Secondary Macronutrients Market Outlook
According to Market Research Future (MRFR), the global secondary macronutrients market is expected to reach USD 41.45 billion, with a CAGR of 3.9% from 2020 to 2028 (forecast period). The report provides authentic information about market size, share, revenue, and progress rate. The study also assesses the current environment of the market and the present and potential impact of COVID-19 on the market.
Secondary macronutrients are necessary for plant operation. The quantity needed is comparatively less than nitrogen, phosphorous, and potash, but more than micronutrients. Macronutrients contain calcium (Ca), magnesium (Mg), and sulfur (S). Each of them has a specific role to play in promoting crop production. Calcium is the primary component of cell walls and structures found in gypsum, limestone, and calcium chloride. Magnesium helps with chlorophyll synthesis while the sulfur is metabolized into the amino acid, cysteine, which is used in various proteins and enzymes.
The need for an increase in agricultural production per hectare, combined with an increasing demand for high-value crops such as fruits and vegetables, are the key factors expected to drive the growth of the global market. Secondary macronutrients are needed in fewer amounts than primary nutrients but are equally necessary for growing healthy plants. Secondary macronutrients such as calcium are essential for sustaining soil pH, which allows plants in distress to absorb nutrients, thereby boosting market development. Sulfur is required by plants to make full use of nitrogen, one of the primary nutrients for plants. This increases the demand for sulfur and thus facilitates the growth of the global economy. Moreover, the overall pressure to grow agricultural food yields to meet global food demand is also projected to boost the market.
However, the increasing trend of organic farming resulting in a decrease in the use of fertilizers and the plethora of counterfeit products on the market could hinder the growth of the global market.
The global market for secondary macronutrients market has been segmented based on nutrient, form, mode of application, and crop type.
Based on nutrients, the global secondary macronutrients industry has been classified as calcium, magnesium, and sulfur. Calcium had the largest market share as it was consumed in enormous quantities during the crop's growing stage. It is also the most important nutrient needed by crops and helps to reinforce cell walls and reduce bruising and disease in fruit and vegetable crops.
Based on form, the global secondary macronutrients industry has been bifurcated into liquid and dry. The dry formulation segment held the largest market share in 2017. The long shelf life of granular fertilizers helps to provide nutrition for plants over a more extended period; it is also cost-effective compared to liquid fertilizers.
Based on mode of application, the global market for secondary macronutrients has been divided into broadcasting, foliar, fertigation, and others.
Based on crop type, the global market for secondary macronutrients has been categorized as cereals and pulses, fruits and vegetables, oilseeds and pulses, and others.
The global market for secondary macronutrients has been segmented into North America the Asia Pacific, Europe, and the rest of the world.
The market in the Asia Pacific is estimated to hold the largest secondary macronutrient market and register the highest CAGR in the forecast period as a massive portion of the region participates in agriculture due to favorable climate conditions. Furthermore, the need to increase agricultural food yield per unit of land to accommodate the increasing demand for food for a rapidly growing population in countries like India and China is anticipated to drive the growth of the secondary macronutrients market in the region.
The market is expected to gain a significant share in the rest of the world as South American countries are projected to increase their agricultural activities.
Some of the major participants in the global secondary macronutrients are Yara International ASA (Norway), Evergrow (Egypt), Koch Ag & Energy Solutions LLC (US), Coromandel International Limited (India), Nutrien Ltd. (Canada), Agriculture Solutions Inc (Canada), Deepak Fertilizers and Petrochemicals Corporation Limited (India), Sapec Agro S.A. (Portugal), Kugler Company (US), Hafia Groups (Israel), Israel Chemicals Limited (Israel), Calcium Products (US), Van Iperen International B.V. (Netherlands), Impact Fertilizer (Australia), U.S. AG LLC (US).
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