(MENAFN- GlobeNewsWire - Nasdaq) New York, March 29, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Controlled Release Fertilizer Global Market Report 2023" -
V, Jcam Agri, Aglukoon, and Greenfeed Agro Sdn Bhd.
The global controlled release fertilizer market grew from $2.84 billion in 2022 to $3.04 billion in 2023 at a compound annual growth rate (CAGR) of 6.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The controlled release fertilizer market is expected to grow to $3.95 billion in 2027 at a CAGR of 6.7%.
The controlled release fertilizer market consists of sales of controlled-release fertilizer products such as urea formaldehyde and crotonylidenediurea.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Controlled-release fertilizers (CRFs) are granular fertilizer particles covered with a resin or polymer that limits moisture contact and serves to dissolve the fertilizer particles, allowing the fertilizer to be released gradually over time. The controlled release fertilizer are highly advantageous for agriculture, silviculture, and horticulture.
The Asia-Pacific was the largest region in the controlled release fertilizer market in 2022 and is expected to be the fastest-growing region in the forecast period. The regions covered in the controlled release fertilizer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main product types of controlled release fertilizers are polymer sulfur-coated urea/sulfur-coated urea, polymer-coated urea, and polymer-coated NPK.Polymer-coated urea is urea granules that have been coated with a polymer that inhibits urea release into the soil.
The controlled release fertilizers are available in liquid, a granular and powdered form that is used for foliar, fertigation, soil, and other applications. The various end-uses include agriculture, cereals and grains, oilseeds and pulses, vegetables, fruits, and plantation crops.
The increasing adoption of modern agriculture practices is significantly driving the growth of the controlled release fertilizer market.Modern agriculture is an expanding approach to agricultural inventions and farming practices that assist farmers to boost efficiency and minimize the number of natural resources needed to meet the world's food, fuel, and fiber demands, such as water, land, and energy.
Controlled release fertilizers examine precision fertilizer applications utilizing the 4-R approach-the right amount of fertilizer at the right time to the right plant at the right stage of growth.For instance, in July 2022, according to a report published by Khulna University Studies, a Bangladesh-based organization on research and academics, on average, the farmers in the survey have been farming for more than 23 years.
According to study findings, 87 percent of farming households in the study area are using modern technologies to manage irrigation, use better seeds, and use chemical fertilizers.Around 60% of people are using harvesting technology today.
Hence, the increasing adoption of modern agriculture practices is expected to propel the growth of the controlled release fertilizer market going forward.
Technological advancement is a key trend gaining popularity in the controlled release fertilizer market.Major companies operating in the controlled release fertilizer sector are focused on developing technologically advanced products to strengthen their position.
For instance, in September 2021, ICL Group, an Israel-based company that develops, produces, and markets fertilizers, metals, and other special-purpose chemical products, introduced the fifth version of its Osmocote controlled-release fertilizer.Osmocote 5 has a distinctive nutrient matching release technology as well as an upgraded Optimised Trace Element Availability (OTEA) system that matches plants' needs throughout the release program, resulting in increased plant health, color, and growth.
Considering the inclination to minimize or remove peat, Osmocote 5 has a slightly increased Nitrogen concentration to enhance growth.
In October 2021, Profile Products LLC, a US-based manufacturer and supplier of hydraulically applied erosion control technologies, soil modifiers, turf establishment blankets, and turf reinforcement mats, acquired Florikan for an undisclosed amount.This acquisition strengthens both firms' agronomic knowledge and expands Profile's capacity to address clients' product and service needs across all of the company's business sectors.
Florikan is a US-based company that makes controlled-release fertilizers and designs specialized coatings to encapsulate nutrients while enhancing plant nutrition and lowering environmental effects.
The countries covered in the controlled release fertilizer market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The controlled release fertilizer market research report is one of a series of new reports that provides controlled release fertilizer market statistics, including controlled release fertilizer industry global market size, regional shares, competitors with a controlled release fertilizer market share, detailed controlled release fertilizer market segments, market trends and opportunities, and any further data you may need to thrive in the controlled release fertilizer industry. This controlled-release fertilizer market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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