Market Highlights
Secondary Macronutrients are vital minerals required for growing healthy plants and increasing the crop yield. These are as important as nitrogen, phosphorous, and potassium (NPK). Secondary macronutrients, like calcium, play a vital role in various plant cell development processes like cell elongation. Calcium prevents stunted roots and shoots scorching, which help in proper growth of the plant. Sulfur is required in appropriate quantities for the absorption of nitrogen. Owing to these various characteristics of secondary macronutrients, which are favorable for the growth of the plant, it is expected that the global secondary macronutrients market will grow at a robust rate. The Global Secondary Macronutrients Market is expected to register a CAGR of 3.9% from 2019 to 2024 and reach USD 41.45 Billion by the end of 2024.
The global secondary macronutrients market has been bifurcated, by form, into liquid and dry. The dry segment is expected to garner the larger market share during the forecast period due to the utility of the product for a longer period owing to longer shelf life of the products. Moreover, macronutrients in dry form are more cost-effective than the liquid form.
The mode of application, in the global secondary macronutrients market, has been divided into broadcasting, fertigation, foliar, and others. The fertigation segment is expected to dominate the global secondary macronutrients market as the products can be mixed with water and applied through irrigation pipes, which helps in saving time and cost of labor.
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Key Players
Some of the key players in the global secondary macronutrients market are Evergrow (Egypt), Deepak Fertilizers and Petrochemicals Corporation Limited (India), Hafia Groups (Israel), Sapec Agro S.A. (Portugal), Kugler Company (US), Impact Fertilizer (Austrailia), Calcium Products, Inc (US), Israel Chemicals Limited (Israel), Van Iperen International B.V. (Netherlands), U.S. AG LLC (US), Yara International ASA (Norway), Koch AG & Energy Solutions, LLC (US), Coromandel International Limited (Indian), Nutrien Ltd. (Canada), and Agriculture Solutions Inc (Canada).
Regional Analysis
The global secondary macronutrients market has been segmented, based on region, into North America, Europe, Asia-Pacific, and the rest of the world.
The market in Asia-Pacific is expected to dominate the global secondary macronutrients market during the forecast period. A large section of the population is primarily dependent on agriculture for their livelihood in countries like India and China, which is expected to boost the growth of secondary macronutrients market in this region. Furthermore, the need for increasing productivity to earn more profit on small areas of land is expected to fuel the growth of the secondary macronutrients market.
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