New York City, NY, 12 March, 2020/ 24 Market Reports: It is estimated for the controlled release fertilizers market to grow from USD 2.1 billion in 2020 and reach that of USD 3.5 billion by 2025, witnessing the growth at a CAGR of 6.6% during the forecast period of 2020 to 2025. Increase in demand for highly efficient fertilizers, favourable government regulations, a rise in demand for high-value crops and an increase in the number of investments from key players in this market are the factors that are driving the growth of the market during the forecast period. The growing environmental concerns associated with nutrient loss through soil leaching and runoffs from fields on the using excess conventional fertilizers are effectively addressed by these fertilizers.
As the usage of controlled-release fertilizers on turf and ornamentals have been high in the US and Europe, it is estimated for the non-agriculture segment to witness an increased demand in the market during the forecast period. The demand for the segment is increasing owing to several properties that are offered by these fertilizers. This factor is driving the growth of the segment in the market during the forecast period.
During the forecast period, it is estimated for the controlled-release fertilizers market, by application method, to dominate the market. Fertigation is a technique that has been adopted by major countries. Fertigation is highly preferred as a suitable application method adopted in both developed and developing countries across the globe for the application of these fertilizers due to the increasing irrigated land. Also, the labour costs are reduced to a large extent through the adoption of these techniques, which also adds to their increasing demand.
During the forecast period, the N-stabilizers segment is projected to account for the largest share in the market. Owing to their vast adoption across the globe for crops and its viable purchasing price, the Asia Pacific region is estimated to account for the largest share in the market during the forecast period. The extensive use of nitrification inhibitors and Urease Inhibitors for non-agricultural usage in developed countries is also driving the growth of the market during the forecast period.
Based on geography, it is estimated for the Asia Pacific region to account for the highest share in the market. The increasing growth of high-value crops and raising awareness among farmers about the environmental benefits of controlled-release fertilizers are the factors that are driving the growth of the market in the region during the forecast period. The government policies adopted by Asia Pacific countries and the large subsidies, in certain countries up to 100% for marginal farmers, provided on fertilizers are the factors that are propelling the growth of the market in the region during the forecast period.
Major Industry outlook Of Controlled Release Fertilizers Market