(I-BusinessNews.Com, January 09, 2023 ) The global controlled-release fertilizers market size was valued at USD 2.4 billion in 2021 and is expected to reach USD 3.7 billion by 2028, at a CAGR of 6.3% during the forecast period 2022 to 2028. Granular fertilizers called controlled-release fertilizers (CRFs) progressively release nutrients into the soil. They benefit agriculture, horticulture, and silviculture by improving the efficiency of fertilizer delivery to crops while reducing environmental and health concerns. By avoiding the need to blend and keep track of water soluble fertilizers and minimizing the usage of pricey injection equipment, they can also cut labor expenses. In addition to saving time and being simple to apply, they also have a number of other benefits, including optimum plant growth and minimal fertilizer waste.
Agricultural applications, lawn and turf, fruits and vegetables, nurseries, and gardens are just a few of the applications where controlled and slow-release fertilizers are typically used. Thus, the market for controlled and slow-release fertilizers will be dominated by the agricultural sector. Additionally, during the projection period, the market for controlled and slow-release fertilizers is predicted to rise as controlled and slow-release fertilizers become more prevalent in developing markets. However, regulated and slow-release fertilizers are more expensive than regular fertilizers due to the usage of modern technology in their production. Similarly, growers' and farmers' ignorance about the advantages of controlled and slow-release fertilizers could slow down the growth of the industry.
• The rise in fertilizer application rates in developing nations also contributes to the expansion of the controlled release fertilizer market, which is one of the key factors anticipated to drive regional growth during the projected period.
• The market for controlled release fertilizers is also predicted to develop as a result of the rising demand for high-value crops.
• Additionally, it is predicted that new advancements in controlled-release technology will temper the expansion of the market for controlled-release fertilizers.
• On the other hand, the timeline period's controlled release fertilizer market expansion is anticipated to be hampered by cost incompetence.
Due to its mature agricultural industry, North America, which has recently dominated the global market for controlled-release fertilizers, is predicted to have stagnant growth over the projected period. In the region, the United States and Canada were the two biggest consumer markets for controlled-release fertilizers. Due to the high degree of technical improvements in the agriculture sector, particularly in economies like Japan, India, and China, the Asia Pacific is predicted to have the quickest regional market for controlled-release fertilizers over the forecast period.
The major players operating in the Controlled Release Fertilizers Market are EuroChem Agro Gmbh (Germany), Yara International ASA (Norway), Haifa Chemicals Ltd. (Israel), Agrium, Inc. (Canada), The Chisso Corporation (Japan)
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