Overview and Scope
Secondary macronutrients are the compounds required for a plant in smaller amounts than N, P, and K but in greater amounts than micronutrients. These consist of the elements calcium (Ca), magnesium (Mg), and sulfur (S), and the provision of these nutrients is required for proper plant growth, development, and overall nutritional balance.
Sizing and Forecast
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 in the historic period can be attributed to growing demand for secondary macronutrients, urbanization and infrastructure development, growing agricultural sector, increasing focus on sustainability, raw material prices..
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 growth in the forecast period can be attributed to increasing agricultural activities, rising demand for food products, environmental sustainability initiatives, urbanization and infrastructure development, regulatory support for soil health.. Major trends in the forecast period include research and development, increasing awareness of nutrient deficiencies, government support for agricultural modernization, rising global population, supply chain resilience and efficiency..
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Segmentation & Regional Insights
The secondary macronutrients market covered in this report is segmented –
1) By Nutrient Type: Calcium, Magnesium, Sulfur
2) By Crop Type: Cereals And Grains, Oilseeds And Pulses, Fruits And Vegetables, Other Crop Types
3) By Application Method: Solid Application, Liquid Application
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.
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Major Driver Impacting Market Growth
The expansion of the agriculture industry is expected to propel the growth of the secondary macronutrients market in the coming future. Agriculture industry is a sector of the economy that comprises crop and livestock farming, as well as farming engineering and the manufacture of agricultural equipment, chemical fertilizers, and other farm-related items. Secondary macronutrients are used in agricultural practices to promote optimal plant growth and improve soil fertility such as maintaining proper nutrient balance in soils and plants, optimizing soil pH, enhancing soil aggregation, improving water infiltration, and nutrient assimilation for better growth of crops that increases crop productivity. For instance, in February 2023, according to the United States Department of Agriculture, a US-based federal executive department in charge of establishing and enforcing federal laws governing agriculture, forestry, rural economic development, and food production, United States agricultural exports grew 11%, or $19.5 billion, over the previously established record in 2021. Therefore, the expansion of the agriculture industry is driving the secondary macronutrients market.
Key Industry Players
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
The secondary macronutrients market report table of contents includes:
1. Executive Summary
2. Secondary Macronutrients Market Characteristics
3. Secondary Macronutrients Market Trends And Strategies
4. Secondary Macronutrients Market - Macro Economic Scenario
5. Global Secondary Macronutrients Market Size and Growth
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32. Global Secondary Macronutrients Market Competitive Benchmarking
33. Global Secondary Macronutrients Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Secondary Macronutrients Market
35. Secondary Macronutrients Market Future Outlook and Potential Analysis
36. Appendix
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