Fertilizers consumption has received a significant uptick with the addition of controlled release fertilizers. However, higher cost of these fertilizers have limited their consumption to countries with greater purchasing power. Led by China, the U.S., Western Europe and Japan, global controlled release fertilizers market is forecast to surpass US$ 4.5 Bn by 2029, reveals Fact.MR in a recently published report.
China’s controlled release fertilizers consumption, in particular, has been growing substantially in the past decade, and is anticipated to rise at a CAGR of around 10% during forecast period. Unmatched benefits of Controlled Release Fertilizers over other fertilizers such as the gradual release of nutrients into the soil, have fetched notable traction over the past half of a decade, says Fact.MR.
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Key Takeaways of Global Controlled Release Fertilizers Market
- Sulfur coated urea / polymer sulfur coated urea is an established market for controlled release fertilizers, which is poised to reflect positive growth of over 6% till 2029
- Demand for controlled release fertilizers for cereals & grains in 2029, is anticipated to increase 1.5X from that of 2019, as demand for protein based food is experiencing an upward trend globally
- Fruits & vegetables account for over 40% of market share, which is poised to reflect the highest growth vis-a-vis other crop types
- North America is a matured market for controlled release fertilizers, and accounts for just over one quarter of the market share
- East Asia, South Asia & Oceania are the next growth epicenters for controlled release fertilizers owing to significant contribution in agricultural production from these regions
- Controlled release fertilizers market is highly fragmented, with Yara International, Harell’s LLC, and Nutrien, among few of the prominent manufacturers. Players in market are targeting sales in regional markets on the back of sustainable agricultural practices
“The demand for controlled release fertilizers for optimal crop development has increased over the years. Availability of less expensive nitrogenous fertilizers along with the trend of using large chunks of fertilizers to gain high crop yield, are set to hamper the global market.” says a Fact.MR analyst.
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High Demand Growth in US on back of Nonagricultural Applications
United States has been a significant market for controlled release fertilizers. Nonagricultural applications which include golf courses, turf gardens and lawns, are boosting demand in the United States. Around 2 million acres of land in the United States is being used as golf courses. This is creating immense opportunities for controlled release fertilizers to be used for continuous nutrient supply.
More Valuable Insights on Controlled Release Fertilizers Market:
Fact.MR, in its new offering, presents an unbiased analysis of the global controlled release fertilizers market, presenting historical demand data (2014-2018) and forecast statistics for the period of 2019-2029.
The study divulges essential insights on the controlled release fertilizers market on the basis of product (Polymer Sulfur Coated Urea/Sulfur Coated Urea, Polymer Coated Urea, and Polymer Coated NPK) and application (Cereals & Grains, Oilseeds & Pulses, and Fruits & Vegetables, Others) across six major regions.
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