Soil application dominates the market share due to increased crop production demands, while the non-agricultural segment holds the largest share
WILMINGTON, DELAWARE, UNITED STATES, February 12, 2024 /EINPresswire.com/ — Allied Market Research recently released a report titled “Controlled Release Fertilizers Market” analyzing the industry from 2021 to 2031. The report estimates the global market to reach $4.3 billion by 2031, with a Compound Annual Growth Rate (CAGR) of 6.6% from 2022. It highlights the increasing demand for agricultural products due to population growth, alongside the rise of controlled and slow-release fertilizers adoption to mitigate environmental concerns associated with conventional fertilizers. However, factors such as the high production costs of controlled release fertilizers and lack of awareness among farmers hinder market growth, with opportunities arising from investments in sustainable fertilizers in developing markets.
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During the COVID-19 pandemic, the industry faced challenges due to restrictions on import/export and distribution, leading to shortages in raw materials. Post-pandemic, governments globally invested in fertilizer industries to meet food demand.
The report identifies the coated and encapsulated segment as the largest contributor to market revenue, driven by demand for high-value crops and increased fertilizer production. The slow-release segment is projected to witness the fastest growth due to demand from agricultural sectors in developing economies like China and India.
In terms of application mode, soil application dominates the market share due to increased crop production demands, while the non-agricultural segment holds the largest share, driven by the need for feedstock in energy production. However, the agricultural segment is expected to exhibit significant growth due to rising demand for agricultural products.
Geographically, Asia Pacific leads the market, driven by population growth and increasing food demand, with agriculturists adopting controlled release fertilizers to enhance crop yields.
Key market players include Yara International ASA, Nutrien Ltd., The Mosaic Company, among others.
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