Growing population along with high demand for food along with booming agricultural sector is expected to contribute to the growth of the Controlled Release Fertilizers Market over the forecast period.
JERSEY CITY, NJ, May 26, 2022 /PRNewswire/ — Verified Market Research recently released a report, “Controlled Release Fertilizer MarketBy Type (Slow Release, Coated & Encapsulated, N Stabilizers), By Application (Cereals & Grains, Oilseeds & Pulses, Turfs & Ornamentals), and By Geography. controlled was evaluated at $2708.4 million in 2021 and is expected to reach $4895.6 million by 2030, growing at a CAGR of 6.91% from 2022 to 2030.
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Global Controlled Release Fertilizer Market Overview
Growing population, growing demand for food as well as strong demand from agricultural industries is expected to drive the Controlled Release Fertilizer Market over the forecast period. According to the Food and Agriculture Organization of the United Nations (FAO), the total nutrient demand for fertilizers is expected to reach 201.66 million tonnes by 2021. Nitrogen, potassium and Phosphorus used as fertilizer accounted for 110,193, 39,473, and 48,264,000 tons in 2021. Increase in fertilizer demand is expected to positively impact the controlled release fertilizer market over the forecast period.
There are several advantages to using these fertilizers, including potential reduction in environmental impact, comparatively lower application costs than water-soluble fertilizers, and ease of use. Using CRF eliminates the need to mix and monitor water-soluble fertilizers, as well as reduces the need for expensive injection equipment, thereby reducing labor costs. Moreover, it also eradicates the occurrence of wrong mixture of water soluble fertilizer in the stock solution which is responsible for reducing crop quality.
- In 2021, ICL Group announced the introduction of a new product marketed under the Osmocote 5 brand. The product was formulated to overcome the explicit nutritional challenges faced by growers using reduced peat and peat free growing media. . It features exceptional nutrient release technology and an enhanced Trace Element Optimized Availability (OTEA) system to meet plant needs throughout the release schedule.
The major market players are Nutrien Limited, Yara International ASA, Israel Chemicals Ltd, Haifa Group, Sociedad Quimica Y Minera De Chile SA, Scotts Miracle Gro, Compo GmbH and Co. KG, ATS (Growth Products), JNC Corporation (Chisso) , Kingenta International.
Verified Market Research has segmented the global controlled release fertilizer market on the basis of type, application, and geography.
- Controlled Release Fertilizer Market, By Type
- slow release
- Coated and encapsulated
- Controlled Release Fertilizer Market, By Application
- Cereals & Grains
- Oil seeds and pulses
- Lawns and ornamental plants
- Fruits and vegetables
- Controlled Release Fertilizer Market, By Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
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