PUBLISHER: Allied Market Research | PRODUCT CODE: 1179797
PUBLISHER: Allied Market Research | PRODUCT CODE: 1179797
The global controlled release fertilizer market size was valued at $2.3 billion in 2021, and projected to reach $4.3 billion by 2031, with a CAGR of 6.6% from 2022 to 2031.
Controlled release fertilizers are utilized for continuous release of supplements into the soil. In these items, the fertilizers granules are typified in coatings of sulfur or polymers. Decreasing accessibility of arable land and steady expansion in food request will raise the interest of the item. With expanding interest for better land efficiency, numerous ranchers and agriculturists are slowly moving their concentration towards these eco-accommodating fertilizers. Controlled release fertilizers are heavily utilized in the cultivation of oilseeds and pulses, cereals and grains, and fruits and vegetables. These fertilizers are also used to grow turf and ornamental plants. Among these, farmers mostly use these fertilizers in cereals and grain crops.
The rapidly increasing population coupled with increasing need to feed them are expected to aid in expansion of the global controlled release fertilizers market. Expanding food and yields request alongside decreasing per capita portion of rich land across the globe will raise the interest for different controlled release fertilizers in impending years. The high populace development combined with a quick speed of urbanization has altogether diminished the portion of horticultural or arable land per individual. There is a steady need to support the rural profitability across the globe and this will gradually shift towards great quality fertilizers to improve the dirt properties and increment the land efficiency. This pattern is expected to have positive affect the worldwide controlled release fertilizers market.
Europe also accounted for a significant share of the global market revenue in 2021. Europe being the largest producer of fruits and vegetables is estimated to observe strong growth in controlled release fertilizers market. The increase in consumption of bio-fuel and bio-energy in Europe increased the demand for fodder crops. Fodder crops are the more fertilizer-consuming crops, which boosted the demand for the consumption of fertilizers in Europe. France accounted for the largest share in the fertilizer market in terms of consumption, followed by Germany and Poland. The coated and encapsulated fertilizer segment occupied the largest share in the overall market. The demand for nitrogen stabilizer is increasing slower than coated and encapsulated, owing to presence of demand for other fertilizers in addition to nitrogen. Additionally, the rate of application of slow release type fertilizer is low in Europe, owing to the low rate of diffusion of inorganic chemicals and residual effect on crops and soil. The major factor leading to cropland conversion in Western European countries, such as the UK, Germany, and Poland, is the transformation of arable land for settlement and infrastructure. The shrinkage of farmland has resulted in farmers' usage of a greater concentration of fertilizers to cater to the growing need for food crops across the region. On the other hand, the market in Asia-Pacific is estimated to register the fastest growth rate over the forecast period.
The global controlled release fertilizer market is segmented on the basis of type, mode of application, end use, and region.
On the basis of type, it is segmented into slow release, nitrogen stabilizer, and coated & encapsulated. On the basis of mode of application, the market is segmented into foliar, fertigation, soil, and others. On the basis of end use, the market is segmented into agricultural, and non-agricultural. Furthermore, agricultural segment is further classified into cereals & grains, oilseed & pulses, fruits & vegetables, and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest share of the market, followed by North America, and Europe.
The major companies profiled in this report include Yara International ASA, Nutrien Ltd., The Mosaic Company, ICL Group, Nufram Lts, Kingenta, ScottsMiracle-Gro, Koch Industries, Helena Chemical, SQM, JNC Corporation, Haifa Chemicals, AGLUKON, Pursell Agri-Tech, and Ekompany International BV. The above mentioned factors will have positive impact on the demand for energy storage devices. Additional growth strategies such as expansion of storage capacities, acquisition, partnership and research & innovation in the sustainable chemical fertilizers, have led to attain key developments in the global controlled release fertilizer market trends.
Impact of COVID-19 on Global Control Release Fertilizers Market
The global COVID-19 pandemic had negative impact on the controlled release fertilizer market. This market has experienced lower than anticipated demand across all regions as compared to pre pandemic levels. The global market exhibited a decline in 2020 as compared to 2019, due to shutdown of various agricultural activities from where agricultural products are used in the production of various food products and feedstock, which is used as raw material for the production of agricultural products.
Post pandemic crisis, the governments of various countries across the globe have invested in the fertilizer industries to provide boost in the agriculture sector and improve the crop yield. The decline in food resources during the pandemic outbreak period has led to national food security issues, especially in African continent where most of its population is starving is also another factor which led to surge in the utilization of controlled release fertilizer industry.
Key Benefits For Stakeholders
By Type
By Mode of Application
By End Use
By Region