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Controlled Release Fertilizers Market is showing huge growth in agriculture sector
Controlled Release Fertilizers Market
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Elaborating further on the regional contribution, Europe accounts for an advantageous share of the global controlled release fertilizers market. Elevated usage of controlled release fertilizers in the gardening industry is supporting regional market outlook. The Netherlands being a major producer of gardening plants and flowers is deemed to be a major contributor to the regional market. Other key revenue pockets include Germany, France, and Italy.
North America market is expected to procure more than one-fifth volume share of the market by 2024. The growth is bolstered by decreasing share of arable land in the region, especially in the US. As per estimates, arable land in the US reduced from 18% in 2005 to 16.6% in 2016.
Polymer sulfur coated urea has gained remarkable traction as a controlled release fertilizer and the segment accounts for more than 40% share of the global market. Despite having a higher price index, almost triple the price of conventional fertilizers, the product is highly demanded as it requires less frequent application, resulting in significant equipment and labor expense reduction. Polymer sulfur coated urea market is expected to register a CAGR of more than 6% up to 2024.
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Speaking further on the product spectrum of the market, polymer coated NPK fertilizers segment is also exhibiting noteworthy expansion. Polymer coated NPK fertilizers are extensively used for the cultivation of crops & grains and is accountable for more than 20% share of the globalvolume.
In the light of relentless need to fulfill the food demands of the burgeoning population, global controlled release fertilizers market is showcasing signs of gain in growth momentum. Agricultural production has not been able to keep pace with the colossal rise in global population. To add to it, increasing shortage of arable land and depleting soil quality, especially in countries such as the US, has intensified the need for sustainable agricultural practices, which is supporting controlled release fertilizers industry trends. In terms of revenue, global controlled release fertilizers market is set to cross the USD 3.9 billion mark by the end of 2024.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. ATS
2. HIF Tech Sdn Bhd
3. GreenFeed VN
4. Haifa Group
5. Hanfeng Evergreen
6. Nufarm
7. EuroChem
8. COMPO EXPERT GmbH
9. Kingenta Ecological Engineering Group Co., Ltd
10. Central Glass Ltd
The quality of these fertilizers to efficiently release nutrients has promoted their usage in cereals & grains. Controlled release fertilizers market size from cereals & grains application is estimated to surpass USD 1.7 billion by 2024. These fertilizers are gaining widespread acceptance within the agricultural industry on account of its eco-friendly nature. Unlike conventional fertilizers which are associated with concerns such as nitrogen depletion, controlled release fertilizers are aligned with superior environmental credentials, which has favored rapid penetration of the product. Furthermore, active product developments by key players with respects to parameters such as release mechanism, longevity, and others is likely to offer lucrative growth opportunities to controlled release fertilizers market.
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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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