Coated Fertilizers: Introduction
- Demand for coated fertilizers has been rising among growers and agronomists across the globe.
- Increase in adoption of coated fertilizers in horticulture as well as agriculture crops is fuelling the market. New technological advancements have enabled more economical and more efficient coated fertilizer products, thus creating opportunities for coated fertilizers in the agriculture sector.
- Rise in demand for controlled-release fertilizers on turf and ornamentals in the non-agriculture segment is also projected to boost the coated fertilizers market in the near future
- Increase in demand for highly efficient fertilizers, favorable government regulations, rise in demand for high-value crops, and growth in investments from key players are propelling the market. Additionally, rise in environmental concerns associated with nutrient loss through soil leaching and runoffs from fields due to the excessive usage of conventional fertilizers is driving the coated fertilizers market.
Coated Fertilizers Market: Segments
- The coated fertilizers market can be segmented based on type, application, and region
- Based on type, the coated fertilizers market can be divided into Controlled Release Fertilizers (CRF), Slow Release Fertilizers (SRF) and others
- In terms of application, the global coated fertilizers market can be classified into agriculture segment, which includes cereals & grains, oilseeds & pulses, fruits & vegetables, and others, and non-agriculture segment that includes veterinary, pest control, and others
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COVID-19 Impact on Coated Fertilizers Market
- The COVID-19 pandemic has impacted a large number of countries across the globe. Various measures introduced to deal with the pandemic such as lockdowns, decrease in trade activities, and temporary closure of factories and workplaces in several countries could save lives. However, they carry wide-ranging economic effects that could induce an economic contagion.
- Shortage in supply of raw materials from various manufacturers of coated fertilizers around the globe has resulted in a severe demand-supply gap. Manufacturers are further expected to be stranded on raw material orders owing to the logistics industry being significantly impacted due to the lockdown amid COVID-19.
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Asia Pacific to Dominate Coated Fertilizers Market
- In terms of geography, the global coated fertilizers market can be segmented into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa
- China, India, and Japan lead the coated fertilizers market in Asia Pacific
- Rise in demand for high value crops and increase in awareness among farmers about the environmental benefits of coated fertilizers are expected to create opportunities for the market. Supportive policies adopted by countries in Asia Pacific and availability of large subsidies in certain countries for marginal farmers are major factors boosting the market in the region.
- R&D activities in coated fertilizers and installation of new production capacities by key players are also fuelling the market in Asia Pacific
- North America is an emerging region of the global coated fertilizers market. Increase in population, changing lifestyle, and rise in disposable income are boosting the coated fertilizers market in the region.
- The coated fertilizers market in Europe, particularly in countries such as the U.K., Germany, and France, has been expanding significantly due to rapid industrialization. Norway and the Netherlands are also expected to contribute significantly to the coated fertilizers market in the region. Growth of the market in Europe can be ascribed to enactment of favorable government policies in the region.
- Demand for coated fertilizers is expected to increase in Latin America and Middle East & Africa in the near future, led by growth in standard of living of the people in these regions