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Controlled Release Fertilizers Market Size 2019 Global Industry Overview, Trends & Growth Forecast To 2024

Author : Ronak Bora | Published Date : 2019-06-05 

One of the major driving factor for the global controlled release fertilizers market size will be the ever-increasing global population. According to the World Bank, the 2015 global population was estimated at 7.3 billion and will surpass 8 billion by 2024. Continuous expansion of residential area for accommodation is also decreasing the amount of arable land substantially. Effective utilization of land for agricultural purposes is paramount to respond to demographic challenges. Land fertility needs to be maintained and enhanced for longer period of times. With arable land per person reducing to less than 0.2 hectares, farm productivity must be 50% enhanced to satisfy the global food demand. This will promote the global controlled release fertilizers market demand.

Changing climatic conditions and drought conditions prevailing throughout the world because of low and untimely rainfall is increasing the requirement for sustainable agriculture. By 2030, close to 90% of the major crops are forecast to experience a reduced or stagnant growth because of climate changes. This will result in a dramatic surge in average crop price. Rice, for instance, is slated to undergo 18% to 25% decrease in growth rate and close to 90% increase in the from 2016 to 2024. Sustainable farming to improve the soil productivity even in non-friendly climatic conditions, will drive the global controlled release fertilizers market.

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Rising gardening and landscaping demand in China, Japan, and India, will likely provide a growth opportunity to the Asia Pacific controlled release fertilizers market size. By 2024, lawn and garden consumables in Asia Pacific will surpass USD 4 billion. Increasing disposable income and rising awareness about plantation and organic farming for ecological sustainability will account for the change of trend in the forecast timespan.

Higher cost of the specialized grades as compared to conventional urea or NPK grades will obstruct the controlled release fertilizers market growth rate up to 2024. This restrains the product application from economically deficient farmers and agriculturists. Lack of product awareness among farmers around the world also limits the industry growth to a certain extent. However, growing awareness combined with agro-based government initiatives could help bridge this gap and boost demand for the product in coming years.

The product with its characteristic of efficient controlled release of nutrients will revolutionize the agriculture sector globally. Rising health issues will also promote the use of the product. Asia Pacific is estimated to hold the largest share of the product in the market with a revenue crossing USD 2 billion by 2024. North America is expected to hold more than one-fifth of the global share of the product in terms of volume by 2024.

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The controlled release fertilizers market for controlled release fertilizers is highly competitive with companies involved in strategic partnerships and mergers. Some of the major companies involved in manufacturing of the product are Greenfeed Agro Sdn Bhd, ATS Group, Israel Chemicals, AgroBridge, Yara International, Haifa Chemicals Ltd., Central Glass Co., Ltd., Eurochem Agro Gmbh, Agrium, Inc., ICL Specialty Fertilizers, Scotts Miracle-Gro, Kingenta Ecological Engineering Group Co., Ltd., etc.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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