Secondary Macronutrients Market

Secondary Macronutrients Market Size & Growth(2022 - 2027):

The Secondary Macronutrients Market is expected at USD 29.85 billion in 2021 and is anticipated to extent an over of USD 37.12 billion by the end of the assessment period. The Secondary Macronutrients Market is estimated to experience reasonable growth to record a CAGR of 3.78% throughout the estimate period (2022 - 2027).

Plants need secondary macronutrients or secondary nutrients for proper development. These are just as important as the primary macronutrients for the overall health and growth of the plant. Magnesium, calcium, and sulfur are examples of some of the major secondary macronutrients. Calcium allows the plant to absorb all the nutrients present in the soil and is particularly ideal for the soil pH. Magnesium, an excellent enzyme activator, is responsible for the growth and flowering of plants. And sulfur protects the leaves from yellowing or premature aging. Plants need secondary macronutrients in trace amounts because any excess could kill the plant or the budding root.

Impact of COVID-19 on Secondary Macronutrients Market:

The global market for secondary macronutrients continues to face blockages, logistical disruptions, reduced production, and the associated economic impacts of Coronavirus. The global fertilizer industry has been affected from the start, mainly in China, the world's largest producer and consumer of agricultural micronutrients. To date, the novel coronavirus outbreak in China has had the most critical impact on China's agricultural micronutrient sector, affecting both the movement of micronutrient products and raw materials in and out of the country.

Furthermore, this pandemic is also expected to affect the agricultural micronutrient industry in the United States, Brazil, India, and the EU-5 countries. For developing nations like India, COVID-19 is an unprecedented challenge for and its large population and economic dependence on the informal workforce make lockdowns and other social distancing measures extremely disruptive. The central and state governments have recognized the challenge and reacted aggressively, but this response should only be the beginning. India must be prepared to step up it as events unfold, mitigating economic shocks through even greater support for public policies and programs that keep markets running.

Recent Developments:

In December 2017, Coromandel International, India's second largest phosphate fertilizer player with interests in fertilizers, crop protection, specialty nutrients, organic fertilizers, signed a contract to acquire EID's Bio-Pesticides business. Parry with its 100% subsidiary Parry America, Inc, USA through a retail sale. The transaction is valued at Rs 338 million.

Drivers and Restraints of Secondary Macronutrients Market:

The secondary macronutrients market is expected to prosper during the forecast period due to factors such as increasing demand for high-value crops such as fruits and vegetables, along with applications in industrial crops. The need to increase agricultural yields to meet the needs of the growing population is further driving the growth of the secondary market for macronutrients. Various nutrients stimulate crop production and keep people around the world nourished and healthy and improve the effectiveness of fertilizers. Micronutrients play a supportive role in overall plant health and development. They promote essential plant processes and growth, resulting in a nutrient-rich diet for animals and humans.

Micronutrients include boron, chlorine, copper, iron, manganese, molybdenum, and zinc, which are often in short supply for crops. Due to this increasing use of fertilizers, the secondary macronutrients market will grow. Governments around the world are focused on strengthening their agricultural sector. Under the program, income support of Rs 6,000 per year is provided to all farm families in the country in three equal installments of Rs 2,000 every four months, which will help farmers to focus more on agriculture from the beginning financial point of view. And with the growth of the agricultural sector, the secondary macronutrients market will expand.  However, the limited availability of the product, as well as widespread counterfeits, are a major constraint for the secondary macronutrients market. Nevertheless, increased investment in farms in developing countries presents growth opportunities for the major players operating in the global secondary macronutrient market.

SECONDARY MACRONUTRIENTS MARKET REPORT COVERAGE:

Secondary Macronutrients Market Segmentation:

Secondary Macronutrients Market – By Nutrients:

• sulfur

• magnesium
• calcium

Calcium occupied the majority of the market, as it is consumed in large quantities during the growing phase of the crop. In addition, it is the most important nutrient that crops need and helps to strengthen cell walls and reduce bruising and disease in fruit and vegetable crops.

Secondary Macronutrients Market – By Formulation:

• liquid
• dry

Due to the long shelf life of granular fertilizers, it helps to provide nutrition to plants for a long period; it is also cost-effective compared to liquid fertilizers; therefore, it is estimated that the dry formulation segment will dominate the market in 2017.

Secondary Macronutrients Market – By Application Method:

• solid application
• liquid application

Liquid applications occupied the largest share due to high absorption from fertigation and foliar applications. In liquid application, fertigation is the most widely adopted application method, followed by foliar application. Farmers mainly prefer the liquid application due to its efficiency and labor cost savings.

Secondary Macronutrients Market – By Type of Crop:

• grains and cereals
• oilseeds and legumes
• fruits and vegetables
• others (grass, forages, ornamentals, nutrient crops and sugar crops)

The fruit and vegetable segment is estimated to dominate the market in 2017, due to the increased demand for high-quality fruits and vegetables.

Regional Analysis:

The Secondary Macronutrients market has been categorized by geography to offer into Asia Pacific, North America, Middle East and Africa, Latin America and Europe. The Asia-Pacific region market is expected to dominate the global secondary macronutrient market during the forecast period. A large part of the population depends mainly on agriculture for their livelihood in countries like India and China, which is expected to drive the growth of the secondary macronutrients market in this region. In addition, the need to increase productivity for more profit on small areas of land is expected to drive the growth of the secondary macronutrients business. The market in the rest of the world is supposed to gain a large share due to the increased use of secondary macronutrient fertilizers, to increase crop yield, in most of the countries of South America. Furthermore, increased cultivation of high-value crops is expected to support the growth of the global secondary macronutrients market during the projection period.

Leading Company:

Coromandel International had the largest share of the Secondary Macronutrients Market in terms of sales and revenue in 2020.

Key Players:

Some of the notable players in the Global Secondary Macronutrients Market include Kugler Company, Coromandel International, Koch Industries, Haifa Chemicals, Deepak Fertilizers & Petrochemicals, and among others.