The global secondary macronutrients market is witnessing substantial growth, with an estimated value of USD 38.6 billion in 2022, projected to reach USD 48.5 billion by 2028. This growth, at a CAGR of 4.0% from 2023 to 2028, is attributed to the increasing demand for food, particularly cereals & grains and fruits & vegetables. Farmers are recognizing the significance of secondary macronutrients in enhancing crop production, leading to a surge in the adoption of these fertilizers.
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Calcium Emerges as the Fastest Growing Segment:
Among the secondary macronutrients, calcium is poised to be the fastest-growing segment during the forecast period. Acknowledged as a crucial element for higher crop productivity, calcium plays a vital role in improving crop growth, quality, and yield. Its positive impact on root development, seed and flower formation, and plant resistance to pests and diseases makes it a preferred choice, especially for crops like sugarcane, rice, fruits, and vegetables. Plants receiving adequate calcium exhibit increased strength and resilience, contributing to better overall crop health.
Fruits & Vegetables Segment Takes the Lead:
The fruits & vegetables segment is anticipated to be the fastest-growing during the research period. The rise in veganism and vegetarianism has led to a heightened demand for plant-based foods, with an increasing number of individuals prioritizing a health-conscious lifestyle. This trend has significantly contributed to the growth of the secondary macronutrient market, driven by the essential role these fertilizers play in supporting the cultivation of high-quality fruits and vegetables.
Liquid Form Gains Momentum:
The liquid form of secondary macronutrients is emerging as the fastest-growing segment. Delivering nutrients in liquid form provides flexibility to farmers, allowing them to choose the optimal technique for their specific crops and growing conditions. Liquid formulations, whether as foliar sprays, fertigation, or soil drenches, are easily blendable with water or other fertilizers, ensuring uniform dispersion over fields. This uniformity results in consistent crop development and higher yields, making the liquid form a preferred choice for many farmers.
South America Leads the Growth Trajectory:
South America stands out as the fastest-growing region in the secondary macronutrients market. The region's substantial agricultural sector, a key contributor to its economy, has been quick to embrace secondary macronutrient fertilizers to enhance crop yields and profitability. The increasing availability and cost-effectiveness of these fertilizers further support their widespread adoption. As many South American countries export agricultural products globally, the use of secondary macronutrient fertilizers becomes essential to meet stringent quality standards, driving market growth.
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Key Players in the Secondary Macronutrients Market:
Several prominent players are actively contributing to the growth of the secondary macronutrients market. Notable names include Nutrien Ltd. (Canada), Yara (Norway), The Mosaic Company (US), Israel Chemicals Ltd. (Israel), K+S Aktiengesellschaft (Germany), IFFCO (India), Deepak Fertilisers and Petrochemicals Corporation Ltd. (India), Coromandel International Ltd (India), Koch Industries, INC. (US), and Nufarm (Australia), among others. These industry leaders play a pivotal role in advancing innovations and ensuring the continued expansion of the secondary macronutrients market on a global scale.
