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Market Analysis
The global controlled release fertilizers market will touch USD 3.09 billion at a 6.53% CAGR by 2027, as per the recent Market Research Future report.
COVID-19 Analysis
Controlled-release fertilizer production and delivery in many nations may have been hampered by lockdowns, transit restrictions, and manpower shortages. It is possible that this caused shortages in some areas. Different agricultural industries were differently impacted by the epidemic. While certain crops saw a decline in demand as a result of restaurant & hospitality closures, others saw a rise in demand as consumers turned their attention to food security and at-home cooking. This could have had an impact on fertilizer demand. Farmers’ buying habits may have changed as a result of the pandemic’s general economic insecurity. Financial worries may have led to some people delaying or reducing their fertilizer purchases. Disruptions in the research activities and financing may have had an influence on agricultural research and development projects, including the creation of novel controlled-release fertilizer products.
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Key Players
Eminent market players profiled in the global controlled release fertilizers market report include BASF SE (Germany), Yara International (Norway), Haifa Chemicals Ltd (Israel), Koch Industries (US), Scottsmiracle-Gro (US), Compo Expert GmbH (Germany), Agrium (Canada), Jcam Agri. (Japan), Helena Chemical (US), ICL (Israel), Kingenta (China), and SQM (Chile).
Drivers
Preference over Traditional Fertilizers to Boost Market Growth
Contrary to conventional fertilizers, which release nutrients quickly and are vulnerable to leaching and volatilization, controlled release fertilizers (CRFs) release nutrients gradually over a lengthy period of time. The main benefit of CRFs is they increase fertilizer effectiveness and decrease the need for regular fertilization, which lowers labor costs and has a minimal negative impact on the environment.
Opportunities
Need for Highly Efficient Fertilizers to offer Robust Opportunities
One of the main issues that farmers all over the globe are concerned about is nutrient loss for the environment. Compared to less intensive uses like pasture, heavily fertilized crops like maize typically suffer from significant losses. Immense nutrient losses are also caused by agricultural activities linked to negligent land management techniques that cause erosion. The nutrient losses can happen in a variety of ways and have a significant influence on the ecosystem.
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Restraints and Challenges
Lack of Awareness to act as Market Restraint
The lack of awareness amid farmers and growers alike as well as high cost over conventional fertilizers may act as market restraints over the forecast period.
Market Segmentation
The global controlled release fertilizers market is bifurcated based on mechanism, type, and crop type.
By type, CRCU will lead the market over the forecast period.
By mechanism, diffusion mechanism will domineer the market over the forecast period.
By crop type, agriculture will spearhead the market over the forecast period.
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Regional Analysis
APAC to Command Controlled Release Fertilizers Market
In the controlled release fertilizers market, Asia-Pacific was the market leader. India and Japan were the next-largest consumers of controlled release fertilizers, with China taking the lion’s share of the market. Together, these nations accounted for around 87% of the region’s total demand in that year. In these nations, the need for controlled release fertilizers is anticipated to rise over the next few years more quickly than that for traditional fertilizers. Local farmers & agriculturists are getting encouraged to adopt sustainable agriculture practices in order to increase their production with the effective use of specialty fertilizers like controlled release fertilizers. Cereals and grains are one of the most significant components of traditional diets in Asia Pacific, making up nearly two-thirds of the total calories consumed by an average Asian person. During the projected period, the aforementioned investments and policies will play a significant role in propelling market expansion in this area.
North America to Have Admirable Growth in Controlled Release Fertilizers Market
The region of North America is anticipated to expand quickly. Over a quarter of the world’s market for controlled release fertilizers is accounted for by the United States in terms of revenue because of the region’s ongoing improvements in the quality of its fertilizers and potential market prospects. Among non-agricultural applications which are boosting demand in the nation are golf courses, turf gardens, and lawns. Over 2 million acres in the United States are used for golf courses, as per the National Golf Foundation. This opens up a lot of opportunities for employing controlled release fertilizers to provide nutrients continuously. The growing need for efficient and specialized fertilizers is also to blame for the existence of numerous significant participants in the North American sector, including Nutrien, Pursell Agri-Tech, LESCO, and others. As a result of government laws aimed at decreasing fertilizer runoff and enhancing soil health, North America has a developed market for controlled-release fertilizers (CRFs), with high adoption rates.
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