The global controlled-release fertilizers market size is prognosticated to reach USD 3,862.2 million by 2026. According to a report published by Fortune Business Insights™ titled, “Controlled-release Fertilizers Market Size, Share & Industry Analysis, By Type (Slow-release, Coated & Encapsulated, and Nitrogen Stabilizers), Application (Cereals, Oilseeds & Pulses, Fruits & Vegetables, & Others), and Regional Forecasts, 2019 – 2026” the market value was USD 2,375.9 million in 2018. The forecast period is set from 2018 to 2026, and the market is likely to witness a CAGR of 6.37% on account of increasing demand for food to suffice to the needs of the increasing population worldwide.
Some of the key vendors of the CRF fertilizers market include:
- Yara International
- Helena Chemical
- JNC Corporation
- Kingenta Ecological Engineering Co. Ltd.
- Haifa Chemicals
- Pursell Agri-Tech
- Koch Industries
Introduction of Cost-Efficient CRF Fertilizers to Help Market Gain Impetus
The American Plant Food Control Officials (AAPFCO) defines controlled-release fertilizers as plant-nutrient containing fertilizers that delay its availability for plant uptake and use after application. With the increasing population, governments of various nations are imposing security on food. This is likely to help promote the delayed-release fertilizers market growth. Besides this, companies are trying to introduce cost-efficient and encapsulated CRF fertilizers and this will further attract high slow acting fertilizers market revenue in the forecast duration.
The increasing environmental concerns are further propelling agriculturists, farmers and others to improve the utilization of fertilizers for increasing nutrient uptake among crops. This, as per analyst at Fortune Business Insights™, will further contribute to the decline in environmental stress and ultimately help to increase the overall CRF fertilizer market size in the foreseeable future.
However, the lack of proper laws for protecting controlled-release fertilizers may affect the overall CRF market size in the forecast period. Nevertheless, government efforts and the launch of various educational programs for farmers are likely to help create lucrative controlled-release fertilizer market growth opportunities in the near future.
Asia Pacific to Continue Dominance on Account of High Production and Consumption Rates Derived from China
From a geographical perspective, North America is dominating the market on account of the presence of large number of players. However, Asia Pacific is likely to register the fastest delayed-release fertilizer market growth rate with a CAGR of 7.1% during the forecast period. This is attributed to the rapid increase in the population of countries especially China and India. This is further propelling the rise in demand for food all over the region. Japan and China are the two major market leaders in Asia Pacific with both high production and consumption. Growth in China is owing to the rise in research and development of innovative agricultural products, coupled with the presence of market players namely Hangfeng Evergreen, Kingenta International, and others in the nation. Moreover, conducive policies concerning smart fertilizers in Japan and China are further expected to help this region continue dominating the market in the years to follow.
Adoption of Merger and Acquisition Strategies to Bode Well for Market Vendors
Key players such as ICL, Pursell, and SQM have raised the bars and set new standards on cost-effective specialized fertilizers. This is ultimately encouraging agricultural companies to heighten their production scale and expand their portfolios by increasing the number of product launches. Besides this, new players in nations such as China, Japan, and the U.S., are entering into the CRF fertilizer market looking at the future opportunities the market will provide. Recently, companies such as Haifa Chemicals, Agrium, and Kingenta adopted a merger and acquisition strategy for the expansion of their portfolio across all geographies.
Some of the key industry developments in the CRF fertilizers marketare:
December 2017 – A leading producer of specialty fertilizers and biostimulants namely COMPO GmbH, announced a partnership with Kingenta for research and development of efficiency enhanced technology commonly called EEF technology.
June 2018 – The inauguration of a novel fertilizer coating facility was announced in Alabama by Pursell Agri-Tech, and their industrial partner Stamicarbon B.V. Pursell Agri-Tech, has built this plat for producing next-generation delayed-release fertilizers.