitive disadvantage. This is why they tend to focus on the high or premium segments of the market. However, in terms of \u2018total cost of ownership\u2019, their products are often very competitive, as illustrated by the lifetime warranty offered by Bellota Agrisolutions on their discs.<\/p>\n

At the same time, when an INML decides to penetrate lower market segments, it typically chooses to create a sub-brand, or to acquire a player with a cost structure that allows it to compete in these kinds of market segments. Bellota Agrisolutions has taken the first approach on several occasions: in specific markets where the Bellota brand holds a strong position, they have introduced products in lower market segments under different brand names, as a defensive strategy to protect and preserve the value of the Bellota name. This positioning has also served to deter competitors seeking to erode Bellota’s position among more price-sensitive customers. For the sake of consistency, the products marketed under lower-cost brands are also of lesser quality than those sold under the Bellota brand. This approach prevents the risk of cannibalisation and safeguards the value of its premium brand.[\/vc_column_text][\/vc_accordion_tab][\/vc_accordion][vc_empty_space][vc_column_text uncode_shortcode_id=”139292″ el_class=”cs-text”]<\/p>\n

How do INMLs consolidate their leadership in niche markets?<\/h2>\n

Once a niche company has positioned itself to its target audience with an offering that aligns with the preferences and needs of that audience, the next step is to consolidate and defend its position. To achieve this, it must apply niche marketing tactics that reinforce the brand and its visibility within the niche, ensure that its brand is the one that first comes to mind for customers in that niche, and develop strong relationships with key players. In this way, the INML achieves greater loyalty on the part of these actors.[\/vc_column_text][vc_accordion no_toggle=”yes” no_lazy=”yes” typography=”advanced” label_border=”yes” content_border=”yes” gutter_simple=”1″ no_h_padding=”yes” radius=”sm” heading_semantic=”h5″ titles_size=”h5″ titles_weight=”600″ uncode_shortcode_id=”197271″ active_tab=”0″][vc_accordion_tab gutter_size=”0″ column_padding=”0″ title=”Niche marketing: be(com)ing top of the customer’s mind” tab_id=”1753437650-1-473″][vc_column_text uncode_shortcode_id=”622419″ el_class=”cs-text” css=”.vc_custom_1753525864499{margin-top: 0px !important;border-top-width: 0px !important;padding-top: 0px !important;padding-right: 40px !important;padding-left: 40px !important;}”]Niche marketing [xi] <\/span><\/span><\/a>aims to increase visibility and trust in a brand among target customers. Central to this is a branding strategy that promotes a brand\u2019s presence in the channels and places where the target customers move. Branding in a B2B niche is different from branding in a large consumer products (B2C) market. Whereas in B2C markets companies typically operate with large budgets (which are used to invest in advertising, social media campaigns and other forms of conventional marketing), B2B niche marketing places less emphasis on capturing broad attention and more on building and projecting a trustworthy brand image. This involves cultivating public relations with customers and market authorities, for example, by participating in specific events, with the aim of strengthening relationships with market actors and increasing their familiarity with the brand; and, more importantly, with the people behind the brand.<\/p>\n

A number of commitments made by Bellota Agrisolutions can be highlighted here:<\/p>\n