The CRF market size is estimated to record a CAGR of 6.7% over the forecast period of 2017-2022, from an estimated market value of USD 2,923 million in 2016.
Leading Companies Focusing on Control Release Fertilizer Technology
In 2017, IFC and Kingenta jointly launched a new company, Jinfeng Agricultural Services Co. Ltd. Under this company several individual projects were planned, to be operated in the country, including upgrading conventional fertilizers into specialty fertilizers, especially focusing on CRF. Kingenta Ecological Engineering Group Co. Ltd, Shandong Shikefeng Chemical Industry Co. Ltd, Agrium, and Chisso Corporation were the top four players operating in the global controlled release fertilizer market, in 2015. These players collectively held a dominant share of 49.1% in 2015.
Increase in Demand for High Efficiency Fertilizers
Controlled release fertilizers are among the latest and most technically advanced methods of supplying nutrients to crops. The global controlled release fertilizer market is technology driven, and requires exhaustive capital requirements, and significant R&D investment for players to operate efficiently in the market.
Get the Full Report Here: Global Controlled Release Fertilizer Market
One of the major driving factors for the global controlled release fertilizer market growth will be the ever-increasing global population. According to the World Bank, the 2015 global population was estimated at 7.3 billion and will surpass 8 billion by 2024. With arable land per person reducing to less than 0.2 hectares, farm productivity must be enhanced by at least 50%, to satisfy the global food demand. This will promote the demand in the global controlled release fertilizer market. North America is the largest market for controlled release fertilizer products, followed by Europe and Asia-Pacific.
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About the Author: Sanjay Singh works as a Research Associate with Mordor Intelligence, a market research and consulting firm based in Hyderabad, India, with expertise in accurate research and analysis.