The market size of controlled-release fertilizers worldwide was USD 2.97 billion in 2023 and is projected to increase to USD 5.71 billion by 2023, with a fast revenue compound annual growth rate (CAGR) of 7.5% during the forecast period. Market revenue growth is driven by major factors such as the increasing population, rising demand for food, and the need for sustainable agricultural practices. The use of controlled-release fertilizers in agriculture is becoming more prevalent due to their advantages, such as reducing nutrient losses, minimizing environmental impact, increasing crop yields, and improving soil health.
The United Nations estimates that the world population will reach 9.7 billion by 2050, resulting in an increase in the demand for food and significant opportunities for the agriculture sector. Farmers can enhance crop yields and fulfill the rising demand for food by using controlled-release fertilizers. These fertilizers release nitrogen at a regulated pace over an extended period, which improves nutrient uptake by crops, reduces nutrient losses, and increases crop yields.
The market's revenue growth is also driven by the need for sustainable agricultural practices. Traditional fertilizer usage has been linked to environmental damage, such as soil erosion, water pollution, and greenhouse gas emissions. As a result, there is a growing demand for sustainable agricultural practices that minimize fertilizers' negative effects on the environment. Controlled-release fertilizers provide a sustainable alternative by reducing the environmental impact and nutrient losses of fertilizers.
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Major Companies and Competitive Landscape:
- Yara International ASA
- BASF SE
- Israel Chemicals Ltd.
- Compo Expert GmbH
- Kingenta Ecological Engineering Group Co. Ltd.
- The Scotts Miracle-Gro Company
- Chisso Corporation
- ICL Fertilizers
- Haifa Group
- ATS Group
- Qatar Fertilizer Company (QAFCO)
Furthermore, the rising use of controlled-release fertilizers in precision farming is another factor driving market revenue growth. Precision farming involves using technology to monitor crop growth and soil conditions to maximize crop production. Controlled-release fertilizers can be customized to the unique nutrient requirements of crops, making precision farming possible.
The market's revenue growth is also fueled by the increasing use of controlled-release fertilizers in countries such as Asia Pacific and Latin America. These regions are rapidly urbanizing and experiencing significant population growth, resulting in an increase in food demand. Controlled-release fertilizers provide an efficient way to meet the rising demand for food while also reducing the negative environmental effects of traditional fertilizers.
However, high production costs and a lack of awareness among farmers are significant factors that could impede market revenue growth. Controlled-release fertilizers are more expensive than traditional fertilizers, making them less widely used in some areas. Additionally, farmers' lack of awareness of the benefits of these fertilizers may limit their adoption, leading to slower market revenue growth.
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Segments covered in the report:
Segments covered by Application Outlook, End-use Industry, Regional Outlook
By Product Type Outlook
- Polymer-coated
- Resin-coated
- Sulfur-coated
- Others
By Crop Type Outlook
- Cereals Grains
- Oilseeds Pulses
- Fruits Vegetables
- Others
Regional Outlook
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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