Controlled-Release Fertilizers Market Analysis, Growth, Trends, Share, & Forecast to 2022
The controlled-release fertilizers market is projected to grow at a CAGR of 6.29% from USD 1.56 Billion in 2017, to reach USD 2.12 Billion by 2022. Due to the increasing demand for high efficiency fertilizers to minimize nutrient losses, controlled-release fertilizers have been gaining preference for their beneficial characteristics such as patterned nutrient release and their effect on the agricultural yield.
On the basis of type, the coated & encapsulated fertilizers segment is projected to grow at the highest CAGR in the controlled-release fertilizers market from 2017 to 2022, due to the growth in demand for polymer coated fertilizers among farmers and the advent of newer and better polymer coatings in the market by key manufacturers.
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The adoption of these fertilizers is increasing globally due to the growth in awareness about the benefits associated with coated fertilizers and government support provided by various countries in terms of subsidies and policy amendment. Due to the simplicity and low cost of using sulfur as a coating material, sulfur-coated fertilizers have been the most commonly used coated products in the developing nations. To obtain a further reduction of the total fertilizer costs, coated & encapsulated fertilizers are increasingly used in blends with conventional fertilizers in different ratios, owing to which, coated fertilizers in conjunction with nutrients are researched on by key players.
The Asia Pacific region accounted for the highest adoption of controlled-release fertilizers in the agricultural industry in 2016, owing to the growth in awareness about environmental benefits associated with these fertilizers. This region is also projected to be the fastest-growing market for controlled-release fertilizers in agricultural applications from 2017 to 2022. The significant growth in adoption of polymer coated fertilizers and N-stabilizers strengthened controlled-release fertilizers the market potential for local fertilizer manufacturers to develop better and efficient coatings/products.
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The controlled-release fertilizers market has been evolving with various manufacturers involved in the research and development of cost-effective, productive processes to reduce the prices of the polymer coated fertilizers. The popularity of these products depends on the understanding of their constituents and benefits, among farmers. Owing to the awareness about the effectiveness of these fertilizer types, companies develop these fertilizers as ready-to-use end products in the market for both agricultural and residential purposes. The information gap caused by misplaced marketing about the concept of controlled-release fertilizers serves as a challenge toward the growth of the market.
Key players identified in the controlled-release fertilizers market include Agrium (Canada), Yara (Norway), ICL (Israel), ScottsMiracle-Gro (US), Kingenta (China), SQM (Chile), Haifa Chemicals (Israel), Koch Industries (US), AGLUKON (Germany), COMPO EXPERT (Germany), Helena Chemical (US), and JCAM AGRI (Japan), as these are well-established and financially stable players that have been operating in the industry for several years. Most key participants have been exploring new regions through expansions, acquisitions, new product developments, and joint ventures across the globe to avail a competitive advantage through combined synergies.
The stakeholders for the report are as follows:
- Fertilizer manufacturers, formulators, and blenders
- Fertilizer traders, suppliers, distributors, importers, and exporters
- Fertilizer coating technology providers and polymer manufacturers
- Polymer coating technology-focused market entrants
- Agricultural cooperative societies
- Commercial research & development (R&D) organizations and financial institutions
- Fertilizer associations and industry bodies such as the International Fertilizer Association (IFA) and the Association of American Plant Food Control Officials (AAPFCO)
- Government agricultural departments and regulatory bodies such as the US Environmental Protection Agency (EPA), the US Department of Agriculture (USDA) - Animal and Plant Health Inspection Service (APHIS), and the Canadian Food Inspection Agency (CFIA)