Controlled Release Fertilizers Market is observing a lucrative growth roadmap with the escalating food demand of the increasing population and at the same time continuous per capita reduction of cultivated land. As per an estimation by WHO, an increase of 50% per hectare of agricultural output is required to feed the growing population. This has led to a shift in focus of various agriculturalists toward long lasting fertilizers that enable better land productivity and improved crop yield. Global Food demand is expected to increase by 35% within a decade span and 75% of the demand is estimated to be addressed by increased productivity. In response to the demographic challenges, soil fertility needs to be maintained, which in a way is stimulating the overall market dynamics. According to Global Market Insights Inc., “Controlled Release Fertilizers Market worth over USD 2.4 billion in 2015, is anticipated to exceed a revenue of USD 3.9 billion by 2024.”
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Polymer sulfur coated urea also called sulfur coated urea dominated the Controlled release fertilizers product landscape having held more than 40% of industry share in 2015. The product will exhibit a steady annual growth rate of 6% over the coming seven years, with a projected revenue over USD 1.75 billion by 2024. Polymer coated urea on account of its huge demand attributed to its ecofriendly characteristics is also substantially contributing toward the overall controlled release fertilizers industry. This segment is estimated to grow at an annual rate of 5% over the coming seven years.
Based on the various crops where these controlled release fertilizers are extensively applied, the controlled release fertilizers industry is fragmented into cereals & grains, oilseeds & pulses, fruits, and vegetables. Cereals and grains being one of the primary food sources, accounted for a major portion (40%) of controlled release fertilizers market share in 2015, by collecting a revenue over USD 900 million. Driven by the strong need for upgraded fertilizers to increase the productivity, controlled release fertilizers industry from cereals & grains applications is slated to grow at a CAGR of 6 % over the period of 2016-2024.
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Considering the global scenario, Asia Pacific controlled release fertilizers market is anticipated to be the fastest growing industry with an annual growth rate projection of 7% in the coming time frame. The significant advancements in farming technology along with increasing adoption of upgraded methods especially across economies such as China and India is catering the regional market growth. Apart from this, spreading awareness about organic farming and ecological sustainability is boosting the regional market trends.
Although comparatively higher price trends of these controlled release fertilizers may hamper the growth of the market, however rising need for sustainable farming to mitigate the catastrophic impact of changing climatic conditions will boost the growth of controlled release fertilizers industry. Some of the key players participating actively in controlled release fertilizers market include Greenfeed Agro, Israel Chemicals, Agrium, Inc., Haifa Chemicals, and Yara International.
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