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Revolutionizing Agriculture: Controlled Release Fertilizers Market Projected to Hit $3.97 Billion by 2031
Controlled Release Fertilizers Market
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Controlled release fertilizers offer promising solutions for bolstering nutrient supply, improving crop quality & yield, and mitigating application costs and environmental pollution. Unlike conventional methods that lead to approximately 50% fertilizer wastage through seepage into soil and water, controlled-release fertilizers (CRFs) gradually and consistently release nutrients over an extended period. They match nutrient supply with plant requirements, ensuring optimal nutrient availability while addressing two critical aspects of plant nutrient supply. Typically, CRFs consist of a blend of fertilizers such as nitrogen, phosphorus, and potassium, encapsulated or coated with a material that regulates nutrient release.
The market's expansion is further fueled by growing concerns regarding environmental safety, favorable government policies and regulations, uniform nutrient application, and the increasing adoption of precision farming technology. Moreover, product innovation in controlled-release technology and robust growth in emerging economies present significant growth opportunities. Nonetheless, cost inefficiencies and the proliferation of the organic fertilizers industry pose challenges to market expansion.
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The controlled release fertilizers market is meticulously segmented by type, end use, mode of application, and geography.
In terms of type, the coated & encapsulated fertilizers segment is anticipated to dominate the market in 2023, owing to widespread adoption and availability across developed and developing economies. Heightened awareness regarding the benefits associated with coated fertilizers, coupled with robust government support in terms of subsidies and policy amendments, further fortify the segment's dominant position.
Based on end use, the non-agriculture segment is expected to hold the largest market share in 2023, attributed to high purchasing power and escalating environmental concerns. Conversely, the agriculture segment is poised to witness significant growth during the forecast period, driven by the expanding area under agricultural cultivation and the increasing adoption of controlled-release fertilizers in producing high-value fruit crops and cereals.
Geographically, Asia-Pacific is poised to command the largest share of the controlled release fertilizers market in 2023, propelled by escalating demand for organic food, burgeoning population, 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.
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Key players in the controlled release fertilizers market include Yara International ASA, Nutrien Ltd., The Mosaic Company, ICL Group Ltd., Nufarm Ltd., Kingenta Ecological Engineering Group Co., Ltd., The Scotts Miracle-Gro Company, Koch Industries, Inc., Helena Chemical Company, Mivena BV, and Florikan.
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