The market size for Controlled-release fertilizers is anticipated to increase at a CAGR of 6.1% between 2023 and 2031. Controlled-release fertilizers are meant to prevent the loss of nutrients in a crop. They are an important ingredient in the crop production process. As per an analysis by Food and Agriculture Organization, it is predicted that the usage of fertilizers can increase the crop’s productivity by 55%. They help crops absorb nitrogen efficiently thereby, reducing loss of nitrogen, and are specialized to maintain soil quality throughout the harvesting season.
Controlled-release fertilizer market is gaining popularity among consumers due to the high demand for efficient fertilizers, accelerating research to turn coated & encapsulated fertilizers to be cost-effective coupled with controlling nutrient loss. Significant competition is anticipated to drive the market as a rise in agricultural exports, and sustainable practices employed for agriculture in Argentina, Brazil, India, and China, are expected to accelerate the demand for such fertilizers in South America and Asia Pacific. This will most likely increase the frequency of international manufacturers, thus leading to a path to high competition and product innovation tailored to customer needs. Strategy based on mergers and acquisitions is also anticipated to propel the growth of this market. Other factors fueling the development of this market are increasing population, increasing food demand, adverse climatic conditions, and being environment friendly coupled with increased private investment. Apart from this, an increase in gardens and lawns, mainly in the Asia Pacific, coupled with hobby gardeners and cultivators will also propel the controlled-fertilizers market. However, there are some restraints of this market such as a lack of awareness by farmers about the product combined with high price of controlled fertilizers compared to conventional fertilizers in under-developed or developing regions.
The controlled-release fertilizers market is segmented by crop types such as cereals & grains, oilseeds & pulses, fruits and vegetables and others. The others segment includes plantation crops and turf & ornamentals among others.In 2016, cereals & grains dominated the market to become the most frequently and widely used in the controlled-release fertilizers industry mainly due to increasing employment of sustainable agriculture policies. In terms of fertilizer application, U.S and Asia Pacific were the market leaders. By product type, coated & encapsulated witnessed higher growth in the upcoming years due to its multiple benefits backed by promotion by the government for the same. Sulphur-coated fertilizers which are granules coated by liquid sulphur, dominated the developing nations mainly due to very low cost of sulphur. Apart from this, coated fertilizers and stabilizers were mostly used for wheat and corn cultivation in US, India and China. Japan used coated fertilizers for rice.
Asia Pacific is projected to account the largest share of the controlled-release fertilizer market
In North America, U.S leads the controlled fertilizers market closely followed by Asia Pacific. Asia Pacific market being the most lucrative market is estimated to see key developments and an increase in demand. It is also anticipated to witness the highest market growth owing to increasing land shortage and innovation in methodologies used for farming in China and India. However, the true potential of the controlled-fertilizers market has still not been realized due to lacking awareness and the high cost of the controlled-fertilizers.
Controlled Release Fertilizer Market Dynamics
Driver: Necessity for highly efficient fertilizers
Restraint: Cost ineffectiveness
Opportunity: Strong growth in emerging economies
Challenge: Lack of awareness among farmers
Key players across the Controlled Release Fertilizers Market value chain are:
The key players in this market include Yara International ASA, Nutrien Ltd., The Mosaic Company, ICL Group, Nufarm Ltd., Kingenta, ScottsMiracle-Gro, Koch Industries, Helena Chemical, SQM And Others. These players in this market are focusing on increasing their presence through agreements and collaborations.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Controlled-Release Fertilizers market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Category
| |
Crop Type
| |
Application
| |
|
Region Segment (2022-2032; US$ Million)
|
Key questions answered in this report
