Published: Jan, 2018
?One or more plant nutrients that come in coated form which, therefore, postpone their availability for uptake by plants are known as controlled release fertilizers. Controlled release fertilizers come with many benefit over the usual fertilizers that are already available in the market. These fertilizers diminish toxicity in seedlings and, as such, it contributes towards the improved and better agronomic safety. Rapidly expanding world population together with augmented attempts for sustainable agriculture is foreseen to spearhead the controlled release fertilizer market in the years to come.
The international market for controlled release fertilizers is moderately concentrated with three leading market players accounting for almost half of the total market shares in the year 2015. A few of the prominent companies that are operating in this market are EuroChem Agro Gmbh, Ekompany Agro B.V, Compo GMBH & Co. KG, Shikefeng Chemical Industry Co. Ltd., AgroBridge, Nu., farm Ltd., Agrium Inc., Specialty Fertilizers, HIF TECH SND. BHD, Haifa Chemicals Ltd., Greenfeed Agro Sdn. Bhd., Kingenta Ecological Engineering Group Co., Hanfeng Evergreen Inc., Scotts Miracle-Gro Company, The Chisso Corporation, Central Glass Co., Ltd, and ATS Group.
When it comes to revenue, the market for controlled release fertilizer is valued to reach an amount of US$3.92 bn by the end of the forecast time period. The market valuation is estimated to increase from its previous valuation of US$2.41 bn in the year 2015. The market is anticipated register a CAGR of 5.6% over the forecast time period of 2016–2024. So far as volume is concerned, the said market is estimated to expand at a CAGR of 5.7% over the afore-mentioned forecast period.
Asia Pacific to be One of the most Promising Markets in the Industry
From the geographical perspective, this market for controlled release fertilizers is divided into regions of North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. Out of all of these regional segments, the region of Asia Pacific is foretold to be a substantially significant regional segment in the years to come. This demand for controlled release fertilizers is forecasted to be driven by China. The demand for feeding the ever expanding base of population constantly require higher yields of crop and is expected to do so in the near future. The study also indicates that Asia Pacific’s controlled release fertilizers market is anticipated to advance at a healthy CAGR of 6.7% over the forecast timeframe of 2016 and 2024, considering revenue.
Market to be Triggered by the Constant Depletion of Arable Agricultural Land
With the ever expanding population more and more arable land is getting depleted. Furthermore, expanding base of population is creating more and more demand for food. As such, the farmers are opting for these controlled release fertilizers which can lead to improved agricultural yield. Rapid urbanization together with decreased number of farming related jobs is further stimulating the demand for controlled release fertilizers.
Increasing disposable incomes of the people has created augmented demand for high-end food items like meat of high quality and organic food. The increasing concerns for food security have compelled many governments worldwide to make use of these improved fertilizers so as to bolster their produce and diminish food import dependency. Furthermore, there has been increasing initiatives by the farmers in a bid to modernize their techniques of farming, this has also resulted in substantial uptake of the adoption of these controlled release fertilizers.
Price of these special types of fertilizers is dependent on what these fertilizers are made of. Additives like polymer coatings, resins, chemical fertilizers constitute these fertilizers. However, the market faces challenges from increasing prices of fertilizers.
The information in this review is based on a market intelligence report by TMR that comes with the title, “Controlled Release Fertilizers Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
For the study the market has been segmented as follows:
Global Controlled Release Fertilizer Market Segmentation
By Product Analysis:
- Polymer sulfur coated urea/sulfur coated urea
- Polymer coated urea
- Polymer coated NPK fertilizer
- Others (including coated micronutrients)
By Application Analysis
- Cereals & grains
- Oilseeds & pulses
- Fruits & vegetables
- Others (turf, ornamental plants, etc.)
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Middle East and Africa
- Middle East
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