Controlled Release Fertilizers Summary
As per Market Research Future Analysis, the Controlled-Release Fertilizers Market was valued at USD 1.96 billion in 2023 and is projected to grow from USD 2.08 billion in 2024 to USD 3.58 billion by 2032, with a CAGR of 7.02% during the forecast period (2024 - 2032). The market is driven by the need to enhance agricultural productivity through the gradual release of fertilizers, which improves soil quality and crop yield while reducing environmental impact and costs. The COVID-19 pandemic initially disrupted supply chains, increasing demand for controlled-release fertilizers as farmers faced challenges in accessing traditional fertilizers. Recent developments include EuroChem's new phosphate facility in Brazil and Mivena's introduction of vegan and organic fertilizers, highlighting innovation in the sector.
Key Market Trends & Highlights
The Controlled-Release Fertilizers Market is witnessing significant growth driven by technological advancements and environmental considerations.
- Market Size in 2023: USD 1.96 billion.
- Projected Market Size by 2032: USD 3.58 billion.
- CAGR during 2024-2032: 7.02%.
- Key players include Agrium Inc, Agro Bridge, and Haifa Chemicals Ltd.
Market Size & Forecast
2023 Market Size | USD 1.96 billion |
2024 Market Size | USD 2.08 billion |
2032 Market Size | USD 3.58 billion |
CAGR (2024-2032) | 7.02% |
Major Players
Agrium Inc, Agro Bridge, Haifa Chemicals Ltd, Shikefeng Chemical Industry