Controlled release fertilizers, which possess higher benefits over conventional commercial fertilizers, are witnessing demand owing to the need for food crops and increased crop efficiency. Projecting the market growth at a modest CAGR of 5%, a new Fact.MR study provides an inclusive analysis of the controlled release fertilizer market. This growth is further complemented by increasing nonagricultural applications in the US such as golf courses, turf gardens, and lawns.
Controlled Release Fertilizers Market – Key Takeaways
- Polymer sulfur coated urea is poised to witness positive growth during the forecast period (2019 to 2029), on the back of the chemical’s emission-reducing properties.
- Owing to surging demand for protein-based food, the usage of cereals & grains is anticipated to grow 1.5X.
- Fruits & vegetables to account for 40% of market share, thereby making it the most lucrative end-use for controlled release fertilizers.
- East Asia remains one of the most lucrative regions, owing to robust agricultural production in China, which is the global leader in the production of fruits, vegetables, food grains.
- North America contributes to one-quarter of global market revenue, thereby creating significant opportunities for manufacturers
- South Asia is projected to exhibit an uptrend owing to high agricultural productivity in nations such as India, Malaysia, and Thailand.
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Controlled Release Fertilizers Market – Key Driving Factors
- The increasing demand for food, and the availability of less fertile land is attributing to inclination towards controlled release fertilizers over conventional fertilizers.
- The increased efficiency in crop farming and reduced quantities of waste due to agricultural runoff has propelled the demand for controlled release fertilizers.
Controlled Release Fertilizers Market – Key Restraint
- Factors such as high cost, lack of awareness among farmers, and subsidies provided by governments on conventional fertilizers, are likely to challenge the sales of controlled release fertilizers, thereby hindering the overall growth.
Some of the players in the global controlled release fertilizer market are Nutrien, Yara International, Eurochem Agro Gmbh, Haifa Group, Kingenta International and HIF Tech Sdn Bhd., among others. Most of these leading players are focusing on agricultural countries such as India, China, and Malaysia, and are building a strong supply base in these regions. On the back of prevalent restraints, the players are moving ahead with a defensive approach as expansion has a limited scope, and hence, they are more thriving to organically increase their sales.
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About the Report
This 170-page study offers readers a comprehensive market forecast of the global controlled release fertilizer market. The report presents historical demand data (2014-2018) and forecast statistics for the period of 2019-2029. The study divulges essential insights on the controlled release fertilizers market on the basis of product (Polymer Sulfur Coated Urea/Sulfur Coated Urea, Polymer-Coated Urea, and Polymer Coated NPK) and application (Cereals & Grains, Oilseeds & Pulses, and Fruits & Vegetables, Others) across six major regions.