The controlled release fertilizer market value will rise over the forthcoming years due to exponential population growth and the subsequent rise in global food demand. According to the Harvard Business Review, the global food demand is slated to rise by anywhere between 59% – 98% by year 2050. This demand will subsequently reshape numerous regional agricultural markets, augmenting the industry outlook.
Farmers throughout the world would need to boost their crop production, either by improving productivity on current farmlands or by increasing the number of farmlands. Either way, both solutions would prove to be highly lucrative for controlled release fertilizers, augmenting the overall reach of controlled release fertilizer brands and boosting market share considerably.
In recent years, controlled-release fertilizers have gained immense popularity, garnering substantial attention from agronomists and growers throughout the world. Various scientific studies have shown that farmers can attain higher production and quality through controlled fertilizers.
Controlled fertilizers deliver results that are almost as good as standard fertilizers, and they do so while using less fertilizers; sometimes less by almost 25%. Controlled release fertilizers also facilitate added benefits of leaching nutrients on a smaller scale while also requiring far fewer application passes.
From a regional perspective, the Middle East and Africa are projected to emerge as a prominent avenue of growth for controlled release fertilizer market during the forecast timeframe. Africa, especially, represents a significant yet relatively untapped industry landscape. Agriculture plays a crucial role throughout Africa, providing employment to approximately 65% of the continent’s workforce and contributing more than 32% of the region’s total GDP.
Today, approximately 70% of the region’s population depends directly upon agriculture as the primary source of their livelihood. However, even though it is a predominant source of livelihood for many, the continent’s agriculture sector is facing several issues in terms of low productivity.
These problems are further being compounded by urban migration, climate change, and lack of knowledge & technical expertise. According to the Aid & International Development Forum, Africa is currently witnessing a rapid population expansion, with some estimates putting it somewhere close to 2.2 billion by 2050.
Through this trend, the need for Africa’s farmers to boost productivity is becoming more critical. Controlled release fertilizer industry players are expected to leverage their ability to boost crop production to gain a strong footing in this agriculture-dominant regional market.
By foraying into this relatively untapped market landscape, the global controlled release fertilizer market share is slated to grow by a significant margin over the forthcoming years.
When it comes to crop types, oilseeds & pulses and fruits & vegetables are expected to emerge as notable contributors augmenting the overall controlled release fertilizer market outlook. Cereals and grains, though, are also expected to register substantial demand in the years ahead.
Despite its prominence and increasing demands, the productivity of pulses throughout the world remains low, at approximately a quarter of worldwide cereal yields per hectare. It is expected that agronomists and growers would be turning to the controlled release fertilizers to keep up with growing demands, further augmenting the market share in the coming years.
According to the Food and Agriculture Organization, escalating protein meal demand, especially across countries such as China, has been a major driver behind the overall expansion of oilseed production throughout the world. The market size is expected to witness a sizable boost in its revenue stream owing to these demands.
Additionally, the fruit & vegetable crop segment is expected to gain a more prominent role in fostering controlled release fertilizer market growth across the forecast timeframe. According to the World Health Organization, insufficient consumption of vegetables and fruits is estimated to cause approximately 9% of global stroke deaths, 11% ischemic heart disease deaths, and 14% gastrointestinal cancer deaths.
Growing awareness towards healthy living and the subsequent rise in the adoption of healthy diet plans that incorporate fruit and vegetables is expected to boost demand for global fruits and vegetables. The global market is expected to benefit from this demand and augment its market expansion during the forecast study period.
What does this report offer?
This controlled release fertilizer market report covers an in-depth analysis of every segment comprising of product type, crop type, competitive landscape and region. The research study facilitates insights on this industry with regards to a number of parameters, such as growth drivers, industry outlook, and regional drivers that are impacting the overall commercialization graph of the industry space, global trends that further characterize the market and industry segmentation.
The study cites that the product type segment is further subdivided into polymer coated NPK, polymer-coated urea, and sulfur coated urea/polymer sulfur coated urea among others. Of these, the polymer-coated NPK segment holds a considerable chunk of the global market share in terms of volume, primarily owing to its widescale use in the cereals & grains crop segment. Moving forward, the polymer-coated NPK segment is expected to amass greater traction through the cereals & grains crop segment, which comprises of a substantial chunk of the global market share, augmenting controlled release fertilizer market share further.
The key drivers pertaining to the product type segment provides lucrative forecast during the forecast time period, industry share of each sub-segment, as well as most rapidly expanding trends.
A detailed analysis of the crop type segment of the market is also entailed inside the aforementioned research report. When it comes to crop type, the industry is divided into fruits & vegetables, oilseeds & pulses, and cereals & grains.
From a regional frame of reference, the controlled release fertilizer market report is segregated into the U.S., Canada, Italy, UK, Germany, Spain, France, India, China, Australia, Japan, Malaysia, Indonesia, Mexico, Brazil, GCC and South Africa. The regions mentioned above are further segmented in terms of consumer base, availability of industry players, market contribution, and many other aspects.
The study projects that the controlled-release fertilizer market shows immense growth potential across the Middle East & Africa, Europe, North America, and the Asia Pacific. The Middle East & Africa market outlook is slated to foster growth throughout the global industry landscape, primarily due to Africa’s dependence on the agriculture industry for their livelihoods and the region’s growing population that is putting immense pressure in the agriculture industry to enhance crop productivity.
Moreover, the market report also covers a collection of key parameters that would assist stakeholders in readily undertaking necessary decision-making. The market research report also comprises crucial information pertaining to a number of different SWOT analysis, industry driving factors and more.
The aforementioned research report further provides a detailed overview of overall global trends, executive summary, industry analysis, the crucial industry as well as market segmentation insights across the controlled release fertilizer market industry. Furthermore, deliverables with regards to the regulatory frame of reference as well as competitive spectrum have also been discussed in the study report along with business strategies that are being deployed by prominent market players throughout the global market landscape.
