The rising population along with high food demand as well as the rapidly flourishing agriculture sector is expected to contribute to the growth of the Controlled Release Fertilizer Market over the forecast period.
JERSEY CITY, N.J., May 26, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Controlled Release Fertilizer Market" By Type (Slow release, Coated and encapsulated, N-stabilizers), By Application (Cereals and Grains, Oilseeds and Pulses, Turfs and Ornamentals), and By Geography. According to Verified Market Research, Controlled Release Fertilizer Market size was valued at USD 2708.4 Million in 2021 and is projected to reach USD 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
The rising population, increasing demand for food along with high demand from agricultural industries is anticipated to drive the Controlled Release Fertilizer Market over the forecast period. According to The Food and Agriculture Organization of the United Nations (FAO), total fertilizer nutrient demand is expected to reach 201.66 million tons by 2021. The nitrogen, potassium, and phosphorus used as fertilizer accounted for 110193, 39 473, and 48 264 thousand tons in 2021. Increasing demand for fertilizers is expected to positively impact the Controlled Release Fertilizer Market over the forecast period.
There are several benefits associated with the use of these fertilizers, including potential reduction of environmental impact, comparatively lower application costs than water-soluble fertilizers, and ease of use. The use of CRF eliminates the need for mixing and monitoring water-soluble fertilizers, as well as reduces the need for expensive injection equipment, thereby reducing labor costs. Furthermore, it also eradicates the occurrence of improper mixing of water-soluble fertilizer in the stock solution, responsible for the reduction in crop quality.
- In 2021, ICL Group announced the introduction of a new product marketed under the Osmocote 5 brand name. The product has been formulated to overcome explicit nutritional difficulties faced by growers using peat-reduced and peat-free growing media. It displays exceptional nutrient matching release technology and an enhanced Optimised Trace Element Availability (OTEA) system catering to plants' needs throughout the release program.
The major players in the market 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 & encapsulated
- Controlled Release Fertilizer Market, By Application
- Cereals & Grains
- Oilseeds & Pulses
- Turfs & Ornamentals
- Fruits & 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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