PUBLISHER: DataM Intelligence | PRODUCT CODE: 1272763
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1272763
The global controlled release fertilizers market reached US$ 1,852.2 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 4,288.4 million by 2030. The market is expected to exhibit a CAGR of 11.3% during the forecast period (2023-2030).
Controlled release fertilizers release nutrients gradually, ensuring that crops receive a consistent supply of nutrients throughout their market growth cycle, resulting in higher yields. The increasing environmental concerns have led to a growing adoption of sustainable agriculture practices, making controlled release fertilizers a popular choice among farmers, which is expected to increase the global controlled release fertilizers market growth.
The growing adoption of advanced agricultural technologies is driving the global controlled release fertilizers (CRF) market growth, as farmers are increasingly turning to innovative solutions to optimize their crop yields. The use of advanced technologies like precision agriculture and smart farming has increased the demand for CRFs, as these fertilizers are compatible with these technologies and can help improve their effectiveness.
The increasing demand for food production is driving the global controlled release fertilizers market growth, as they provide an efficient way to deliver nutrients to crops, resulting in higher yields and reduced waste. As the world population continues to grow, the demand for food is expected to increase, making CRFs an attractive solution for farmers looking to maximize their crop yields. As the demand for food continues to rise, the use of CRFs is expected to become increasingly important in meeting the world's food needs while ensuring sustainable agriculture practices.
The global crisis caused by the COVID-19 pandemic particularly affected most industries; however, the controlled release fertilizer endeavor has exhibited some resilience in the supply chain during the crisis. The controlled release fertilizer industry is engaged in the mining and processing of raw materials, such as phosphate ores, potassium salts, and sulfur ores, and in manufacturing the final products of mineral fertilizers from these materials. The use of controlled release fertilizer has increased vastly over the twentieth century. The total fertilizer nutrient demand was estimated at 20 million tons in 1950 compared to about 190 million tons in 2019 and 2020. These values were estimated by International Fertilizer Association (IFA) in November 2020.
The Ukraine-Russia war has led to disruptions in transportation and logistics, which could impact the timely delivery of fertilizers to farmers. As a result, farmers may be forced to use alternative fertilizers or delay their planting, which could have negative impacts on crop yields and overall agricultural productivity. The political and economic instability caused by the conflict could also affect investment in the Ukrainian fertilizer industry, leading to a slowdown in innovation and the development of new products.
Artificial intelligence can be used to optimize fertilizer formulations, improving the efficiency and effectiveness of controlled release fertilizers. Machine learning algorithms can analyze data on soil, weather, crop types, and other factors to determine the optimal release rate and duration of nutrients from controlled release fertilizers. This could lead to more precise and targeted fertilizer application, reducing the risk of over-fertilization and environmental pollution.
The global controlled release fertilizers market is segmented based on nutrient type, coating type, mode of application, end-use, and region.
NPK CRFs held the largest controlled release fertilizers market share of 45% in 2022, owing to their widespread use in agriculture. The increased consumption and low capacity of NPK fertilizers indicate that the segment will expand during the forecast period. For instance, according to the International Fertilizer Association, the NPK world consumption was estimated to be 643,227.3 metric tons, and the capacity was estimated to be 119.0 metric tons in 2020, indicating the vast difference and the increased need for controlled release NPK fertilizers.
Asia Pacific region held the highest share of 49% in the global controlled release fertilizers market in 2022. Market growth is anticipated as high-value crop production increases and farmer knowledge of the advantages of controlled-release fertilizers for the environment grows. The key factors driving the expansion of this industry in the region are the government policies followed by Asia Pacific nations and the substantial subsidies granted on fertilizers, often up to 100% for marginal farmers.
The major global players include Koch Industries, Inc. (Koch Agronomic Services, LLC), Pursell Agri-Tech LLC, Grupa Azoty S.A. (COMPO EXPERT GmbH), ICL Group Ltd., Haifa Group, Tagrow Co., Ltd, JCAM AGRI.CO. LTD., Kingenta Ecological Engineering Co. Ltd, Nutrien Ltd., and Helena Agri-Enterprises, LLC.
The global controlled release fertilizers market report would provide approximately 69 tables, 67 figures and 136 Pages.
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