Controlled-release or slow-release fertilizers (CRFs or SRFs) are also known as enhanced efficiency fertilizers. These fertilizers release nutrients slowly or gradually into the soil at a pre-determined time and rate. Controlled-release fertilizers are gaining importance due to the global awareness of sustainable agriculture which demands step-by-step reduction in the cost of farming and meets environmental safety standards. These fertilizers are applied by topdressing, or soil mixing prior to sowing.
Reduced risk of fertilizer burn due to excess application, and economic benefits associated with labor savings and lesser quantity requirements are propelling market growth. Controlled-release fertilizers are also efficient in increasing nitrogen use efficiency with reduced environmental hazards. Although controlled-release technology in fertilizers is not very new to the industry, the relative availability and production is low as compared to conventional fertilizers. Factors such as production complexities; dominance of conventional fertilizers, and subsidies on conventional fertilizers hamper growth of the controlled-release fertilizers market.
North America holds the largest share of the global controlled-release fertilizers market. However, in the forthcoming years, the market is projected to grow fastest in Asia-Pacific region making it the fastest revenue-generating pocket.
FIGURE 1 CONTROLLED-RELEASE FERTILIZERS MARKET SIZE, BY TYPE, 2013, ($MILLION)
Source: Expert Interviews and MarketsandMarkets Analysis
Growing environmental concerns, rising demand for food, decreasing land availability, increasing health concerns, growing government support, and increasing private investments and venture funding to support new product developments are the key factors driving the growth of the controlled-release fertilizers market in developing regions.
The global is marked with intense competition due to the presence of a large number of big and small firms. New product developments, mergers & acquisitions, and expansions are the key strategies adopted by market players to ensure growth in the market. The market is dominated by players such as the ScottsMiracle-Gro Company (U.S.
S.), Agrium Inc. (Canada), Compo GmbH & Co. KG (Germany), Isreal Chemicals Ltd. (Israel), Sociedad Quimica y Minera S.A. (U.S.), Haifa Chemicals Ltd. (Isreal), and Yara International ASA (Norway).
In this report, the global controlled-release fertilizers market is segmented into type, crop type, and geography. The global controlled-release fertilizers market was valued at $2,061.2 million in 2013 and is projected to grow at a CAGR of 6.5% from 2014 to 2019.
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