REDDING, Calif., May 30, 2024 /PRNewswire/ -- According to a new market research report titled, 'Controlled Release Fertilizers Market by Product Type (Polymer-coated, Resin-coated), Mode of Application (Top-dressing, Dibbling), Crop Type (Non-Agriculture {Turf, Nurseries}, Agriculture {Fruits & Vegetables, Cereals & Grains})-Global Forecast To 2031,' published by Meticulous Research®, the global controlled release fertilizers market is projected to reach $3.97 billion by 2031, at a CAGR of 9.9% from 2024 to 2031.
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The growth of this market is driven by growing concerns regarding environmental safety, favorable government policies and regulations, declining arable land, and rising food demand due to population growth. However, the market faces challenges due to the high production costs, rapid growth of the organic fertilizer industry, and high cost of organic coating materials.
Moreover, the rising adoption of precision farming technology and increasing government initiatives for sustainable agriculture practices are expected to provide market growth opportunities for the stakeholders operating in this market growth. Nonetheless, stakeholders in this market encounter a major challenge in the form of a lack of awareness among farmers.
Key Players:
The report includes an extensive assessment of the key strategic developments by leading market participants in the industry over the past five years (2021-2024). The global controlled release fertilizers market has witnessed several product launches, partnerships, agreements, and collaborations in recent years. The key players operating in the global controlled release fertilizers market are 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).
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The global controlled release fertilizers market is segmented by product type (polymer-coated fertilizers, resin-coated fertilizers, and other controlled release fertilizers), by mode of application (top-dressing, dibbling, and incorporation), by crop type (non-agriculture {turf & ornamental, nurseries & greenhouse, other non-agriculture crops} and agriculture { fruits & vegetables, cereals & grains, oilseeds & pulses, and other agriculture crops}, and geography (North America, Europe, Asia-Pacific, Latin America, the Middle East & Africa). The study also evaluates industry competitors and analyses the regional and country-level markets.
Key Findings in the Controlled Release Fertilizers Market Study:
Among all the types studied in this report, in 2024, the polymer-coated fertilizers segment is expected to account for the largest share of the global controlled release fertilizers market. The significant market share of this segment is primarily attributed to the growing demand for polymer-coated fertilizers due to the advantages offered by polymer-coated fertilizers, such as prolonged nutrient release, reduced leaching, and improved nutrient absorption by plants.
However, the resin-coated segment is slated to register the highest CAGR during the forecast period of 2024-2031, owing to the growing popularity of resin-coated fertilizers among farmers. Resin-coated fertilizers provide a more controlled and precise release of nutrients, ensuring that plants receive the right amount at the right time. Thus, factors such as high fertilizer use efficiency, high longevity compared to polymer-coated fertilizers, low losses of nutrients due to leaching, and lower environmental contamination are further expected to support the growth of this market during the forecast period.
Among all the modes of application studied in this report, the top-dressing segment is expected to account for the largest share of the global controlled release fertilizers market in 2024, owing to its high preference among farmers due to its ease of application and effectiveness in delivering nutrients directly to the plant's root zone. Moreover, this mode of application of controlled release fertilizers not only reduces the risk of nutrient leaching and runoff but also minimizes the need for frequent application, making it an ideal choice for farmers and gardeners, which is further anticipated to drive the growth of this market during the forecast period.
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Among all the crop type studied in this report, in 2024, the non-agriculture segment is expected to account for the larger share of the global controlled release fertilizers market. However, the agriculture segment is expected to register the highest CAGR during the forecast period of 2024-2031, owing to the increasing demand for sustainable farming practices and the need for high crop yields. Controlled release fertilizers offer several benefits to the agriculture sector, including reduced nutrient loss due to leaching, improved nutrient availability, and enhanced crop quality. Thus, all these factors are further expected to drive the growth of the controlled release fertilizers market for agriculture across the globe.
Based on geography, the controlled release fertilizers market is majorly segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of the global controlled release fertilizers market owing to the presence of a large number of key controlled release fertilizer providers in the region, a huge area under agriculture production, the rising support from various organizations & governments to enhance crop cultivation, and the rapidly increasing area under turf and landscaping activities. Additionally, the rising population and increasing food demand in countries like China and India are also driving the growth of the controlled release fertilizers market in the Asia-Pacific region. Moreover, the adoption of advanced farming techniques and the need for sustainable agriculture practices are further expected to contribute to the market's expansion in the upcoming years in this region.
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Scope of the Report:
Controlled Release Fertilizers MarketAssessment-by Product Type
- Polymer-coated Fertilizers
- Resin-coated Fertilizers
- Other Controlled Release Fertilizers
Controlled Release Fertilizers Market Assessment- by Mode of Application
- Top-dressing
- Dibbling
- Incorporation
Controlled Release Fertilizers Market Assessment- by Crop Type
- Non-Agriculture
- Turf & Ornamental
- Nurseries & Greenhouse
- Other Non-agriculture Crops
- Agriculture
- Fruits & Vegetables
- Cereals & Grains
- Oilseeds & Pulses
- Other Agriculture Crops
Controlled Release Fertilizers Market Assessment- by Country/Region
- North America
- U.S.
- Canada
- Europe
- France
- Germany
- Spain
- Italy
- U.K.
- Rest of Europe (RoE)
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific (RoAPAC)
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America (RoLATAM)
- Middle East & Africa
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