Northbrook, IL 60062 -- (SBWIRE) -- 04/12/2022 -- The global controlled release fertilizer market size is projected to grow from USD 2.4 Billion in 2021 to USD 3.3 Billion by 2026, recording a compound annual growth rate (CAGR) of 6.4% during the forecast period. The rise in the global population, growing application rates in developing countries, and rising demand for high-value crops are key factors that are projected to drive the growth of the controlled release fertilizer market during the forecast period.

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The coated and encapsulated subsegment in the by type segment is estimated to account for the largest market share in the controlled release fertilizer market.

The coated and encapsulated segment is estimated to dominate the controlled release fertilizer market. The adoption of these fertilizers has been increasing continuously in the global market, due to the growing awareness about the benefits associated with coated fertilizers and government support provided by the nation in terms of subsidies and policy amendment. Such government policies and well-defined regulations act as a boosting factor for the growth of this market at the global level.

The fertigation subsegment in the application segment is projected to account for the fastest growth during the forecast period.

This is mainly driven by factors such as enhanced productivity and better yields. This mode of application is gaining importance due to its reliability and efficacy. Fertigation mode of application also reduces the application cost by 29% to 78% due to improved efficiency. Fertigation is a technique that has been adopted by major countries, wherein the fertilizer is included with irrigation water and applied through systems. This technique witnesses better application than broadcasting and subsurface placement.

The non agriculture segment is estimated to account for the largest market share in the controlled release fertilizer market during the forecast period.

The growth in purchasing power and the rising environmental issues have led to an increase in the demand for CRFs in non-agricultural. However, as a result of government rules governing controlled-release fertilizers, their use on agricultural crops has expanded significantly in developing countries also. Growing usage of controlled-release fertilizers for turf & ornamental grass is driving the market. For more than a decade, CRF has been used for turf & ornamental grass in the US; however, its demand has been increasing recently in developing countries. Thus, the easy application of controlled-release fertilizers on ornamental crops is a major factor driving its market

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Asia Pacific is projected to account for the largest share in the controlled release fertilizer market during the forecast period.

Asia Pacific accounted for the largest share; during the forecast period, in terms of volume and value, respectively. Increasing growth of high-value crops and rising awareness among farmers about the environmental benefits of controlled-release fertilizers are expected to provide more scope for market expansion. The government policies adopted by Asia Pacific countries and the large subsidies, sometimes up to 100% for marginal farmers, provided on fertilizers are the major factors triggering the growth of this market in the region

The key players in this market include Yara International ASA (Norway), Nutrien Ltd. (Canada), The Mosaic Company (US), ICL Group (Israel), Nufarm Ltd. (Australia), Kingenta (China), ScottsMiracle-Gro (US), Koch Industries (US), Helena Chemical (US), and SQM (Chile). These players in this market are focusing on increasing their presence through agreements and collaborations. These companies have a strong presence in North America, Asia Pacific and Europe. They also have manufacturing facilities along with strong distribution networks across these regions.

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