The Global Controlled Release Fertilizers Market was worth $2400 million in 2016 and estimated to be growing at a CAGR of 5.8%, to reach $3181.56 million by 2021. These controlled and release fertilizers are recognized to improve the agricultural produce, which is a demanding need of hour due to fast urbanization and drip in the number of farming jobs as the younger population is pursuing other professions.
Controlled release fertilizers are part of enriched productivity fertilizers. These are grainy fertilizers that discharge nutrients steadily into the soil. Controlled release fertilizers are generally coated or encapsulated with inorganic or organic constituents that control the level, pattern, and interval of plant nutrient release.
The difficulty of population outburst has led to reduction of arable land, which has generated a situation of increasing demand for higher food consumption and lower production. Reuniting these concerns has led to a great demand for controlled release fertilizers in the past few years. The increasing concerns of food security have persuaded several governments across the globe to approve these fertilizers to rise their produce and decrease their dependence on food imports. Consequently, in spite of the advantages of controlled release fertilizers, the market is facing issues such as increasing prices of these fertilizers, which has discouraged many farmers to invest in these products.
Global market for controlled release fertilizers is segmented by type into Chemical Condensation Products, Coated and Encapsulated Fertilizers, Nitrogen Stabilizers and Other Controlled Release Fertilizers. Based on application the controlled release fertilizers market is segregated into crop based and non-crop based fertilizers. Crop based fertilizers are further divided into Grains & Cereals, Oil seeds and Fruits & Vegetables. While non-crop based fertilizers are bifurcated into Turf & Ornamental Grass and other non-crop based fertilizers. Crop based controlled release fertilizers segment is expected to increase at highest rate due to increase in demand for crops because of increase in population.
Geographically the market is segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East and Africa. North America is the dominating region for controlled release fertilizers market. Asia Pacific is projected to be the substantial regional segment in the coming years. This regional demand will be led by China as the demand to nourish the bursting population base remains to ask for greater crop yields in the coming years.
The global market for controlled release fertilizers is described with strong competition with the large number of big and small players. The Chisso Corporation, Shandong Shikefeng Chemical Industry Co. Ltd., Kingenta Ecological Engineering Group Co. Ltd., Scotts Miracle-Gro Company, Agrium, Yara International, Israel Chemicals Ltd. (Israel), Compo GmbH Co., Sociedad Quimica Y Minera S.A. and Haifa Chemicals Limited are some of the big players in controlled release fertilizer industry.
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