The Market research report “Controlled Release Fertilizer Market Size By Product (Polymer Sulfur Coated Urea/Sulfur Coated Urea, Polymer Coated Urea, Polymer Coated NPK), By Crop (Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” by Global Market Insights, Inc. says Controlled Release Fertilizers Market to surpass USD 3.9 billion by 2024; driven by increasing demand for better yield crops.
Rapid population growth in comparison with arable land will drive the global controlled release fertilizers market in the upcoming years. Steep population growth curve in the past five years from 6.90 billion in 2010 to 7.35 billion in 2015 along with rapid urbanization has decreased the portion of agricultural land per person. According to the Food and Agriculture Organization (FAO), global ratio of arable land dropped down to 0.197 hectares per person in 2013. As per WHO, global agricultural output needs to be increased by 50% per hectare in order to meet the food demand all over the globe. It will gradually shift focus towards good quality fertilizers to improve the soil properties and increase the land productivity. This positive trend is anticipated to have a beneficial impact on the total controlled release fertilizers market.
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Global controlled release fertilizers market is categorized into polymer coated NPK, polymer sulfur coated urea or sulfur coated urea, polymer coated urea. Sulfur coated urea and polymer sulfur coated urea fertilizers will hold sway the overall controlled release fertilizers market and accounted for over 40% of the global share in 2015. Sulfur coated urea are essentially urea granules coated with liquid sulfur to maintain coating uniformity of each granule. It contains around 35% nitrogen and 15% to 20% sulfur. Polymer sulfur coated urea coated with 1% polymer after the urea granules are coated with sulfur. This segment registered a revenue of over USD 1 billion in 2015 and it is forecast to cross USD 1.75 billion by 2024, growing at more than 6% CAGR.
On the basis of crops where the controlled release fertilizers are applied, controlled release fertilizers market has been segmented into cereals & grains, fruits & vegetables, oilseeds & pulses, and other crops such as turfs, ornamental plants, and other gardening plants. Global cereals and grains demand as the primary food source makes it a noteworthy segment with close to 40% of the market share. In 2015, cereals and grains generated revenue more than USD 900 million in controlled release fertilizers market and is likely to grow at more than 6% up to 2024.
Escalating lawn and garden consumable market in the developing countries of Asia Pacific will provide an opportunity for global controlled release fertilizers market growth in the next few years. Enhancing lifestyle coupled with growing awareness about gardening and landscaping will act as a catalyst to the market growth. Hobby cultivators and gardeners will also enhance demand.
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Asia Pacific accounted for almost half the overall controlled release fertilizers market share in 2015. This growth is on the account of huge agricultural land coupled with increasing awareness about sustainable cultivation to meet the growing food demand. Asia Pacific market generated a revenue more than USD 1 billion in 2015 and will grow at a high CAGR of over 7% throughout the forecast timespan.
Europe will have a sluggish growth at less than 2% CAGR as conventional fertilizers and accounts for a large share of the global controlled release fertilizers market. The region registered more than USD 170 million in 2015, accounting to a little over 7% of industry share.
Global controlled release fertilizers market has an intense competition with various strategic decisions, mergers, acquisitions, and partnerships by the market participants. Key market players include Yara International, Greenfeed Agro, Agrium, Inc., Israel Chemicals, Haifa Chemicals, Scotts Miracle-Gro, ICL Specialty Fertilizers, Kingenta, and several other chemical and agricultural product companies.
Browse key industry insights spread across 134 pages with 146 market data tables & 16 charts & figures from the report, “Controlled Release Fertilizers Market” in detail along with the table of contents:
The controlled release fertilizers market research
report includes in-depth coverage of the industry with estimates &
forecast in terms of volume in tons & revenue in USD million from 2013 to
2024, for the following segments:
The above information is provided on a regional and country basis for the following:
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global Market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable Market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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