Global secondary macronutrients market projected to reach $62.5 billion by 2033, driven by increased demand
From GlobeNewswire: 2024-05-31 07:00:00
The Global Secondary Macronutrients Market is projected to grow from USD 38.9 billion in 2023 to USD 62.5 billion by 2033, with a CAGR of 4.86%. Plants require secondary macronutrients like sulphur, calcium, and magnesium for proper growth, root development, and nutrient flow. Fertilization techniques enhance soil fertility, crop yield, and quality, driving the demand for these nutrients. Governments and agricultural associations promote balanced fertilization to rejuvenate soils and ensure food security. However, excessive use of these macronutrients can harm the environment by causing nutrient runoff and contributing to global warming. The calcium segment is expected to lead the global secondary macronutrients market, promoting root development and quality fruit production. Dry forms of secondary macronutrients are forecasted to dominate the market, offering convenience for farmers with longer shelf life and affordability. The fruits & vegetables segment is anticipated to grow at the highest CAGR due to increased demand for these crops, especially in developed nations where vegetarian diets are prioritized for nutrition. Asia Pacific is expected to dominate the global secondary macronutrients market, driven by increased awareness among farmers of the role these nutrients play in crop yields and quality. Europe is predicted to grow at a fast pace due to the focus on sustainable agriculture and soil health promoted by regulations and consumer demand for chemical-free produce. Major vendors in the market include The Mosaic Company, Yara International ASA, Nutrien Ltd., K+S Aktiengesellschaft, and more. In January 2023, K+S Aktiengesellschaft agreed to acquire 75% of Industrial Commodity Holdings (Pty) Ltd’s agricultural input industry. The global secondary macronutrients market is segmented by nutrients, form, crop type, and region, offering a comprehensive analysis of market trends and forecasts.
Read more at GlobeNewswire: Global Secondary Macronutrients Market Size To Worth USD