New York, United States, May 29, 2023 (GLOBE NEWSWIRE) -- The Global Controlled Release Fertilizers Market Size is to grow from USD 2.55 billion in 2022 to USD 4.67 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 6.2% during the projected period. The market for CRFs is projected to expand rapidly in the coming years, driven by several factors such as rising food demand due to the world's growing population, the need for sustainable agricultural practices, and the growing use of precision methods of farming.
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The global controlled release fertilizers market is a rapidly expanding sector of agriculture. Controlled release fertilizers (CRFs) are fertilizers that release nutrients gradually over time, as opposed to traditional fertilizers, which release nutrients quickly and are susceptible to leaching and volatilization. The primary benefit of CRFs is that they increase fertilizer efficiency and reduce the need for frequent fertilization, lowering labor costs and reducing environmental impact. The growing global population, rising application rates in developing countries, and rising demand for high-value crops are projected to propel the controlled release fertilizer market during the study period.
To strengthen their market position and drive growth, the major players in the global CRFs market are expanding their product portfolios, investing in R&D, and forming strategic partnerships. For instance, ICL introduced revolutionary biodegradable coated fertilizer technologies in September 2022. For outdoor farming, a revolutionary rapid biodegradable release technology has been developed. This novel technique uses a coating to help farmers optimize agricultural crop performance while minimizing environmental impact by reducing nutrient loss and increasing nutrient use efficiency (NUE) by up to 80%.
Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on "Global Controlled Release Fertilizers Market Size, Share, and COVID-19 Impact Analysis, By Type (Coated & Encapsulated, Slow Release, and Nitrogen Stabilizers), By Mode of Application (Fertigation, Foliar, and Soil), By End Use (Agricultural and Non Agricultural), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here:
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The coated & encapsulated segment is expected to hold the largest share of the global controlled release fertilizers market over the forecast period.
The global controlled release fertilizers market is classified into three types: coated & encapsulated, slow release, and nitrogen stabilizers. Over the forecast period, the coated & encapsulated segment is projected to hold the largest share of the global controlled release fertilizers market. The growth can be attributed to the coated and encapsulated fertilizers, which are widely used and provide several advantages over traditional fertilizers. CRFs that have been coated or encapsulated have a protective coating or shell that slowly dissolves, releasing nutrients into the soil.
The fertigation segment is anticipated to grow at the fastest pace in the global controlled release fertilizers market during the forecast period.
The global controlled release fertilizers market is classified into three segments: fertigation, foliar, and soil. Among these, the fertigation segment is predicted to expand at the highest rate in the global controlled release fertilizers market throughout the forecast period. Increased productivity and higher yields can be attributed to the growth. This mode of application is gaining popularity due to its dependability and efficacy.
The non-agricultural segment is expected to hold the largest share of the global controlled release fertilizers market during the forecast period.
The global controlled release fertilizers market is divided into agricultural and non-agricultural applications. The non-agricultural segment is projected to account for the majority of the global controlled release fertilizers market over the forecast period. The rise in purchasing power and growing environmental concerns have increased the demand for CRFs in non-agricultural sectors. The growing use of controlled-release fertilizers for turf and ornamental grass is driving the market.
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Asia Pacific is estimated to hold the largest share of the controlled release fertilizers market over the predicted timeframe.
In terms of volume and value, Asia Pacific accounted for the largest share during the forecast period. Government policies implemented in Asia Pacific countries, as well as large subsidies offered on fertilizers, sometimes up to 100% for small-scale farmers, are major factors driving the region's growth in this market. North America is expected to grow at the fastest pace in the global controlled release fertilizers market over the projected period. The controlled-release fertilizer market in the United States is growing rapidly as a result of outstanding sales performance by brands such as Kugler Company, Koch Agronomic Services, Nutrien, and Lebanon Seaboard Corp. The horticulture sector in the United States, Canada, and Mexico is the driving force behind the North American market for controlled release fertilizers.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Controlled Release Fertilizers Market include Yara International ASA (Norway), Haifa Chemicals, Helena Chemical, The Mosaic Company (US), Nufarm Ltd. (Australia), AGLUKON, ScottsMiracle-Gro (US), Pursell Agri-Tech, Koch Industries, SQM, JNC Corporation, Kingenta, ICL Group, Nutrien Ltd., and Others.
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Recent Developments
In May 2022, ICL signed framework contracts with customers in India and China to provide 600,000 and 700,000 metric tonnes of potash in 2022, at 590 USD per tonne, respectively.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Controlled Release Fertilizers Market based on the below-mentioned segments:
Global Controlled Release Fertilizers Market, By Type
- Coated & Encapsulated
- Slow Release
- Nitrogen Stabilizers
Global Controlled Release Fertilizers Market, By Mode of Application
- Fertigation
- Foliar
- Soil
Global Controlled Release Fertilizers Market, By End Use
- Agricultural
- Non-Agricultural
Global Controlled Release Fertilizers Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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