Impact Assessment of COVID-19 Outbreak on Controlled Release Fertilizers Market Global Size : Future Industry Projections for Forthcoming Years
According to the Transparency Market Research, the global controlled release fertilizers market is likely to expand at a CAGR of 5.6% during the forecast period 2016-2024. In terms of volume the market is predicted to register a CAGR of 5.7% during the forecast period. The market is predicted to be worth at US$3.92 bn by the end of the assessed period. The global controlled release fertilizers market can be found as polymer coated urea, polymer coated NPK fertilizer, sulfur coated urea, and others. Amongst the pack the demand for polymer sulfur coated urea is likely to drive the global market as it is found to be a better substitute to urea because of its environmental friendliness. The demand for polymer surfer coated is foreseen to be at 2.5 mn by the end of the assessed period. Geographically, Asia Pacific is expected to contribute significantly in the years to come. During the forecast period CAGR of this region is likely to be 6.7%.
Demand for controlled release fertilizers is prognosticated to witness a surge in demand due to their low level of toxicity, according to a market report published by Transparency Market Research (TMR). The global market for controlled release fertilizers has a consolidated vendor landscape, wherein a handful of companies enjoy dominance. Top three players in the market almost contribute to half of the global share. The players are likely to siphon heavy amount of fund in research and development, to get an enhanced product in years to come. Some of the major players in the market are ATS Group, Ekompany Agro B.V, EuropChem Agro Gmbh, Specialty fertilizers, Kingenta Ecological Engineering Group Co., Scotts Miracle-Gro Company, and The Chisso Corporation.
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Rise in Demand from Food and Beverages Industry to Fuel Growth
Continuously rising population all across the world is playing the major role in fuelling the demand in the global controlled release fertilizers market. Rise in population is pushing the food and beverages market to produce food at a much faster thus resulting in depletion of more arable land. This has led the farmers to uptake controlled release fertilizer in order to fetch better yield. Increasing rate of urbanization has led to the fall of farming, thus increasing the use of controlled release fertilizers.
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Shift to Better Quality Food Product Is Bolstering Market
Rise in disposable income of the people is one of the major factor pushing the growth of the market. As with the rise in income, population is preferring over high-end food such as organic food and meat of high quality. Increase in concern regarding for food safety is triggering the farmers to use controlled release fertilizers. Government of several countries after hearing complaints regarding the food concern have made sure the use of good quality of fertilizers thus bolstering the growth of the market. Apart from these factors, technological advancement in the farming sector has played a subsidiary role in pushing the growth of the market. However the surge in price of these fertilizers is deterring the growth of the market during the forecast period.
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