According to the report published by Mordor Intelligence, the global controlled release fertilizer market has witnessed prominent growth recording a CAGR of 6.8% during the forecast period, 2018-2023. The global controlled release fertilizer market was valued at USD 3,121.8 million in 2017 and it is expected to reach a value of USD 4554.7 million by 2023.
The global controlled release fertilizer market is segmented by type, by application, and by geography. To analyze the competitiveness in the industry, Porter’s five forces analysis is also included.
By the type, market is segmented into, chemical condensation products, coated and encapsulated fertilizers, nitrogen stabilizers, and other controlled release fertilizers. Based on the application type, the market is divided into crop-based and non-crop based in terms of controlled release fertilizers. On geographical basis, global controlled released fertilizer market is segmented into: North America, Europe, Asia-Pacific, South America, and Africa.
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Urea reaction products account for the majority of CRFs’ consumption in Western Europe, whereas, coated fertilizers dominate the Japanese and the United States markets. By geography, North America shows a huge market opportunity in the controlled released fertilizer industry. The North American controlled release fertilizer market is almost five times larger than the Western European market, based on product volume, and nearly 13 times larger than the Japanese market.
Controlled Release Fertilizer Market Dynamics
Increasing demand for high-efficiency fertilizers, shrinking farm land, and environment-friendly operation are the key factors driving the market. However, regulatory and environmental constraints and high production cost are some of the factors which are expected to constrain the market. Growing demand from developing regions and government support acts as an opportunity for the existing companies in this market to grow and expand and other companies to enter this market.
According to Mordor Intelligence research and analysis, there are many big and small companies producing controlled release fertilizers, like, Sociedad Quimica Y Minera, Agrium, Yara international, Haifa Chemicals Ltd., and many others, who produce or manufacture quality control fertilizers. In the global controlled release fertilizer market, the top players in the specialty fertilizers market are adopting strategies, such as, mergers, acquisitions, and new product launches, to maintain and strengthen their foothold in the market.