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(Transportation-News.com, May 17, 2018 ) 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.
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On the basis of type, the coated & encapsulated fertilizers segment is projected to grow at the highest CAGR in the 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.
On the basis of crop type, the fruits & vegetables segment is projected to grow at the highest CAGR during the forecast period. This can be attributed to the growth in demand for high value crops across the globe and highly efficient agricultural inputs that are being opted by the farmers for their cultivation. Controlled-release fertilizer is one such product which has been considerably used by farmers for fruit & vegetable cultivation in Asia Pacific and European countries.
On the basis of application method, the fertigation segment accounted for the largest market share in 2016, due to the increased preference of the technique among farmers, owing to its ease in application, reduced labor, and uniform application achieved. However, the need for irrigation system involves high capital investment, and this can potentially restrict the adoption of fertigation technique over the broadcasting application method in developing countries.
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 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.
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