Press release
Controlled Release Fertilizers Market to reach $3.97 Billion by 2031
In a pivotal insight provided by Meticulous Research®, a prominent market research firm, the global controlled release fertilizers market is poised to achieve a substantial valuation of $3.97 billion by 2031. This projection reflects a compelling Compound Annual Growth Rate (CAGR) of 9.9% from 2024 to 2031.
Market Dynamics:
This robust growth trajectory is attributed to escalating concerns about environmental safety, favorable government policies and regulations, the diminishing availability of arable land, and the mounting demand for food owing to population growth. However, challenges such as high production costs, the rapid growth of the organic fertilizer industry, and the elevated cost of organic coating materials are anticipated to moderate the market's growth.
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Opportunities and Challenges:
Despite the hurdles, the adoption of precision farming technology and increasing government initiatives for sustainable agricultural practices present promising growth opportunities for stakeholders. A notable challenge faced by stakeholders is the lack of awareness among farmers, indicating the need for comprehensive education and awareness programs.
Key Players:
The global controlled release fertilizers market is characterized by a moderately competitive landscape, featuring both large and small-sized players. Key industry participants include Nutrien Ltd. (Canada), Yara International ASA (Norway), The Mosaic Company (U.S.), ICL Group Ltd. (Israel), Haifa Group (Israel), EuroChem Group AG (Switzerland), Kingenta Ecological Engineering Group Co., Ltd (China), Deepak Fertilisers and Petrochemicals Corporation Ltd. (DFPCL) (India), Nufarm Ltd. (Australia), and Smart Fert Sdn Bhd. (Malaysia).
Market Segmentation:
The market is comprehensively segmented based on product type, mode of application, crop type, and geography.
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Product Type:
Polymer-Coated Fertilizers, Resin-Coated Fertilizers, and Other Controlled Release Fertilizers: In 2024, the polymer-coated fertilizers segment is projected to dominate, fueled by the rising demand for prolonged nutrient release, reduced leaching, and improved nutrient absorption. Government regulations encouraging environmental-friendly fertilizers further contribute to the segment's growth.
Mode of Application:
Top-Dressing, Dibbling, and Incorporation: The top-dressing segment is expected to lead in 2024, driven by its ease of application, effectiveness in delivering nutrients to plant roots, and reduced risk of nutrient leaching and runoff. Its convenience and efficiency make it a preferred choice for farmers and gardeners.
Crop Type:
Non-Agriculture and Agriculture: The non-agriculture segment, particularly turf & ornamental, nurseries & greenhouse, is anticipated to capture a larger share in 2024. Increasing demand in landscaping, gardening, and turf management applications, coupled with urbanization trends and rising interest in aesthetically pleasing green spaces, contribute to the segment's growth.
Geographical Insight:
In 2024, Asia-Pacific is poised to dominate the controlled release fertilizers market, accounting for the largest share. The region's prominence is attributed to the presence of key fertilizer providers, a vast area under agricultural production, and robust support from governments and organizations to enhance crop cultivation. Increasing population and food demand in countries like China and India further bolster the market's growth in the region.
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In-Depth Analysis:
This research report offers a meticulous analysis of major geographies, evaluating North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The report delves into industry competitors, providing comprehensive insights at both the regional and country levels.
For a detailed exploration of the global controlled release fertilizers market, including insights into key players, regional dynamics, and market trends, refer to Meticulous Research®'s comprehensive report titled "Global Controlled Release Fertilizers Market - Forecast to 2031."
About us:
We are the trusted research partners for leading businesses around the world, providing market intelligence focused towards building revenue transformation strategies. Our research is used by Fortune 500 organizations to attain success by scouting next generation revenue opportunities well ahead of their competition.
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