March 18, 2020
According to the research report titled ‘Asia Pacific Controlled Release Fertilizers Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, Asia-Pacific controlled release fertilizers market is expected to surpass USD 2 million by the year 2024.
As per the report, scarcity of food crops has impelled the demand for high quality fertilizers, which in turn is a major factor driving the growth of controlled release fertilizers industry in Asia-Pacific. The product comes in the form of granulated fertilizer which is insoluble in water and releases the required nutrients into the soil gradually which further helps in providing adequate nourishment to the crops. Moreover, growing food demand owing to rising population along with shifting focus towards increasing the fertility of land is aiding the market expansion.
The report states that sulfur coated urea fertilizer segment presently dominates the overall industry and is expected to cross USD 1.1 million by the year 2024. On the other hand, polymer coated urea fertilizers segment is presumed to expand with a CAGR of 6.7% during the forecast timeframe, subsequently exceeding USD 0.5 million by the year 2024.
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The report cites that cereals & grains crop segment is predicted to witness a growth rate of 7.6% between 2018 and 2024, hence surpassing USD 1.4 million by the year 2024.
Considering the geographical landscape, China controlled release fertilizers industry is poised to amass notable gains in the ensuing years, primarily due to increasing awareness pertaining to innovative and sustainable agriculture technologies in order to improve the food production. Alternatively, the controlled release fertilizer industry in Japan is set to record a growth rate of 7.2% through 2024, thereby exceeding USD 175 thousand by the end of the study period.
The prominent companies operating in APAC controlled release fertilizers market are Greenfeed Agro Sdn Bhd, Nufarm Ltd., AgroBridge, and HIF Tech Sdn Bhd among others.
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