Secondary Macronutrients Market Worth $48.5 Billion by 2028

Northbrook, IL 60062 -- (SBWire) -- 05/18/2023 --The global secondary macronutrients market is experiencing significant growth, according to a research report titled "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," published by MarketsandMarkets. With an estimated value of USD 38.6 billion in 2022, the market is projected to reach USD 48.5 billion by 2028, representing a compound annual growth rate (CAGR) of 4.0% from 2023 to 2028.

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The Rising Demand for Food Spurs Market Growth

The increasing demand for food, particularly cereals & grains and fruits & vegetables, is a primary driver behind the robust growth of the global secondary macronutrient market. As the population grows and dietary preferences shift, there is a greater need to enhance crop production to meet these demands. Farmers are recognizing the value of secondary macronutrients in boosting yields and improving crop quality, leading to a surge in the adoption of these fertilizers.

Calcium: Fueling Crop Productivity

Calcium, one of the key nutrients, is considered essential for higher crop productivity. It plays a vital role in enhancing plant growth, improving root development, and facilitating seed and flower formation. Additionally, calcium makes plants more resistant to various pests and diseases, resulting in improved crop quality. Crops such as sugarcane, rice, fruits, and vegetables particularly benefit from calcium supplementation. Furthermore, calcium contributes to the regulation of plant growth and the development of reproductive structures, including flowers and seeds. The availability of adequate calcium strengthens plants, making them more resilient and resistant to pests and diseases. These factors collectively drive the market for calcium as a secondary macronutrient.

Fruits & Vegetables: A Growing Segment

The fruits & vegetables segment is projected to be the fastest-growing segment during the research period. The rise in veganism and vegetarianism has led to an increased demand for plant-based foods, including fruits and vegetables. As people become more health-conscious, they recognize the importance of consuming these nutritious foods for maintaining good health. This growing demand for fruits and vegetables contributes to the expansion of the secondary macronutrient market.

Liquid Form: Unlocking Growth Opportunities

The liquid form of secondary macronutrients is estimated to be the fastest-growing segment during the review period. Farmers have the flexibility to deliver secondary macronutrients in liquid form through various methods, such as foliar sprays, fertigation, and soil drenches. This versatility allows them to choose the most suitable technique for their specific crops and growing conditions. Liquid secondary macronutrients can be easily mixed with water or other fertilizers, creating a homogeneous solution. This ensures uniform dispersion of nutrients across the field, resulting in consistent crop development and higher yields. The ease of application and the potential for improved outcomes are driving the growth of the liquid segment in the secondary macronutrients market.

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South America: A Thriving Market

South America emerges as the fastest-growing region in the secondary macronutrients market. With a substantial agricultural sector contributing significantly to the region's economy, farmers in South America are actively seeking ways to enhance crop yields and profitability. The availability of secondary macronutrient fertilizers is increasing in the region, making them more accessible and cost-effective for farmers. As many South American countries export agricultural products to international markets, the use of secondary macronutrient fertilizers helps ensure that these products meet the required quality standards. Consequently, the secondary macronutrients market is projected to foster higher growth in South America.

Key Players in the Market

Eminent players operating in the secondary macronutrients market 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.

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