Controlled Release Fertilizers Market to be Worth $4.71 Billion by 2030

The controlled release fertilizers market is expected to reach $4.71 billion by 2030, at a CAGR of 6.4% from 2023 to 2030. The growth of this market is driven by growing concerns regarding environmental safety, favorable government policies and regulations, uniform nutrient application, and the rising adoption of precision farming technology. Furthermore, product innovation in controlled-release technology and strong growth in emerging economies is expected to provide significant growth opportunities for players operating in this market. However, cost ineffectiveness and growth of the organic fertilizer industry hinder the growth of this market. In addition, the lack of awareness among farmers poses a major challenge to players operating in this market.

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Controlled release fertilizers are promising solutions for improving the nutrient supply, enhancing crop quality & yield, and reducing application costs and environmental pollution. Conventional methods of releasing fertilizers not only lead to ~50% fertilizer wastage through seepage into the soil and water but also increases labor costs. However, controlled-release fertilizers (CRFs) release nutrients gradually and consistently over a longer period than conventional fertilizers that release their nutrients rapidly after application. They have the potential to address two key aspects of plant nutrient supply by matching nutrient supply as per plant requirements and ensuring nutrient availability. They primarily consist of a blend of fertilizers, such as nitrogen, phosphorus, and potassium, encapsulated or coated with a material that regulates the release of nutrients.

The controlled release fertilizers market is segmented by type, end use, mode of application, and geography.

Based on type, the controlled release fertilizers market is segmented into slow-release fertilizers, nitrogen stabilizers, and coated & encapsulated fertilizers. In 2023, the coated & encapsulated fertilizers segment is expected to account for the largest share of the controlled release fertilizers market. The large market share of this segment is attributed to their wide adoption and broad availability across developed and developing economies. In addition, the rising awareness about the benefits associated with coated fertilizers and strong government support provided by the nation in terms of subsidies and policy amendment further supports the dominant position of this segment.

Based on end use, the controlled release fertilizers market is segmented into agriculture and non-agriculture. In 2023, the agriculture segment is projected to witness significant growth during the forecast period of 2023-2030. The increase in the area under agricultural cultivation mainly drives the rapid growth of this segment. In addition, controlled release fertilizers are expected to grow significantly in producing high-value fruit crops and cereals, owing to rising concern over food security and increasing demand for efficient and smart fertilizers.

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Based on mode of application, the controlled release fertilizers market is segmented into fertigation, foliar, soil, and other modes of application. In 2023, the fertigation segment is projected to witness significant growth during the forecast period of 2023-2030. The rapid growth of this segment is mainly driven by its increasing adoption due to reliability and higher efficacy. Fertilizers' efficiency is increased by 80 to 90% in the fertigation method. In addition, less water is needed, and fertilizer, time, labor, and energy use are also reduced substantially. It is an easy and safe method of applying fertilizers.

Based on geography, the global controlled release fertilizers market is divided into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, the Asia-Pacific region is expected to register the fastest growth during the forecast period. The fast growth of this segment is mainly attributed to the increasing organic farming and high-value crops production, growing awareness about the environmental benefits of controlled release fertilizers, increasing mechanization in the agriculture sector, improved irrigation facilities, and support from various organizations and governments to increase cultivation with the use of controlled-release fertilizers.

Key Players

The key players operating in the controlled release fertilizers market include Yara International ASA (Norway), Nutrien Ltd. (Canada), The Mosaic Company (U.S.), ICL Group Ltd. (Israel), Nufarm Ltd. (Australia), Kingenta Ecological Engineering Group Co., Ltd. (China), The Scotts Miracle-Gro Company (U.S.), Koch Industries, Inc. (U.S.), Helena Chemical Company (U.S.), Mivena BV (Netherlands), and Florikan (U.S.).

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Key Questions Answered in the Report:

Which are the high-growth market segments in terms of type, end use, mode of application, and geography?

What is the historical market size for controlled release fertilizers across the globe?  

What are the market forecasts and estimates for the period 2023-2030?

What are the major drivers, restraints, opportunities, and challenges in the controlled release fertilizers market?

Who are the major players in the market, and what are their market shares?

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This release was published on openPR.