Businesses operating in the Asia Pacific controlled release fertilizers market are facing intense competition, despite its otherwise consolidated vendor landscape. According to a new study by Transparency Market Research (TMR), the top two players, vis-à-vis, Shandong Shikefeng Chemical and Kingenta Ecological Engineering held nearly 50% of the market in 2014. “While it might take some time before the current scenario in the market is changed, companies are leaving no stone unturned to strengthen their foothold,” said a lead TMR analyst.
Majorly, the companies operating in the Asia Pacific controlled release fertilizers market are using advanced technologies to produce affordable specialty fertilizers, which in turn make one of the fastest growing segments in the market. In the forthcoming years, these companies are likely to focus more on their production capacities by setting up their business facilities across emerging markets. With this, they are also aiming for expanding their regional footprint.
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According to TMR, the Asia Pacific controlled release fertilizers market is forecast to exhibit a CAGR of 7.2% between 2015 and 2023. At this pace, the market’s valuation will reach US$2.1 bn by the end of 2023, from US$1.1 bn in 2014. In Asia Pacific, India and China are expected to emerge as the most lucrative markets for controlled releaser fertilizers. China emerged as the dominant consumer accounting for a share of nearly 75% based on volume in 2014. In terms of application, the demand for controlled release fertilizers is expected to be the highest from the cereals and grain crops segment.
Demand for Improved Crop Yield to Cater Rising Population will Boost Growth
The increasing population in Asia Pacific has enabled the controller release fertilizers market showcase positive growth during the forecast period. As per the findings of the United Nations Economic and Social Commission, Asia Pacific is home to nearly 4.4 bn people, which accounts for nearly 60% of the global population. Considering this robust population base, the demand for food witnessed in Asia Pacific has exceeded the Rest of the World by far. Besides this, the demand for proper shelter has risen unprecedentedly, resulting in dwindling arable land. Given the scenario farmers in Asia Pacific are increasingly using controlled release fertilizers to boost their agriculture yield and the quality of the land.
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Agriculturists in Asia Pacific are currently looking to upgrade their farming methods. This is intended to boost crop yield in order to cater to the rising demand for food. Compared to conventional fertilizers, controlled release fertilizers have more eco-friendly attributes, which have enabled their producers gain increased traction. In addition, the rising demand for gardening and landscaping in countries such as China, India, and Japan is expected to give impetus to the market. By 2023, the demand for garden and lawn consumables is expected to surge in Asia Pacific. Also, the rising awareness regarding organic farming, coupled with increase disposable of income of consumers, will remain key to growth for the controlled release fertilizers market in the region.
High Cost of Specialized Grades of Fiber Emerges as Key Restraint
On the downside, the high cost of specialized grades of fertilizers than conventional NPK grades and urea is likely to obstruct the growth of the controlled release fertilizers market to an extent. Moreover, high price point could inhibit economically deficient farmers from investing on controlled release fertilizers. Lack of awareness in this case may also act as a major restraint for the market. Nevertheless, favorable initiatives by governments to educate farmers and agriculturists about latest farming methods to boost their crop yield and quality will bolster opportunities for the Asia Pacific controlled release fertilizers market in the coming years.
The report has segmented the Asia Pacific controlled release fertilizers market as:
- Polymer sulfur coated urea/sulfur coated urea
- Polymer coated urea
- Polymer coated NPK fertilizer
- Others (including coated micronutrients, etc.)
Controlled Release Fertilizers Market – Application Analysis
- Cereals & grains
- Oilseeds & pulses
- Fruits & vegetables
- Others (including turf, ornamental plants, etc.)
Information included in the review is derived from a TMR report, titled “Controlled Release Fertilizers Market (Product – Polymer Sulfur Coated Urea/Sulfur Coated Urea, Polymer Coated Urea, Polymer Coated NPK Fertilizer, and Coated Micronutrients; Application – Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables, Turf, and Ornamental Plants) – Asia Pacific Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.”