IMARC Group, a leading market research company, has recently releases report titled “Controlled Release Fertilizer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global controlled release fertilizer market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big Is The Controlled Release Fertilizer Market?
The global controlled release fertilizer market size reached US$ 2.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 4.2 Billion by 2028, exhibiting a growth rate (CAGR) of 5.99% during 2023-2028.
What are Controlled Release Fertilizer?
Controlled-release fertilizers (CRFs) are granular fertilizers coated with inorganic or organic materials that gradually release nutrients into the soil for plants. They are soluble in water and possess a controllable rate, pattern, and duration of nutrient release, which depends on the temperature of the soil and the thickness of the coating outside of the granules. As a result, they save time, improve nutrient efficiency, minimize nutrient and fertilizer loss, increase crop yields, reduce application, and labor costs and environmental impact, and offer optimal plant development. Owing to these properties, CRF is gaining immense traction among farmers for enhancing crop yield and quality.
What Are The Growth Prospects And Trends In The Controlled Release Fertilizer Industry?
The market is primarily driven by the rising food demand and the growing population across the globe. In addition, the increasing use of CRFs to enhance soil properties, improve land productivity, and meet the surging demands of individuals is contributing to market growth.
Moreover, governments of various countries are taking initiatives to promote the use of CRF by providing tax credits and incentives, representing another major growth-inducing factor. Besides this, the widespread adoption of sustainable agricultural practices due to a shortage of food crops and adverse climatic conditions is providing a positive thrust to market growth. Furthermore, extensive investment in research and development (RD) activities to develop advanced technologies such as suspension polymerization for the slow release of fertilizers and mergers and acquisitions (MA) amongst key players are also creating a favorable market outlook across the globe.
What Is Included In Market Segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
Condensation Products of Urea and Aldehydes
- Urea Formaldehyde (UF)
Coated and Encapsulated Fertilizers
- Sulfur-coated Fertilizers
- Polymer-coated Fertilizers
- Sulfur-polymer Coated Fertilizers
Breakup by Form:
Breakup by Application:
- Grains and Cereals
- Pulses and Oilseeds
- Commercial Crops
- Fruits and Vegetables
- Turf and Ornamentals
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who Are The Key Players Operating In The Industry?
The report covers the major market players including:
- AGLUKON Spezialduenger GmbH & Co. KG
- COMPO Expert GmbH (Grupa Azoty S.A.)
- DeltaChem GmbH
- Haifa Group
- ICL Group Ltd.
- JNC Corporation
- Kingenta Ecological Engineering Co. Ltd.
- Mivena BV
- Sociedad Química y Minera de Chile S.A.
- The Mosaic Company and Yara International ASA.
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