The exponentially escalating populace coupled with low availability of cultivable land will push Controlled Release Fertilizers Market growth. Global population was estimated at 7.3 billion in 2015 and is anticipated to cross the 8 billion mark by 2024. The relative decline in mortality rates has resulted in the diminution of the plowable land, which has led to greater emphasis on high quality fertilizer production to make the land more fertile. A fertile land leads to better crop yield, which will stimulate controlled release fertilizers market. Growing global requirement for food along with rising preference for environment-friendly fertilizers will drive the industry trends. According to Global Market Insights, Inc., “Controlled Release Fertilizers Industry, which accumulated a revenue of USD 2.4 billion in 2015, is intended to hit USD 3.9 billion by 2024.”
Low crop production and fluctuating seasonal cycles have shifted the focus of landowners toward eco-friendly farming, which will positively affect controlled release fertilizers market revenue. Global food requirement is expected to depict a rise of 35% by 2030 and over 75% of the requirement will be satisfied solely by improving the fertility of land. This, in turn, will raise the demand for the resilient fertilizers to enhance the land productivity and increase the production of crops. Cultivable land per individual is estimated at less than 0.2 hectares and the land potency should be 50% to satisfy the global food requirements.
China Controlled Release Fertilizers Market size, by crop, 2013 - 2024 (USD Million)
Lawn and garden consumables sector in Asia Pacific is projected to exceed USD 4 billion by 2024. With horticultural activities demanding efficient and eco-friendly fertilizers in countries such as India, China, and Japan, APAC controlled release fertilizers industry is likely to depict a rather steep growth.
Taking into consideration the topographical trends, Asia Pacific controlled release fertilizers market, worth USD 1 billion in 2015, is anticipated to grow at an annual rate of 7% over the coming timeframe. Introduction of new intensive farming techniques along with high product efficiency will substantially contribute toward industry growth. High food requirements due to population explosion will also lead to a revenue increase. Farmers across the APAC region have become increasingly knowledgeable about the benefits of organic farming. The per capita income of APAC citizens has also increased in the last few years. Both the aforementioned factors are expected to push APAC controlled release fertilizers industry growth. India, Japan, and China are likely to be the major regional revenue pockets.
Europe controlled release fertilizers market revenue, which was estimated at USD 170 million in 2015, is forecast to grow at a rate of 2% over the period of 2016-2024.
Based on the product trends, controlled release fertilizers industry is classified into polymer coated urea, polymer sulfur coated urea, polymer coated NPK, and sulfur coated urea. Polymer sulfur coated urea, which collected a revenue of USD 1 billion in 2015, will surpass USD 1.75 billion by 2024. It is set to grow at a rate of 6% over the period of 2016-2024 and will make substantial contributions towards global controlled release fertilizers market size.
Polymer coated urea, which accumulated over USD 600 million in 2015, is expected to record a CAGR of 5% over the coming seven years. It will generate a significant amount of revenue for controlled release fertilizers industry. The nitrogen retaining features of the product along with its ability to preserve the soil fertility throughout the crop season will drive the revenue.
Controlled release fertilizers market is expected to enhance the yield of the crops such as oilseeds & pulses, cereals & grains, and fruits & vegetables. Cereals & grains, which produced a revenue of over USD 900 million for controlled release fertilizers industry in 2015, is predicted to grow at a CAGR of 6% over the coming timeframe. Substantial use of cereals & grains in food items is projected to upswing controlled release fertilizers market size.
Market players will try to increase their ROI by implementing key business growth strategies such as strategic collaborations, joint ventures, and product innovations. Many firms have developed new software applications to monitor the crop output and thus expand their business.
Compo GmbH, Israel Chemicals Limited, Yara International ASA, BASF SE, Haifa Chemicals Corporation, Kingenta Ecological Engineering Gp Company Limited, Greenfeed Agro Sdn. Bhd., Agrium Incorporation, Specialty Fertilizers, and The Scotts Miracle-Gro Company are the major participants of controlled release fertilizers industry.