The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, April 20, 2023 /PRNewswire/ -- As per The Business Research Company's Controlled Release Fertilizer Global Market Report 2023, the global controlled release fertilizer market size will grow from $2.8 billion in 2022 to $3 billion in 2023 at a compound annual growth rate (CAGR) of more than 6%. The controlled release fertilizer market size is then expected to grow to $3.9 billion in 2027 at a CAGR of more than 6%. Going forward, an increasing adoption of modern agriculture practices, an increasing population, rising government initiatives and robust research and development activities will drive the controlled release fertilizer market growth.
The global controlled release fertilizer market is highly concentrated, with a few large players in the market. Yara International ASA was the largest competitor with 14.9% of the controlled release fertilizer market share, followed by Kingenta, Nutrien Ltd., ICL Group, Sociedad Quimica y Minera de Chile S.A, Jcam Agri, Helena chemical company, Haifa Chemicals, Compo Expert GMbh and Nufarm Ltd.
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Controlled release fertilizer market companies are focused on developing innovative products to gain a competitive edge and strengthen their position in the market. For instance, in September 2022, ICL Group, an Israel-based company that develops, produces and markets fertilizers, metals and other special-purpose chemical products, launched eqo.x, an innovative rapidly biodegradable release technology created for open-field agriculture. It is a first-to-market groundbreaking solution to offer a controlled release fertilizer (CRF) coating for urea, which biodegrades more rapidly and is specifically created to meet future European fertilizer standards and go into effect in 2026. It reduces nutrient loss and increases nutrient use efficiency (NUE) by up to 80% to aid farmers to enhance crop performance and limiting environmental impact.
Furthermore, in February 2021, ICL Group introduced the fifth version of its Osmocote controlled release fertilizer. Osmocote 5 has a distinctive nutrient-matching release technology as well as an upgraded Optimized 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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The global controlled release fertilizer market is segmented -
- By Product: Polymer Sulfur Coated Urea/Sulfur Coated Urea, Polymer Coated Urea, Polymer Coated NPK
- By Form: Liquid, Granular, Powder
- By Application: Foliar, Fertigation, Soil, Other Applications
- By End-Use: Agriculture, Cereals And Grains, Oilseeds And Pulses, Vegetables, Fruits And Plantation Crops
The controlled release fertilizer market report describes and explains the controlled release fertilizer market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.
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