Albany, NY -- (SBWIRE) -- 03/30/2018 -- The top four players operating in the global controlled release fertilizers market as of 2015 were Kingenta Ecological Engineering Group Co., Ltd., Shandong Shikefeng Chemical Industry Co. Ltd., Agrium, Chisso Corporation. These players collectively held a dominant share of 49.1% in 2015. In the coming years, companies are expected to develop user-friendly products and technologies that will cater to the ever-changing consumer needs to remain in the leading positions. Furthermore, companies will also work towards increasing their production capacities to meet the growing demand for fertilizers across the globe.
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According to the research report, the global controlled release fertilizers market will be worth US$3.92 bn by 2024 as compared to US$2.41 bn in 2015, as the market expands at a CAGR of 5.6% between 2016 and 2024.
"This move will make leading players turn towards emerging markets for cheap labor and local manufacturers to cut down their production costs and optimize their resources," observes the lead author of this research report. Additionally, establishing long-term connections with suppliers to raw material for procuring them at fixed costs will also help manufacturers prevent any disruptions due to price volatility.
Depleting Arable Land Forces Farmers to Opt for Controlled Release Fertilizers
The problem of population explosion has led to depletion of arable land, which has created a situation of growing demand for higher food consumption and lower yield. Reconciling these issues has led to an outstanding demand for controlled release fertilizers in the past few years. These fertilizers are known to enhance the agricultural yield, which is a pressing need of hour due to rapid urbanization and drop in the number of farming jobs as the younger population is seeking other occupations.
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Rising disposable incomes has also generated a demand for high-value food items such as organic food produce and high-quality meat. The growing concerns of food security have coaxed several governments across the globe to adopt these fertilizers to increase their produce and reduce their dependency on food imports. Furthermore, the growing initiatives of farmers to modernize their farming techniques have also led a significant uptake in the consumption of controlled release fertilizers.
Lack of Awareness about Benefits of Controlled Release Fertilizers Dissuades Market
Though these fertilizers are made from conventional chemical fertilizers, additives such as resins and polymer coatings impact their prices. Thus, despite the advantages of controlled release fertilizers, the market is facing issues such as increasing prices of these fertilizers, which has dissuaded many farmers to invest in these products. Furthermore, lack of awareness about benefits of controlled release fertilizers in the emerging economies, which happen to be the significant markets as well, is also hampering the growth of this market.
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