Global controlled-release fertilizers market is poised to witness significant growth over next seven years owing toincreasing food demand coupled with declining arable land. High end-use efficiency and minimum wastage is projected to contribute to demand specifically in Asia Pacific and Latin America over the forecast period. Increasing private sector investments and government support in the form of tax credit & incentives is anticipated to complement market growth. Increasing nutrient usage with reduced nutrient loss attained by applying control-release fertilizers is projected to fuel market growth over the forecast period. Reduced toxicity and environmental risks principally for seedlings is projected to propel market growth. High application cost and storage limitations are projected to hamper controlled-release fertilizers market growth and pose challenges to industry participants over the forecast period. Production complexities coupled with salt gathering is expected to obstruct market growth.
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Controlled-release fertilizers are further categorized on the basis of crop types such as fruits & vegetables, oilseeds & cereals and ornaments and turf. Turf & ornaments emerged as the leading crop type in 2014 owing to increasing turf production in gardens, lawns, nurseries and greenhouses. Cereals and oilseeds are expected to witness significant growth over the next seven years owing to increasing number of greenhouses and nurseries worldwide.
North America was the dominant regional market and is expected to witness stagnant growth owing to mature agricultural sector over the forecast period. U.S. and Canada are the key consumer markets in the region. Asia Pacific is anticipated to exhibit high growth rate due to technological advancements in agricultural sector in countries such as China, India and Japan. Japanese farmers prefer practices reducing fertilizer and labor requirement owing to small farm size in the region and involvement in other occupations. China and India are projected to witness considerable growth owing to rising government support and consumer & farmer awareness regarding fertilizers use in order to increase yield. Declining land availability owing to increasing commercial spaces in countries such as India is anticipated to positively impact market growth over the forecast period.
Major players operating in global controlled-release fertilizers market include Scotts Miracle-Gro, Haifa Chemicals Ltd., SociedadQuimicaMinera S.A. Other players in the market include Mitsubhi Chemicals, Yara International ASA, Israel Chemicals Ltd., and Asahi Kasai Chemicals Company.
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