Chicago, April 17, 2023 (GLOBE NEWSWIRE) -- The global controlled release fertilizer market size was valued at USD 2.4 billion in 2021. The market is estimated to expand USD 3.3 billion in 2026, exhibiting a CAGR of 6.4% over the projected period. MarketsandMarkets™ provides this information in its research report, titled “Controlled Release Fertilizers Market Global Forecast, 2021-2026”.
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Key Industry Development:
As the global population continues to grow, the demand for food also increases. controlled release fertilizer market helps to improve crop yields and reduce environmental pollution, making it a popular choice among farmers.
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2026 |
| Forecast Period 2021 to 2026 CAGR | 6.4% |
| 2026 Value Projection | USD 3.3 billion |
| Base Year | 2020 |
| Dominant Geography | North America |
| Segments covered | Type, Mode of Application, End Use, Region |
Key Takeaways:
- Controlled-release fertilizers (CRFs) market size was valued at USD 2.4 billion in 2021.
- Increasing demand for food is driving the growth of the controlled release fertilizer market as it helps to improve crop yields and reduce environmental pollution.
- The market is highly competitive, with numerous players operating in the industry. Key players include Nutrien Ltd., The Mosaic Company, ICL Group (Israel), Nufarm Ltd., Kingenta etc.
- During the forecast period, the fertigation segment of the controlled release fertilizer market is expected to experience the highest Compound Annual Growth Rate (CAGR).
Drivers and Restraints:
Necessity for highly efficient fertilizers
Nutrient loss to the environment is one of the major concerns faced by farmers across the world. Heavily fertilized crops such as corn tend to have large losses relative to non-intensive uses such as pasture. Agricultural uses associated with poor land management practices that lead to erosion also produce significant nutrient losses. Nutrient losses can occur in many ways, which can have an extensive impact on the environment.
Cost ineffectiveness
The cost of production of Controlled-release fertilizers (CRFs) is much higher than that of conventional soil-applied fertilizers due to the requirement of complex production processes. According to the International Fertilizer Association (IFA), the prices of controlled-release fertilizers have remained higher by four to six times than the conventional NPK (nitrogen, phosphorus, and potassium) prices. This is one of the major restraints for this market. Unlike conventional fertilizers, repeated application of these fertilizers is not required, owing to their programmed and predefined release pattern; the initial cost required to be invested by the farmer is very high. This limits the use of controlled-release fertilizers only to high-value cash crops, thereby restraining the growth of the market in other broad-acre crops such as rice and wheat since the return of investment for these crops has been quite low for the farmers in developing countries.
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Segments:
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, because 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.
The coated and encapsulated subsegment in the by type segment is estimated to account for the largest market share in the controlled release fertilizer market.
The coated and encapsulated segment is estimated to dominate the controlled release fertilizer market. The adoption of these fertilizers has been increasing continuously in the global market, due to the growing awareness about the benefits associated with coated fertilizers and government support provided by the nation in terms of subsidies and policy amendment. Government policies and well-defined regulations act as a boosting factor for the growth of this market at the global level.
Regional Insights:
North America is a mature market for Controlled-release fertilizers (CRFs), with high adoption rates due to government regulations aimed at reducing fertilizer runoff and improving soil health. The United States is the largest market in the region, followed by Canada.
Europe is another mature market for controlled release fertilizers, with high adoption rates due to strict regulations on fertilizer use and the growing demand for sustainable agriculture. The United Kingdom, Germany, and France are the largest markets in the region.
Asia-Pacific is the fastest-growing market for controlled release fertilizers, driven by increasing demand for food, growing population, and rising environmental concerns. China, India, and Japan are the largest markets in the region.
Latin America is an emerging market for controlled release fertilizers, with growing adoption rates due to the increasing demand for sustainable agriculture and government initiatives to promote their use. Brazil, Argentina, and Mexico are the largest markets in the region.
The Middle East and Africa are also emerging markets for controlled release fertilizers, with growing adoption rates due to government initiatives and the increasing demand for food. South Africa, Saudi Arabia, and Israel are the largest markets in the region.
List of Key Players Mentioned in the Report:
- 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)
- SQM (Chile)
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Frequently Asked Questions (FAQs):
How big is the controlled release fertilizer market?
The Controlled-release fertilizers (CRFs) market size is expected to reach USD 3.3 billion in 2026.
How fast is the controlled release fertilizers market growing?
The controlled release fertilizers market will exhibit a CAGR of 6.4% during the forecast period, 2021-2026.
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