APAC Controlled Release Fertilizers Market to witness highest gains in the coming years, high availability of agricultural land and demand for sustainable cultivation to drive the regional growth
In a bid to respond to the food supply-demand imbalance challenges, an immediate need of increasing the crop yields, is pushing Controlled Release Fertilizers Market globally. An inversely proportional relation of population growth and per capita cultivated land has led the necessity to that level that majority agronomists around the world are shifting toward long lasting fertilizers that enable better productivity. An estimation of WHO depicts that 50% per hectare agricultural output needs to be increased to feed the growing population. Global food demand is expected to increase by 35% over the coming ten years and 75 % of the demand will be addressed by increased productivity. Additionally, strategic partnership between renowned companies along with incorporation of upgraded software in improving the soil fertility is giving controlled release industry a profitable growth landscape. According to Global Market Insights, Inc., “Controlled release fertilizers market worth over USD 2.4 billion in 2015, is anticipated to exceed a revenue of USD 3.9 billion by 2024.”
China Controlled Release Fertilizers Market size, by crop, 2013 – 2024 (USD Million)
Asia Pacific has a profound ground enhancing controlled release fertilizers market outlook. It is estimated to be the fastest growing industry with an annual growth rate projection of 7% over the period of 2016-2024. The significant advancements in farming technology along with increasing adoption of upgraded methods across agro-based nations such as China, India is catering the regional market growth. Apart from this, spreading awareness about organic farming and increasing plantation for ecological sustainability is changing the regional market trends.
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Based on the various crops where these controlled release fertilizers are extensively applied, the industry is fragmented into cereals & grains, oilseeds & pulses, fruits, and vegetables. Cereals and grains being one of the primary food sources, accounted for a major portion (40%) of controlled release fertilizers market share in 2015, by collecting a revenue over USD 900 million. Driven by the strong need for usage of upgraded fertilizers to increase the productivity, controlled release fertilizers industry from cereals & grains is slated to grow at a CAGR of 6% over the period of 2016-2024.
Polymer sulfur coated urea also called sulfur coated urea dominated the product landscape in 2015, having held more than 40% of industry share. It is forecast that this segment based controlled release fertilizers market will exhibit a steady annual growth rate of 6% over the coming seven years, with a projected revenue over USD 1.75 billion by 2024. Polymer coated urea is also witnessing a noticeable demand in the market owing to its ecofriendly characteristics. Controlled release fertilizers industry from this particular fertilizer is estimated to grow substantially at an annual rate of 5% over the coming seven years.
Although comparatively higher price trends of these controlled release fertilizers may hamper the growth of the market, however rising need of sustainable farming to mitigate the catastrophic impact of changing climatic conditions will boost the demand for controlled release fertilizers industry. Some of the key players actively participating in controlled release fertilizers market include Greenfeed Agro, Israel Chemicals, Agrium, Inc., Haifa Chemicals, and Yara International.
Author Name :Satarupa De