PUBLISHER: The Business Research Company | PRODUCT CODE: 1428003
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428003
Secondary macronutrients are compounds necessary for plants in quantities smaller than N, P, and K but larger than micronutrients. These encompass the elements calcium (Ca), magnesium (Mg), and sulfur (S), playing a vital role in ensuring proper plant growth, development, and overall nutritional equilibrium.
The primary secondary macronutrients include calcium, magnesium, and sulfur. Calcium, a silvery-white divalent metal, is present in minerals such as limestone, chalk, and gypsum. In agriculture, it enhances crop vitality by stimulating root production. Its ability to bind to plant cell walls stabilizes them, fostering cell wall development. Crops benefiting from secondary macronutrients encompass cereals, grains, oilseeds, pulses, fruits, and vegetables. Various application methods, such as solid and liquid applications, cater to the diverse needs of these crops.
The secondary macronutrients market research report is one of a series of new reports from The Business Research Company that provides secondary macronutrients market statistics, including secondary macronutrients industry global market size, regional shares, competitors with a secondary macronutrients market share, detailed secondary macronutrients market segments, market trends and opportunities, and any further data you may need to thrive in the secondary macronutrients industry. This secondary macronutrients market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The secondary macronutrients market size has grown steadily in recent years. It will grow from $40.08 billion in 2023 to $41.96 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The growth observed in the historical period can be ascribed to an increased demand for secondary macronutrients, urbanization, and infrastructure development. The expanding agricultural sector, a heightened emphasis on sustainability, and fluctuations in raw material prices also contributed to this growth.
The secondary macronutrients market size is expected to see steady growth in the next few years. It will grow to $49.93 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%. The forecasted growth can be linked to a surge in agricultural activities, a heightened demand for food products, initiatives promoting environmental sustainability, urbanization, and ongoing infrastructure development. Additionally, regulatory backing for soil health further contributes to this anticipated growth. Key trends in the forecast period encompass research and development, a growing awareness of nutrient deficiencies, governmental backing for agricultural modernization, the increasing global population, and a focus on supply chain resilience and efficiency.
The anticipated expansion of the agriculture industry is set to drive the growth of the secondary macronutrients market in the near future. The agriculture industry encompasses crop and livestock farming, farming engineering, and the production of agricultural equipment, chemical fertilizers, and related items. Secondary macronutrients play a vital role in agricultural practices by promoting optimal plant growth and enhancing soil fertility. These nutrients contribute to maintaining the proper nutrient balance in soils and plants, optimizing soil pH, improving soil aggregation, enhancing water infiltration, and facilitating nutrient assimilation for increased crop productivity. For example, in February 2023, the United States Department of Agriculture reported an 11% growth, equivalent to $19.5 billion, in U.S. agricultural exports compared to the previous record established in 2021, underscoring the positive impact of the expanding agriculture industry on the secondary macronutrients market.
The escalating challenges posed by climate change are expected to drive the growth of the secondary micronutrient market in the foreseeable future. Climate change refers to long-term alterations in global or regional climate patterns, characterized by shifts in temperature, precipitation, and weather conditions. The unpredictable weather patterns and changing soil conditions associated with climate change heighten the importance of secondary micronutrients as a crucial solution to address nutrient deficiencies and enhance plant health amid evolving environmental challenges. According to a report published by the World Health Organization in October 2023, approximately 3.6 billion people reside in regions highly vulnerable to the impacts of climate change. The report also projects that climate change will result in an estimated annual increase of around 250,000 deaths from 2030 to 2050 due to factors such as undernutrition, malaria, diarrhea, and heat stress, further emphasizing the role of secondary micronutrients in mitigating these challenges.
Major companies in the secondary micronutrient market are actively developing innovative products, such as crop nutrition solutions and granular micronutrients, to expand their customer bases, boost sales, and increase revenue. Crop nutrition solutions involve a tailored approach to providing essential nutrients to plants for optimal growth, development, and overall health. In November 2021, Smartchem Technologies Limited (STL) introduced CROPTEK, a specialized crop nutrition solution designed for progressive onion farmers. This product stands out as the first of its kind, offering a comprehensive blend of essential primary, secondary, and micronutrients specifically formulated for optimal onion crop development.
Major companies in the secondary micronutrient market are focusing on the development of innovative products such as granular micronutrients to meet growing demand. Granular micronutrients are formulated in a solid or granular form. For instance, in February 2023, Andersons Inc. launched MicroMark DG, featuring dispersing granule (DG) technology for homogeneous spherical granules. This technology ensures seamless blending, uniform spreading, and heightened efficacy. MicroMark DG products, such as MicroMark DG Blitz and MicroMark DG Humic, showcase versatility and optimal performance across various crop applications.
In January 2021, ICL Group Ltd., an Israel-based manufacturer of specialty minerals and chemicals, acquired Compass Minerals America do Sul S.A. for approximately $420 million. Through this acquisition, ICL Group Ltd aims to enhance its product portfolio in specialty plant nutrition and establish leadership positions in high-growth specialty plant nutrition markets. Compass Minerals America do Sul S.A., based in Brazil, specializes in the manufacture of secondary macronutrients and crop nutrition products.
Major companies operating in the secondary macronutrients market report are Sinochem Holdings Corporation Ltd., Archer Daniels Midland Company, Bunge Limited, Dow Chemical Company, Bayer AG, Nutrien Ltd., Mitsubishi Chemical Holdings Corporation, Syngenta AG, BASF SE, Yara International ASA, Sumitomo Chemical Co. Ltd., The Mosaic Company, Monsanto Company, DuPont de Nemours Inc., SQM, EuroChem Group AG, ICL Group Ltd., Israel Chemicals Ltd., K+S Aktiengesellschaft AG, Sinofert Holdings Limited, Rashtriya Chemicals and Fertilizers Ltd., Coromandel International Limited, Haifa Group, Zuari Agro Chemicals Ltd., Compo Expert, Gujarat State Fertilizers & Chemicals Ltd., Agrium Inc., Deepak Fertilisers and Petrochemicals Corporation Limited, Koch Ag and Energy Solutions LLC., Kugler Company
Asia-Pacific was the largest region in the secondary macronutrients market in 2023. The regions covered in the secondary macronutrients market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the secondary macronutrients market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The secondary macronutrient market consists of sales of manganese (Mn), boron (B), copper (Cu), iron (Fe), molybdenum (Mo), chloride (Cl), and nickel (Ni). Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Secondary Macronutrients Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on secondary macronutrients market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for secondary macronutrients ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The secondary macronutrients market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.