The top four players operating in the global
controlled release fertilizers market as of 2015 were Kingenta
Ecological Engineering Group Co., Ltd., Shandong Shikefeng Chemical
Industry Co. Ltd., Agrium, Chisso Corporation. These players
collectively held a dominant share of 49.1% in 2015. In the coming
years, companies are expected to develop user-friendly products and
technologies that will cater to the ever-changing consumer needs to
remain in the leading positions. Furthermore, companies will also
work towards increasing their production capacities to meet the
growing demand for fertilizers across the globe.
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According to the research report, the global
controlled release fertilizers market will be worth US$3.92 bn by
2024 as compared to US$2.41 bn in 2015, as the market expands at a
CAGR of 5.6% between 2016 and 2024.
“This move will make leading players turn towards
emerging markets for cheap labor and local manufacturers to cut down
their production costs and optimize their resources,” observes the
lead author of this research report. Additionally, establishing
long-term connections with suppliers to raw material for procuring
them at fixed costs will also help manufacturers prevent any
disruptions due to price volatility.
Depleting Arable Land Forces Farmers to Opt for
Controlled Release Fertilizers
The problem of population explosion has led to
depletion of arable land, which has created a situation of growing
demand for higher food consumption and lower yield. Reconciling these
issues has led to an outstanding demand for controlled release
fertilizers in the past few years. These fertilizers are known to
enhance the agricultural yield, which is a pressing need of hour due
to rapid urbanization and drop in the number of farming jobs as the
younger population is seeking other occupations.
Rising disposable incomes has also generated a demand
for high-value food items such as organic food produce and
high-quality meat. The growing concerns of food security have coaxed
several governments across the globe to adopt these fertilizers to
increase their produce and reduce their dependency on food imports.
Furthermore, the growing initiatives of farmers to modernize their
farming techniques have also led a significant uptake in the
consumption of controlled release fertilizers.
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Lack of Awareness about Benefits of Controlled
Release Fertilizers Dissuades Market
Though these fertilizers are made from conventional
chemical fertilizers, additives such as resins and polymer coatings
impact their prices. Thus, despite the advantages of controlled
release fertilizers, the market is facing issues such as increasing
prices of these fertilizers, which has dissuaded many farmers to
invest in these products. Furthermore, lack of awareness about
benefits of controlled release fertilizers in the emerging economies,
which happen to be the significant markets as well, is also hampering
the growth of this market.
Asia Pacific Maintains its Leading Stance During
the Forecast Period
The polymer sulfur coated urea/sulfur coated urea
segment is anticipated to lead the global market at a steady CAGR of
6.3% in terms of revenue. Its advantages over other fertilizers such
as resource saving, labor saving, and environment-friendly properties
have made it a popular type of fertilizer.
Geographically, this market is segmented into regions
such as Europe, North America, Asia Pacific, Latin America, and the
Middle East and Africa. Out of these, Asia Pacific is expected to be
the significant regional segment in the coming years. This regional
demand will be led by China as the demand to feed the exploding
population base continues to ask for higher crop yields in the near
future. The report suggests that the Asia Pacific controlled release
fertilizers market will progress at a CAGR of 6.7% between 2016 and
2024, in terms of revenue.
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This review is based on Transparency Market
Research’s report, titled “Controlled Release Fertilizers Market
- Global Industry Analysis, Size, Share, Growth, Trends and Forecast
2016 - 2024.”
Key Takeaways:
- Global controlled release fertilizers market to be worth US$3.92 bn by 2024 as farmers maximize yield from limited arable land
- Asia Pacific controlled release fertilizers market expands at a CAGR of 6.7% between 2016 and 2024
- Polymer sulfur coated urea/sulfur coated urea remains the extensively used product in the global controlled fertilizers market
The report segments the global controlled release
fertilizers market into:
Controlled Release Fertilizers Market – Product
Analysis
- Polymer sulfur coated urea/sulfur coated urea
- Polymer coated urea
- Polymer coated NPK fertilizer
- Others (including coated micronutrients)
Controlled Release Fertilizers Market –
Application Analysis
- Cereals & grains
- Oilseeds & pulses
- Fruits & vegetables
- Others (turf, ornamental plants, etc.)
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