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Controlled release fertilizers are a type of fertilizers through which high efficiency is achieved through the controlled release of nutrients from a granulated fertilizer. To meet the food demands without depending on imports, the use of fertilizers has become essential. There are also rising concerns over the quality of the food produced by using fertilizers. The utilization of controlled release fertilizers has become unavoidable in this scenario to achieve maximum efficiency.
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Controlled Release Fertilizers Market: Drivers and Challenges
The rapid decrease of cultivable land, increased demand for food, growing population and enlarged demand for food security are some of the key factors that are driving this market. However, high prices of controlled release fertilizers is a key factor hindering the growth of the market. Also, there is a need to spread awareness about the benefits of usage of controlled release fertilizers.
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By region, the market is segmented into North America, Europe, Latin America, Middle East and Africa and Asia-Pacific. North America is holding the largest market share currently but Asia-Pacific is expected to show rapid growth in the forecast period owing to the increased food demands of countries like China and India.
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Some of the key players of controlled release fertilizers market includes The Chisso Corporation, Shandong Shikefeng Chemical Industry Co. Ltd., Kingenta Ecological Engineering Group Co. Ltd., Scotts Miracle-Gro Company, Agrium, Yara International, Israel Chemicals Ltd., Compo GmbH Co., Sociedad Quimica Y Minera S.A. and Haifa Chemicals Limited are some of the big players in controlled release fertilizer industry.
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