Market Trends of controlled release fertilizer Industry
Rising pressure on the agriculture industry to meet the growing demand for food is expected to increase the area under field crop cultivation globally
- The global agricultural sector is facing many challenges. According to the UN, the world population may exceed 9 billion by 2050. This population growth may overburden the agricultural industry, which is already experiencing an output loss due to a lack of laborers and the shrinkage of agricultural fields caused by rising urbanization. According to the Food and Agriculture Organization, 70% of the global population is expected to live in cities by 2050. Due to the global loss of arable land, farmers now need to utilize more fertilizers to increase crop yields.
- Asia-Pacific is the world's largest producer of agricultural products. Agriculture is critical to the region's economy, as it employs about 20% of the total available workforce. Field crop cultivation dominates the region, accounting for about more than 95% of the total crop area in the region. Rice, wheat, and corn are the major field crops produced in the region, together accounting for about 24.3% of the total crop area in 2022.
- North America ranks as the second-largest arable region globally. Its farms cultivate a diverse range of crops, with a focus on field crops. Notably, corn, cotton, rice, soybean, and wheat are the prominent field crops, as highlighted by the USDA. In 2022, the United States accounted for 46.2% of North America's crop cultivation area. However, the country witnessed a significant drop in crop acreage between 2017 and 2019, primarily due to adverse environmental conditions, leading to severe flooding in regions like Texas and Houston.
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The global average application rate of primary nutrients like nitrogen, potassium, and phosphorus in field crops is 164.31 kg/ha
- Corn/maize, rapeseed/canola, cotton, sorghum, rice, wheat, and soybean are some of the major crops worldwide in terms of consumption of primary nutrients. The primary nutrient application rates for these field crops are 230.57 kg/ha, 255.75 kg/ha, 172.70 kg/ha, 158.46 kg/ha, 154.49 kg/ha, 135.35 kg/ha, and 120.97 kg/ha, respectively. Primary nutrient fertilizers are crucial for crops because they play an essential role in plant metabolic processes and assist in forming tissues such as cells, cell membranes, and chlorophyll. Phosphorus is essential for growing high-quality crops, while potassium activates the enzymes needed for plant growth and development.
- The global average application rate of nitrogen, potassium, and phosphorus in field crops is 164.31 kg/ha. Nitrogen is the most widely used primary nutrient fertilizer used in field crops. It accounted for an application rate of 224.6 kg/hectare, followed by potassic fertilizers with 150.3 kg/hectare, and phosphorus as the third-most consumed fertilizer with an application rate of 117.9 kg/hectare in 2022.
- In 2022, the nitrogen application rate was highest in rapeseed, amounting to 347.4 kg/hectare. Similarly, the phosphorus application rate was the highest in corn, at 156.3 kg/hectare, while the potassium application rate was highest in canola, at 248.6 kg/hectare.
- Global field crop cultivation area is increasing, particularly in South American and Asia-Pacific countries. These are the growing markets for fertilizers. Due to their efficiency, specialty fertilizers are widely used in developed regions such as Europe and North America, as well as other regions with widespread nutrient deficiencies. These factors are anticipated to drive the global primary nutrient fertilizers market between 2023 and 2030.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- The expansion of horticulture crop cultivation driven by growing demand for fruits and vegetables
- Compared to other vegetable crops, tomatoes receive more primary nutrients, with an average primary nutrient application rate of 386.36 kg/ha
