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Pressure to Increase Yield Raises Demand for Controlled Release Fertilizers By 2024

03-23-2017 02:06 PM CET | Energy & Environment

Press release from: TMR – Research Reports

Controlled Release Fertilizers Market

Controlled Release Fertilizers Market

The depleting arable land due to rapid urbanization and growing usage of land for reasons other than agriculture has raised a worrying question about reductions in the agricultural yield. With nations struggling to cope with issues of food security, it has become increasingly difficult to keep up with growing demand for food and overpopulation. In a bid to solve these problems, farmers have increased their uptake of controlled release fertilizers, which promise a rise in the yield. Owing to this very reason, the demand for controlled release fertilizers has been in top gear.

Additionally, as the youth is seeking occupations other than farming, it has left several nations in a lurch, causing a decline in the number of farmhands and thereby negatively impacting the yield. Thus, to save the laborious efforts, increase the agricultural yield, and to reduce the harmful effects of fertilizers on the environment, several farmers as investing in advanced controlled release fertilizers.

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According to the research report, the global controlled fertilizers market was worth US$2.41 bn in 2015 and is expected to reach a valuation of US$3.92 bn by 2024. Between the years of 2016 and 2024, the global market is anticipated to expand at a CAGR of 5.6%. The rising disposable incomes have also led a tremendous increase in the demand for high-value food items, thereby generating a massive demand for food in general.

As farmers are also modernizing their equipment in a bid to cater to the ever growing and diversifying needs of the consumers, they are likely to push the demand for controlled release fertilizers upwards. The unpredictable nature of the climate has also proved to be a critical component in the burgeoning demand for controlled release fertilizers. To avert stagnancy in crop cultivation due to climate changes, lack of rainfall, and effect of global warming on agriculture, farmers are turning to controlled release fertilizers to maintain a consistent supply of grains.

Agro-Based Economies of Asia Pacific Keep Region in the Lead

Asia Pacific has had a dominant share in the global controlled release fertilizers market as majority of the countries in this region have agro-based economies. According to the report, the Asia Pacific controlled release fertilizers market is expected to expand at a CAGR of 6.7% in terms of volume. This demand will be led by China due to a huge population base and an obvious demand to fulfill the growing demand for food items. It was observed that polymer sulfur coated urea/sulfur coated urea products were extensively used across Asia Pacific as compared to other products. However, this regional market faces a tough restraint of lack of awareness amongst farmers about benefits of these fertilizers. The market is also being discouraged due to the high prices of controlled release fertilizers in price-sensitive countries of Asia Pacific.

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Demand for Polymer Sulfur Coated Urea/Sulfur Coated Urea Remains High due to its Resource Saving Abilities

On the basis of products the global controlled release fertilizers market has been segmented into polymer coated urea, polymer sulfur coated urea/sulfur coated urea, polymer coated NPK fertilizer, and others such as coated micronutrients. Of these, the polymer sulfur coated urea/sulfur coated urea products are gaining exceptional momentum in the global market. Analysts predict that this product will expand at a CAGR of 6.3% in terms of revenue. The demand for polymer sulfur coated urea/sulfur coated urea is growing due to its advantages such as being environment-friendly, labor saving characteristics, and resource saving abilities.

Some of the leading players in the global controlled release fertilizers are AgroBridge (Malaysia), Agrium Inc, ATS Group, Greenfeed Agro Sdn. Bhd, Agrium Inc, Haifa Chemicals ltd, Ekompany, Compo GMBH & Co. KG, and Shikefeng Chemical Industry. These players are focused on developing user-friendly fertilizers to appeal to a larger consumer base. Additionally, these companies will also look towards expanding their production bases as the demand for fertilizers increases in the near future.

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