The growing requirement for sustainability in agriculture and rising food production insecurity worldwide have led to a substantial increase in the demand for controlled release fertilizers.
Global Market Insights Inc. estimates the controlled release fertilizer market size to cross USD 3.9 billion by 2024 end.
As per estimates by the Food and Agriculture Organization, the world needs to produce 60% more food to suffice for a global population of 9.3 billion and more by 2050. This entails closing the gap between the presence of arable land and growing food requirements. According to the World Resource Institute research, to fulfill this demand, the world needs to reduce a 593 million-hectare land gap between the global agricultural land area in 2010 and anticipated agricultural expansion by 2050.
One of the many ways to deal with this colossal demand is to undertake sustainable agricultural practices and solutions, which has increased the awareness pertaining to controlled release fertilizers.
What has led to the increasing adoption of controlled release fertilizers?
Controlled release fertilizers (CRFs) are excipients needed to regulate or control nutrient release in crops, enhancing the nutrient supply and reducing ecological, environmental, and associated health hazards. Having recognized their incredible benefits in increasing agricultural productivity, prominent controlled release fertilizer market players are coming up with profitable initiatives that will help raise their production and supply.
Some of the prominent trends that would shape the controlled release fertilizer market growth over 2016-2024 are enlisted below:
- Sulfur coated urea or PSCU fertilizers to improve crop quality
Some of the best controlled release fertilizer products available in the market include polymer sulfur coated urea or sulfur coated urea (SCU fertilizers), polymer coated NPK, and polymer coated urea. Out of these, sulfur coated urea fertilizers are gaining optimum attention worldwide.
Sulfur coated urea fertilizers are controlled-release fertilizers made by coating urea with sulfur and wax that increase nitrogen efficiency, reduce water pollution, and augment plant growth when compared to water soluble fast-release urea. Besides, the product also alleviates the frequency of fertilizer application thus reducing the overall cost, helping enhance the crop quality, and reducing the salt index.
Polymer sulfur coated urea or SCU fertilizers segment held 40% of controlled release fertilizer industry share in 2015 and is set to observe a 6% CAGR through 2024.
- Significant breakthroughs in the controlled release fertilizer industry
Ongoing investments, partnerships, acquisitions, and other strategic initiatives play a major role in propelling the controlled release fertilizer market growth. A snapshot of some of the key happenings is enlisted below:
- Profile Products’ acquisition of Florikan – Represents Profile’s plans of expanding its product portfolio to meet the growing consumer demand
In October 2021, Profile Products announced taking over Florikian – a pioneer in the production and distribution of controlled release fertilizers. As per official reports, the transaction encompasses all of Florikan’s product lines and units, including the firm’s production facility and expanding distribution center in Florida. Besides, the investment leverages the agronomic proficiency of both companies, expanding Profile’s ability to address the consumer’s service and product demands across its business segments.
- Pursell’s plans for new CRF plant construction in Savannah, Georgia – Represents new construction projects worldwide
Pursell, in 2021, publicized its plans of building a state-of-the-art production unit in the Savannah province of Georgia to potentially expand the reach of its next-generation coating technologies nationwide. Located near 2 rail lines and the country’s largest port for agricultural exports, the Savannah plant is anticipated to produce controlled-release fertilizers for specialty, horticulture, turf, ornamental, and other prominent markets.
- Rise in sustainable agriculture practices in Africa – an upcoming revenue pocket for Controlled Release Fertilizer Market
The African continent is currently witnessing severe food insecurity, a dire situation that is worsening further aided by the COVID-19 pandemic and Russia-Ukraine war. As of 2020, nearly more than 1/3rd of the African population was malnourished. In the whole of Africa, close to 282 million people experience acute hunger.
Under such circumstances, governments across different African economies are laying out plans and initiatives to introduce sustainable farming and agriculture practices to bridge food insecurity in the continent. Speaking of which, the United Nations Development Program recently underlined the need for Ghana to adopt sustainable agricultural practices in the country.
Source: https://www.gminsights.com/industry-analysis/controlled-release-fertilizers-market
