Sales Of Controlled Release Fertilizer Will Likely Reach US$ 3 Billion By The End Of 2022 End
Fact.MR states the sales of controlled release fertilizers to exceed US$ 4.9 Bn, registering a CAGR of 5% in the assessment period 2021-2031. Demand for healthier crops along with controlled release fertilizers adding nutritional value to crops in the long run are positively influencing the sales of controlled release fertilizers.
Historically, from 2016 to 2020, the sales of controlled release fertilizer experienced an incline of 4%. As the COVID-19 pandemic engulfed the planet, the global chemical industry was forced to curtail production by as high as 60%. Therefore, a decline in controlled release fertilizer production was also registered. However, prospects began to recover since Q4 2020.
Manufacturers are focusing on increasing the efficiency and longevity of crops. Thus, the controlled release fertilizers industry is constantly researching and developing fertilizers according to the demand from end user sectors. In addition, increasing demand for raw and fresh fruits and vegetables has boosted demand to a major extent.
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Key Takeaways from the Market Study
- Controlled release fertilizer demand to mushroom 1.6x from 2021-2031
- By product, polymer coated NPK fertilizers are expected to generate 45% revenue by 2031
- Fruits & vegetables to account for over 2/5th revenue in the controlled release fertilizer market
- Controlled release fertilizers for cereals & grains to experience 1.5x growth
- Non-agricultural applications to yield 40% revenue across the market in the U.S
- China to emerge as the fastest growing region, clocking an impressive 10% CAGR
“The demand for controlled release fertilizers for optimal crop development has increased over the years. Easy availability of fertilizers along with the demand from developing regions is set to accelerate the sales across the forecast period,” says a Fact.MR analyst.
Key Segments Covered
- Polymer Sulfur Coated Urea/Sulfur Coated Urea Controlled Release Fertilizer
- Polymer Coated Urea Controlled Release Fertilizer
- Polymer Coated NPK Controlled Release Fertilizer
- Controlled Release Fertilizers for Cereals & Grains
- Controlled Release Fertilizers for Oilseeds & Pulses
- Controlled Release Fertilizers for Fruits & Vegetables
- Controlled Release Fertilizers for Other Crops
Prominent controlled release fertilizer manufacturers are effectively collaborating with or acquiring existing small, medium and large-scale manufacturers to expand their market presence. Key developments are as follows:
- In August 2021, Eurochem Agro Gmbh signed an agreement to acquire the Serra do Salitre phosphate project in Brazil. Currently, the project is 50% complete whereas fertilizer production is expected to commence from 2023. The acquisition is expected to help reduce dependence on third-party phosphate supplies, simultaneously generating phosphates and complex fertilizer production in Brazil
- In July 2020, Haifa Group signed a MoU with AgrIOT. This will help the company to detect nutritional deficiency in plants and recommend treatments through smartphones. The technology assists in addressing nitrogen, phosphorus and potassium deficiencies within plants and help farmers reduce future costs. It will also permit frequent monitoring of crop development
- In October 2021, Israel Chemicals Limited announced its decision to expand the existing partnership with Haldor Topsoe, intending to enter a long-term supply arrangement for potassium nitrate, an important inorganic fertilizer for crops