Meticulous Research®—a leading global market research company, published a research report titled, ‘Controlled Release Fertilizers Market by Type (Slow-release Fertilizers, Nitrogen Stabilizers, Coated & Encapsulated Fertilizers), End Use (Agriculture, Non-agriculture), and Mode of Application (Fertigation, Foliar, Soil)—Global Forecast to 2030.’
The controlled release fertilizers market is expected to reach $4.71 billion by 2030, at a CAGR of 6.4% from 2023 to 2030. The growth of this market is driven by growing concerns regarding environmental safety, favorable government policies and regulations, uniform nutrient application, and the rising adoption of precision farming technology. Furthermore, product innovation in controlled-release technology and strong growth in emerging economies is expected to provide significant growth opportunities for players operating in this market. However, cost ineffectiveness and growth of the organic fertilizer industry hinder the growth of this market. In addition, the lack of awareness among farmers poses a major challenge to players operating in this market.
The controlled release fertilizers market is segmented by type, end use, mode of application, and geography.
Based on type, the controlled release fertilizers market is segmented into slow-release fertilizers, nitrogen stabilizers, and coated & encapsulated fertilizers. In 2023, the coated & encapsulated fertilizers segment is expected to account for the largest share of the controlled release fertilizers market. The large market share of this segment is attributed to their wide adoption and broad availability across developed and developing economies. In addition, the rising awareness about the benefits associated with coated fertilizers and strong government support provided by the nation in terms of subsidies and policy amendment further supports the dominant position of this segment.
Based on end use, the controlled release fertilizers market is segmented into agriculture and non-agriculture. In 2023, the agriculture segment is projected to witness significant growth during the forecast period of 2023–2030. The increase in the area under agricultural cultivation mainly drives the rapid growth of this segment. In addition, controlled release fertilizers are expected to grow significantly in producing high-value fruit crops and cereals, owing to rising concern over food security and increasing demand for efficient and smart fertilizers.
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Based on mode of application, the controlled release fertilizers market is segmented into fertigation, foliar, soil, and other modes of application. In 2023, the fertigation segment is projected to witness significant growth during the forecast period of 2023–2030. The rapid growth of this segment is mainly driven by its increasing adoption due to reliability and higher efficacy. Fertilizers' efficiency is increased by 80 to 90% in the fertigation method. In addition, less water is needed, and fertilizer, time, labor, and energy use are also reduced substantially. It is an easy and safe method of applying fertilizers.
Based on geography, the global controlled release fertilizers market is divided into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, the Asia-Pacific region is expected to register the fastest growth during the forecast period. The fast growth of this segment is mainly attributed to the increasing organic farming and high-value crops production, growing awareness about the environmental benefits of controlled release fertilizers, increasing mechanization in the agriculture sector, improved irrigation facilities, and support from various organizations and governments to increase cultivation with the use of controlled-release fertilizers.
The key players operating in the controlled release fertilizers market include Yara International ASA (Norway), Nutrien Ltd. (Canada), The Mosaic Company (U.S.), ICL Group Ltd. (Israel), Nufarm Ltd. (Australia), Kingenta Ecological Engineering Group Co., Ltd. (China), The Scotts Miracle-Gro Company (U.S.), Koch Industries, Inc. (U.S.), Helena Chemical Company (U.S.), Mivena BV (Netherlands), and Florikan (U.S.).
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