Albany, New York, Nov. 13, 2018 (GLOBE NEWSWIRE) -- The global controlled release fertilizers market is highly consolidated in nature, where few players in the market enjoy dominance. Top three players present in the market contribute more than 50 % of the overall share. It is well estimated that players in the market are likely to pump hefty amount of fund behind research and development in order to produce improved product, which will help the player to expand their customer base. Some of the major players in the market are Ekompany Agro B.V, Specialty fertilizers, Scotts Miracle-Gro Company, kingenta Ecological Engineering Group Co., and Scotts Miracle-Gro Company.

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According to Transparency Market Research, the global market for controlled release fertilizers is foreseen to rise at stellar rate of 5.6% of CAGR during the assessed period 2016 – 2024. On the basis of volume, the market is anticipated to expand at 5.7% of CAGR. At this pace, the market which was valued at US$ 2.41 bn in 2015 is prognosticated to touch at US$3.92 bn by the end of the tenure period. On the basis of product, the market can be segregated into polymer coated NPK, polymer sulfur coated urea, and polymer coated urea. Uptake for polymer surfer coated urea is major as it is is an excellent alternative for urea owing to its environment friendliness, low labor requirement, and resource saving. Uptake for polymer sulfur coated urea is likely to touch 2.5 mn tons by the end of forecast period from 1.4 mn tons in 2015. Geographically, Asia Pacific will contribute at a major rate owing to presence of major players in the region.

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Developing Taste for High Quality Foods Have Bolstered the Demand in Market

Rise in disposable income across the world is considered to be one of the important reason, favoring the growth of the market. Rapid urbanization is helping people to develop taste for high end food such as meat and organic food. Another factor promoting the market to grow, is the rising awareness among consumers regarding the negative impact caused by consuming cheap quality food. Rising concern regarding food safety is compelling farmers to extensively use controlled release fertilizers. Government of various countries have taken several steps to make sure farmers use quality fertilizers.  This is likely to bolster the growth of the market. Advancement in technology to play a pivotal role in burgeoning the growth of the market. On the other hand, rising price of controlled release fertilizers is predicted to deter the growth of market.

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Rise in Population And Depletion of Arable Land Owing to Rapid Urbanization, Forced the Market to Grow Exponentially

Incessant growth of population in the world, has forced the food and beverage manufacturers to tune up their production rate. In order to meet the never ending demand, farmers are using controlled release fertilizers to increase their yield in less time. Aggressive growth in infrastructural development all over the world has severely caused a desiccating impact on the agricultural land. Agricultural lands are being cornered at faster rate, which is making the production rate wither. This has driven the farmers to use the fertilizers more often.

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The information presented in this review is based on TMR report, titled “Controlled Release Fertilizers Market (Product – polymer Sulfur Coated Urea, Polymer Coated Urea, Polymer Coated NPK Fertilizer; Application – Cereals and Grains, Oilseeds and pulses, Fruits and Vegetables) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024”

The global controlled released fertilizers market is segmented into

Global Controlled Release Fertilizer Market Segmentation

By Product Analysis:

  • Polymer sulfur coated urea/sulfur coated urea
  • Polymer coated urea
  • Polymer coated NPK fertilizer
  • Others (including coated micronutrients) 

By Application Analysis

  • Cereals & grains
  • Oilseeds & pulses
  • Fruits & vegetables
  • Others (turf, ornamental plants, etc.) 

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