Controlled Release Fertilizers Market Forecast
WILMINGTON, DE, UNITED STATES, September 15, 2024 /
EINPresswire.com/ -- A recent report by Allied Market Research, titled “
Controlled Release Fertilizers Market by Type (Slow Release, Nitrogen Stabilizers, Coated and Encapsulated), Mode of Application (Foliar, Fertigation, Soil, Others), and End Use (Agricultural, Non-Agricultural): Global Opportunity Analysis and Industry Forecast, 2021-2031,” highlights a promising future for the industry. The global controlled release fertilizers market is projected to grow from $2.3 billion in 2021 to $4.3 billion by 2031, with a compound annual growth rate (CAGR) of 6.6% during the forecast period (2022-2031).
Key Market Drivers and Opportunities
Several factors are driving market growth:
- Rising Global Demand for Agricultural Products: The growing global population is increasing the need for enhanced crop yield, which is pushing the adoption of controlled and slow-release fertilizers.
- Environmental Concerns: Conventional fertilizers are associated with harmful environmental effects, prompting a shift towards eco-friendly alternatives.
- Technological Advancements: While controlled-release fertilizers are more expensive due to advanced production techniques, they offer superior crop performance, which is attracting investment.
- Sustainable Agriculture: Investments in sustainable and eco-friendly fertilizers are growing, particularly in developing markets, presenting new opportunities for growth.
However, market expansion is hindered by the high production costs and lack of awareness among growers about the benefits of controlled-release fertilizers.
Market Segmentation Highlights
- By Type: The coated and encapsulated segment dominated the market, contributing nearly half of the global revenue in 2021. Increased demand for high-value crops and advancements in fertilizer production are key factors driving this segment. However, the slow-release segment is expected to witness the fastest growth with a 6.9% CAGR from 2022 to 2031, spurred by rising agricultural demand in developing economies like China and India.
- By Mode of Application: The soil segment held the largest market share in 2021, accounting for more than one-third of the global market. The increasing demand for food and crop production is driving the adoption of controlled-release fertilizers in soil applications. Meanwhile, the "others" segment is projected to exhibit the highest growth, with a 7.2% CAGR, due to the rising demand for water-soluble fertilizers that enhance nutrient absorption and yield.
- By End Use: The non-agricultural segment, driven by the need for large amounts of feedstock for energy production, held nearly two-thirds of the market share in 2021. However, the agricultural segment is anticipated to grow at the highest rate, with a 7.1% CAGR, due to the increasing global food demand.
Regional Insights: Asia-Pacific Leading the Growth
Asia-Pacific dominated the market in 2021, accounting for nearly 60% of global revenue. The region's rapidly growing population and increasing demand for food are driving the use of controlled-release fertilizers to improve crop yields. This region is also expected to experience the highest growth, with a projected 6.9% CAGR during the forecast period, as agriculturists focus on modernizing farming methods.
Key Players in the Market
The leading companies shaping the controlled release fertilizers market include:
- Yara International ASA
- Nutrien Ltd.
- The Mosaic Company
- ICL Group
- Nufarm Ltd.
- Kingenta
- ScottsMiracle-Gro
- Koch Industries
- Helena Chemical Company
- SQM
- JNC Corporation
- Haifa Chemicals
- AGLUKON
- Pursell Agri-Tech
- Ekompany International BV
These players are actively contributing to market growth through innovation, product development, and strategic investments in eco-friendly fertilizer solutions.
𝐎𝐛𝐭𝐚𝐢𝐧 𝐑𝐞𝐩𝐨𝐫𝐭 𝐃𝐞𝐭𝐚𝐢𝐥𝐬:
https://www.alliedmarketresearch.com/controlled-release-fertilizers-market-A31407
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