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Controlled Release Fertilizer Global Market Report 2024 To 2033 | Yara International ASA, Kingenta, Nutrien Ltd, ICL Group, Sociedad Quimica y Minera de Chile S.A
Controlled Release Fertilizer Market Share
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According to The Business Research Company's, The controlled release fertilizer market size has grown strongly in recent years. It will grow from $3.14 billion in 2023 to $3.43 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to strong economic growth in emerging markets, a rise in demand for agricultural products, a rise in demand for a vegan diet and an increased organic food demand.
The controlled release fertilizer market size is expected to see strong growth in the next few years. It will grow to $4.89 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to increasing adoption of modern agriculture practices, an increasing population, rising government initiatives and robust research and development activities. Major trends in the forecast period include technological advancements, product innovation, increasing investments, mergers and acquisitions and partnerships and collaborations.
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Market Drivers and Trends:
The increasing adoption of modern agriculture practices is significantly driving the growth of the controlled-release fertilizer market. Modern agriculture is an expanding approach to agricultural inventions and farming practices that assist farmers in boosting efficiency and minimizing the number of natural resources needed to meet the world's food, fuel, and fiber demands, such as water, land, and energy. Controlled release fertilizers examine precision fertilizer applications utilizing the 4-R approach-the right amount of fertilizer at the right time to the right plant at the right stage of growth. For instance, in July 2022, according to a report published by Khulna University Studies, a Bangladesh-based organization on research and academics, on average, the farmers in the survey have been farming for more than 23 years. According to study findings, 87 percent of farming households in the study area are using modern technologies to manage irrigation, use better seeds, and use chemical fertilizers. Around 60% of people are using harvesting technology today. Hence, the increasing adoption of modern agriculture practices is expected to propel the growth of the controlled-release fertilizer market going forward.
Technological advancement is a key trend gaining popularity in the controlled release fertilizer market. Major companies operating in the controlled release fertilizer sector are focused on developing technologically advanced products to strengthen their position. For instance, in September 2021, ICL Group, an Israel-based company that develops, produces, and markets fertilizers, metals, and other special-purpose chemical products, introduced the fifth version of its Osmocote controlled-release fertilizer. Osmocote 5 has a distinctive nutrient-matching release technology as well as an upgraded Optimised Trace Element Availability (OTEA) system that matches plants' needs throughout the release program, resulting in increased plant health, color, and growth. Considering the inclination to minimize or remove peat, Osmocote 5 has a slightly increased Nitrogen concentration to enhance growth.
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Major Key Players of the Market:
ChampionX Corporation, Petronash Holdings, INTECH Process Automation, Lewa GmbH, AES Arabia Ltd,AFP, Petrak Industries, Controval Gallery, Habu Technology, Dencil Fluidtek Systems Pvt Ltd, Depamu, Excel Engineering Systems, Sustisak Enterprise Ltd, Ultrajet Industrial Cleaning Systems Pvt. Ltd, Bliss Anand Pvt. Ltd, Tederic, Wingoil, Hebei Focus Piping Co., Ltd, Santacc, Proserpol, ProMinent France, Socomate International, LEWA GmbH, Milton Roy Europe GmbH, Sistemas de Inyección de Productos Químicos, S.L, Fluidra S.A., Idrochemical S.r.l, Fluid Global Solutions S.r.l, HNP Mikrosysteme AG, Milton Roy UK Ltd, PromTechKomplekt, Lobbe Russia, ChemInject, Elika Engineering, Polimatech, Metron SRL, HIMAT, Eko-Projekt, ENAPAG, POLINDO, Doseuro Czech s.r.o, Technolog, Proma Machinery, Czech Engineering Group, Hydro Systems Company, Pulsafeeder, Chemical Injection Technologies, Inc, Chemical Metering Pumps Canada, TransChem, Clean Harbors, Grupo DEISA, SMAQUA, Propemsa, Tecval Equipamentos Industriais, Dosebras Dosagem Industrial, BRAGNOLI, Hidraujac Indústria de Bombas, Euro Mechanical, Mefab, Smartcorr, Intech, Kamat, AGI Packaged Pump Systems
Controlled Release Fertilizer Market 2024 Key Insights:
• The controlled release fertilizer market size is expected to see strong growth in the next few years. It will grow to $4.89 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%.
• Controlled-Release Fertilizers Thrive Amidst The Surge In Modern Farming Practices
• Controlled Release Fertilizer Market Advances With Cutting-Edge Technologies
• The Asia-Pacific was the largest region in the controlled release fertilizer market in 2023 and is expected to be the fastest-growing region in the forecast period
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