Controlled release fertilizers (CRF) provide essential macronutrients to crops over an extended period through gradual nitrogen release. The products enhance plant growth while minimizing the environmental impact associated with conventional fertilizers. The global demand for highefficiency and eco-friendly agricultural inputs is boosting the CRF market.
The market is estimated to be valued at US$3.2 billion in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the controlled release fertilizers market are Nutrien, Haifa Chemicals, Yara International, Scotts Miracle-Gro, and Israel Chemicals.
The growing awareness about the environmental impact of excessive fertilizer use and adoption of sustainable agricultural practices offer significant opportunities in the controlled release fertilizers industry.
The growing consumption of controlled release fertilizers market share can be attributed to increasing awareness among farmers about their numerous benefits such as higher yields, cost savings, reduced environmental pollution, and convenience of single application.
Market Drivers
The increasing global demand for food due to the rising population has intensified pressure on farmers to maximize crop yields. Controlled release fertilizers are more efficient than conventional fertilizers in increasing agricultural productivity while preventing over-fertilization and run-off. This acts as a key driver for market growth. Current challenges in Controlled Release Fertilizers Market
The controlled release fertilizers market faces various challenges. Farmers lack adequate knowledge about the benefits of using controlled release fertilizers. High initial costs of controlled release fertilizers deter farmers from adopting them. Fluctuations in raw material prices impact the overall costs of controlled release fertilizers.
SWOT Analysis
Strength: Slow and continuous nutrient release leads to higher fertilizer use efficiency. Reduced run-off and leaching losses help protect the environment.
Weakness: High manufacturing costs compared to conventional fertilizers. Require special application equipment and techniques.
Opportunity: Increasing awareness about benefits can boost adoption rates. Support from government incentives and education programs.
Threats: Competition from low-cost conventional fertilizers available. Fluctuations in raw material costs affect product prices.
The North America region currently dominates the controlled release fertilizers market in terms of value. Growing adoption from turf and ornamental, andprofessional lawn care sectors drive market revenues. The Asia Pacific region is expected to be the fastest growing market during the forecast period from 2024 to 2031. Increasing population and arable land in countries like India and China is boosting demand for controlled release fertilizers to boost agricultural productivity.
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