Dublin, March 04, 2024 (GLOBE NEWSWIRE) -- The "Secondary Macronutrients Market by Nutrient (Calcium, Magnesium, and Sulfur), Crop Type (Cereals and Grains, Oilseeds and Pulses, Fruits and Vegetables), Mode of Application (Solid and Liquid), Form and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The secondary macronutrients market is expected to be valued USD 38.6 billion in 2022 and USD 48.5 billion by 2028, with a CAGR of 4.0%
The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the secondary macronutrient market. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions; key strategies; partnerships, agreements; new product launches, mergers and acquisitions, and recent developments associated with the secondary macronutrient market. Competitive analysis of upcoming startups in the secondary macronutrient market ecosystem is covered in this report.
An increase in the consumption of fruits & vegetables and the growing awareness about the soil and environment propel the secondary macronutrients market. The South American secondary macronutrients market is projected to account for USD 10.49 billion by 2028, growing at a CAGR of 4.5% during the forecast period.
Eminent players operating in the secondary macronutrients market include Nutrien Ltd. (Canada), Yara (Norway), The Mosaic Company (US), Israel Chemicals Limited (Israel), and K+S Aktiengesellschaft (Germany), amongst others.
Sulfur is the second largest segment which is expected to gain the second largest market share in 2022
Sulfur is an essential nutrient for plant growth and development and plays a key role in crop production. It is part of several important plant compounds, including amino acids, proteins and enzymes. It also help to improve overall plant health and vigor. It is necessary for the formation of chlorophyll, which is necessary for photosynthesis. Sulfur is important for the uptake of other important plant nutrients such as nitrogen, phosphorus and potassium. This helps improve the efficiency of nutrient uptake and utilization, which can increase performance.
The fruits and vegetables segment is the second largest, projected to account for the largest market share in 2022
The main factors driving the use of secondary macronutrients in major fruit and vegetable production and export regions are increased fruit production, good quality fruit, and lower production costs. Increase in production of fruits such as strawberries, apples, grapes, pomegranates, oranges, chilies, peppers, tomatoes, and chilies, among others. The expansion of world trade has increased the availability of fruits and vegetables from various parts of the world, making them even more accessible to consumers, which will further boost the market.
The dry form segment is forecasted to occupy the largest market share in 2022
Dry forms of secondary macronutrients are easy to handle and transport, making them a convenient choice for farmers. Dry forms of secondary macronutrients are usually less expensive than their liquid counterparts. This cost-effectiveness is particularly beneficial to farmers who require large quantities of these nutrients. Dry conditions of secondary macronutrients have a longer shelf life than liquid forms. This means they can be stored for longer periods of time without the risk of spoilage, making them a reliable choice for farmers who need to ensure a constant supply of food.
Asia Pacific market is projected to gain the largest market share during the forecast period
The Asia Pacific market is the largest market for secondary macronutrients. This is due to the higher production of fruits and vegetables in the region. In the Asia-Pacific region, wheat, barley, corn, tomatoes, grapes, seeds, and stone fruits grow the most. These crops are also exported in large quantities to different parts of the world.
Food security is an important goal for many countries in the Asia-Pacific region, and the use of fertilizers containing secondary macronutrients can play a role in achieving this goal by increasing yield and improving the nutritional value of crops. Farmers in Asia and the Pacific are increasingly adopting crop rotation practices that can help improve soil health and nutrient availability. Using fertilizers containing secondary macronutrients can complement these practices and support crop production. This has led to increased utilization of the secondary macronutrient market and stimulated the growth of the secondary macronutrient market in the region.
Premium Insights
- Asia-Pacific to Account for Largest Market Share During Forecast Period
- Russia and Cereals & Grains Accounted for Largest Shares in 2022
- Calcium to Dominate Market During Forecast Period
- Cereals & Grains to Dominate Market During Forecast Period
- Liquid Application to Account for Largest Market Share During Forecast Period
- Dry Form to Dominate Market During Forecast Period
- Asia-Pacific and Calcium to Dominate During Forecast Period
Case Studies
- Nutrien Ltd. Launched Map+Mst Homogenous Fertilizer
- Introduction of Crf Coating by Israel Chemicals Limited
Market Dynamics
Drivers
- Need to Increase Crop Production
- Increased Demand for High-Value Crops Like Fruits & Vegetables
- Soil Degradation and Deficiencies due to Absence of Secondary Nutrients
- Advancements in Agricultural Research and Technology
- Crop Quality and Market Demand
Restraints
- Price Volatility and Fluctuations in Global Market
- Rising Instances of Counterfeit Goods
Opportunities
- Precision Agriculture for Nutrient Control on Site-By-Site Basis
- Rising Investments in Agricultural Enterprises from Emerging Economies
- Integrated Nutrient Management (Inm)
Challenges
- Utilization of Agricultural Biologicals in Farming
- Lack of Regulatory Standards
Industry Trends
Value Chain Analysis
- Research and Product Development
- Sourcing
- Manufacturing
- Sales & Distribution
- End Consumers
- Supply Chain Analysis
- Prominent Companies
- Small and Medium Enterprises (Smes)
- End-Users
Key Influencers
- Technology Analysis
- Nanofertilizers
- Precision Fertilization of Secondary Macronutrients
Price Trend Analysis
- Average Selling Price, by Nutrient
- Supply-Side Analysis
- Demand-Side Analysis
- Trade Analysis
Company Profiles
Key Players
- Nutrien Ltd.
- Yara
- The Mosaic Company
- Israel Chemicals Ltd.
- K+S Aktiengesellschaft
- Nufarm
- Spic
- Koch Industries, Inc.
- Coromandel International Ltd
- Deepak Fertilisers and Petrochemicals Corporation Ltd.
- Haifa Negev Technologies Ltd
- Kugler Company
- Iffco
- Western Nutrients Corporation
- Aries Agro Limited
- Other Players
- Bms Micro-Nutrients
- Baicor, LLC
- Plant Food Company, Inc.
- Agroliquid
- Terralink Horticulture Inc.
- Stoller Enterprises
- Nachurs
- Morral Companies LLC
- Aditya Microdynamics
- Mythreyi Agri Inputs
For more information about this report visit https://www.researchandmarkets.com/r/qlpze4
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