The report “Controlled Release Fertilizer Market by Type (Slow Release, Coated And Encapsulated, Nitrogen Stabilizers), End Use (Agricultural and Non Agricultural), Mode of Application (Foliar, Fertigation, Soil), and Region – Global Forecast to 2026” The global controlled release fertilizer market size is projected to reach USD 3.3 billion by 2026. The market for controlled release fertilizer is estimated at USD 2.4 billion in 2021; it is projected to grow at a CAGR of 6.4% to reach USD 3.3 billion by 2026.
Asia Pacific accounted for the largest share; during the forecast period, in terms of volume and value, respectively. Increasing growth of high-value crops and rising awareness among farmers about the environmental benefits of controlled-release fertilizers are expected to provide more scope for market expansion. The government policies adopted by Asia Pacific countries and the large subsidies, sometimes up to 100% for marginal farmers, provided on fertilizers are the major factors triggering the growth of this market in the region. In North America region the demand for controlled-release fertilizers is expected to increase in the near future due to the shrinking arable land. Mexico, on the other hand, has the advantage of a warm climate; however, the relative arable land is significantly less than the others. Given the high prices of controlled release fertilizer, the market has remained popular in developed markets, with high disposable incomes and demand.
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Opportunity: Strong growth in emerging economies
The Asia Pacific region is the largest consumer of fertilizers. The increasing population in the region has led to a surge in demand for food products, which is projected to increase the consumption of fertilizers. However, the major concerns in this region include the pollution and contamination of soil, as well as their harmful effects on humans and the environment. To combat these harmful effects, governments in this region are focusing on the use of fertilizers that are less harmful to the soil. The Asia Pacific region consists of developing countries, in which the average landholding of farmers is significantly low. The rise in population, the shrinking agricultural land due to industrialization and urbanization, low farm yields, environmental and soil degradation, and infrastructure inadequacy are some of the factors that are encouraging farmers to produce more in the limited land area, which is projected to increase the demand for specialty fertilizers.
The non agriculture segment is estimated to account for the largest market share in the controlled release fertilizer market during the forecast period.
The growth in purchasing power and the rising environmental issues have led to an increase in the demand for CRFs in non-agricultural. However, as a result of government rules governing controlled-release fertilizers, their use on agricultural crops has expanded significantly in developing countries also. Growing usage of controlled-release fertilizers for turf & ornamental grass is driving the market. For more than a decade, CRF has been used for turf & ornamental grass in the US; however, its demand has been increasing recently in developing countries. Thus, the easy application of controlled-release fertilizers on ornamental crops is a major factor driving its market.
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Asia Pacific is projected to account for the largest share in the controlled release fertilizer market during the forecast period.
Asia Pacific accounted for the largest share; during the forecast period, in terms of volume and value, respectively. Increasing growth of high-value crops and rising awareness among farmers about the environmental benefits of controlled-release fertilizers are expected to provide more scope for market expansion. The government policies adopted by Asia Pacific countries and the large subsidies, sometimes up to 100% for marginal farmers, provided on fertilizers are the major factors triggering the growth of this market in the region
The key players in this market include Yara International ASA (Norway), Nutrien Ltd. (Canada), The Mosaic Company (US), ICL Group (Israel), Nufarm Ltd. (Australia), Kingenta (China), ScottsMiracle-Gro (US), Koch Industries (US), Helena Chemical (US), and SQM (Chile). These players in this market are focusing on increasing their presence through agreements and collaborations. These companies have a strong presence in North America, Asia Pacific and Europe. They also have manufacturing facilities along with strong distribution networks across these regions.
- In 2021 December, Yara international ASA collaborated with Sumitomo chemicals Co.Ltd. The collaboration with Sumitomo Chemicals accelerated Japan’s green energy transition and built upon the growing momentum associated with clean ammonia
- In 2021 April, Nufarm Ltd collaborated with Crop Zone. This collaboration is to bring alternative weed control to major European markets. Nufarm and crop.zone combines chemical and physical processes to create a compelling and sustainable method of weed control. By pre-treating plants with an organic, regulated liquid that is conductive and then applying electrical charge, the company would be able to control weeds with a very high degree of efficiency and lower energy consumption than conventional weeding technologies
- In 2021 March, Mosaic Company entered into partnership with sound agriculture. The partnership was to develop and distribute a nutrient efficiency product. The product would activate the soil microbiome to give plants access to important nutrients and allow growers to optimize fertilizer inputs.