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North America Controlled Release Fertilizer Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028
The North America Controlled Release Fertilizer Market is projected to register a CAGR of 6.80%. Key Highlights. Largest Segment by Type - Straight : CRF Urea releases nitrogen in a gradual manner.
New York, Jan. 17, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Controlled Release Fertilizer Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028" - https://www.reportlinker.com/p06381440/?utm_source=GNW
As nitrogen is the most applied fertilizer, CRF urea can prevent nitrogen mineralization that degrades the soil quality.
Largest Segment by Coating Type - Polymer Coated : These fertilizers effectively supply all the essential primary and secondary nutrients, coupled with micronutrients, reducing the need for multiple fertilizer applications.
Largest Segment by Crop Type - Field Crops : Field crops dominate the North American fertilizers market due to the large cultivation area in the region. Field crops account for more than 95% of the total crop area.
Largest segment by Country - United States : The United States accounts for about 69% of the total agricultural crop area in the region. The country is one of the major producers of fertilizers in North America.
Key Market Trends
Polymer Coated is the largest segment by Coating Type.
The North American controlled-release fertilizer market grew by 70.6% during the study period. Precision farming is widely practiced in North America. An important component of precision farming is the provision of the right dosage of nutrients to crops at the right time. Thus, controlled-release fertilizers serve as important inputs in precision farming.
Field crops occupy 82.4% of the overall market, followed by turfs and ornamentals, which constitute 13.9% of the market share. These types of coated controlled-release fertilizers are commonly used in specialty, high-value crops like cereals, grains, and vegetables, as well as in areas like orchards and nurseries. Although the use of specialty chemicals is limited in row crops, their usage is increasing due to higher grain prices, environmental concerns, and other regulations.
The United States is the largest market for controlled-release fertilizers. It accounted for 81.9% of the market in 2021, registering a growth of 70.43% during the study period.
With the growing technological advancements in the fertilizer industry, the Environmental Protection Agency (EPA) and the US Department of Agriculture (USDA) partnered with various stakeholders, such as The Fertilizer Institute (TFI), the International Fertilizer Development Center (IFDC), The Nature Conservancy (TNC), and the National Corn Growers Association (NCGA), to boost awareness about controlled-release fertilizers among farmers. These factors are anticipated to boost the country’s field crop production.
United States is the largest segment by Country.
The United States was the largest market for controlled-release fertilizers, accounting for 81.9% of the market in 2021. The country registered a growth of 70.4% during the study period.
The polymer coating segment was the largest coating type in 2021, accounting for 63.2% of the market. The country is concentrated on field crop cultivation. Thus, the demand for polymer-coated controlled-release fertilizers is high to meet environmental and cost-related concerns.
The increased cultivation of field crops in Canada includes wheat, canola, and maize, and various government initiatives, such as the Farm Credit Canada, offer increased credit availability for farm inputs involving the cost of buying expensive and efficient fertilizers like controlled-release fertilizers. This trend is anticipated to drive the controlled-release fertilizer market in the country during the forecast period.
Similarly, in 2021, the Mexican legislature approved the 2022 Federal Government Budget, allocating roughly USD 2.70 billion to the Secretariat of Agriculture and Rural Development (SADER), wherein 70% was allocated to fertilizer subsidies.
The production of cereals in Costa Rica decreased in 2020 from 2017, with a production of 197,701 metric ton in 2017 to 151,685 ton in 2020. This decrease facilitates the demand for controlled-release fertilizers for enhanced productivity and crop quality.
The need to increase the production of field crops across the region, coupled with the various government initiatives and increasing awareness among the farmers, is anticipated to drive the market during the forecast period.
Competitive Landscape
The North America Controlled Release Fertilizer Market is fragmented, with the top five companies occupying 19.51%. The major players in this market are Compo Expert GMbh, Florikan, ICL Speciality Fertilizers, Nutrien Ltd. and Sociedad Quimica y Minera de Chile SA (sorted alphabetically).
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06381440/?utm_source=GNW
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