The Controlled Release Fertilizer Market is poised for significant growth, with projections indicating a rise from USD 2.4 Billion in 2021 to an estimated USD 3.3 Billion by 2026. This represents a compound annual growth rate of 6.4% during the forecast period, highlighting the increasing demand and adoption of these innovative fertilizers. The rise in the global population, growing application rates in developing countries, and rising demand for high-value crops are key factors that are projected to drive the growth of the controlled release fertilizer market during the forecast period.
The controlled release fertilizer market is projected to grow at a significant pace in the next few years. Controlled release fertilizers are special types of fertilizers that release nutrients gradually over an extended period, ensuring that plants receive a consistent supply of nutrients, without any wastage. This type of fertilizer reduces the risk of over-fertilization and minimizes the leaching of nutrients into groundwater, thus providing a more sustainable and environmentally friendly solution for crop production.
Growing demand for food to feed the world's growing population, coupled with the increasing concern over environmental degradation, is driving the growth of the controlled release fertilizer market. The increasing use of modern farming techniques and the need for efficient nutrient management have also contributed to the growth of this market.
Asia Pacific accounted for the largest share, during the forecast period, in terms of volume and value, respectively. Increasing growth of high-value crops and rising awareness among farmers about the environmental benefits of controlled-release fertilizers are expected to provide more scope for market expansion. The government policies adopted by Asia Pacific countries and the large subsidies, sometimes up to 100% for marginal farmers, provided on fertilizers are the major factors triggering the growth of this market in the region. In North America region the demand for controlled-release fertilizers is expected to increase in the near future due to the shrinking arable land. Mexico, on the other hand, has the advantage of a warm climate; however, the relative arable land is significantly less than the others. Given the high prices of controlled release fertilizer, the market has remained popular in developed markets, with high disposable incomes and demand.
What are the factors driving the growth of the controlled release fertilizers market?
The key players in this market include Yara International ASA (Norway), Nutrien Ltd. (Canada), The Mosaic Company (US), ICL Group (Israel), Nufarm Ltd. (Australia), Kingenta (China), ScottsMiracle-Gro (US), Koch Industries (US), Helena Chemical (US), and SQM (Chile). These players in this market are focusing on increasing their presence through agreements and collaborations. These companies have a strong presence in North America, Asia Pacific and Europe. They also have manufacturing facilities along with strong distribution networks across these regions.