The Controlled Release Fertilizers Market is set to grow from its current market value of more than $2.4 billion to over $3.9 billion by 2024; as reported in the latest study by Global Market Insights, Inc.
One of the major driving factor for the global controlled release fertilizers market growth will be the ever-increasing global population. According to the World Bank, the 2015 global population was estimated at 7.3 billion and will surpass 8 billion by 2024. Continuous expansion of residential area for accommodation is also decreasing the amount of arable land substantially. Effective utilization of land for agricultural purposes is paramount to respond to demographic challenges. Land fertility needs to be maintained and enhanced for longer period of times. With arable land per person reducing to less than 0.2 hectares, farm productivity must be 50% enhanced to satisfy the global food demand. This will promote the global controlled release fertilizers market demand.
Changing climatic conditions and drought conditions prevailing throughout the world because of low and untimely rainfall is increasing the requirement for sustainable agriculture. By 2030, close to 90% of the major crops are forecast to experience a reduced or stagnant growth because of climate changes. This will result in a dramatic surge in average crop price. Rice, for instance, is slated to undergo 18% to 25% decrease in growth rate and close to 90% increase in the from 2016 to 2024. Sustainable farming to improve the soil productivity even in non-friendly climatic conditions, will drive the global controlled release fertilizers market.
Rising gardening and landscaping demand in China, Japan, and India, will likely provide a growth opportunity to the Asia Pacific controlled release fertilizers market. By 2024, lawn and garden consumables in Asia Pacific will surpass USD 4 billion. Increasing disposable income and rising awareness about plantation and organic farming for ecological sustainability will account for the change of trend in the forecast timespan.
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Higher cost of the specialized grades as compared to conventional urea or NPK grades will obstruct the controlled release fertilizers market growth rate up to 2024. This restrains the product application from economically deficient farmers and agriculturists. Lack of product awareness among farmers around the world also limits the industry growth to a certain extent. However, growing awareness combined with agro-based government initiatives could help bridge this gap and boost demand for the product in coming years.
Polymer sulfur coated urea or sulfur coated urea is a noteworthy product segment with over 40% share of the global controlled release fertilizers market and will see in excess of 6% growth. Cereals &grains recorded a revenue over USD 900 million in controlled release fertilizers usage in 2015. Significant demand for cereals &grains in food products is likely to boost controlled release fertilizers market over the duration of the forecast period.
Asia Pacific recorded over $1 billion in product revenues and the region is likely to garner a significant chunk of the controlled release fertilizers market share in coming years on the account of rising demand.