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Secondary Macronutrients Market Size, Share, Trends, Industry Analysis And Forecast 2023-2032
Secondary Macronutrients Market Report
The Business Research Company's Secondary Macronutrients Global Market Report 2023 identifies the expansion of the agriculture industry as the major driver for the secondary macronutrients market's growth in the forecast period. 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.
The global secondary macronutrients market size is expected to grow from $38.17 billion in 2022 to $40.08 billion in 2023 at a compound annual growth rate (CAGR) of 5.02%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The size of secondary macronutrients market is expected to reach $47.44 billion in 2027 at a CAGR of 4.30%
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Major competitors in the secondary macronutrients market are Sinochem Holdings Corporation Ltd, Archer Daniels Midland Company, Bunge Limited, Dow Chemical Company, Bayer AG.
A key trend in the secondary macronutrients market includes product innovation. Major companies operating in the secondary macronutrients market are focused on developing innovative products to strengthen their position in the market. For instance, in June 2020, ICL Group Ltd, an Israel-based manufacturer of secondary macronutrients, fertilizers, and agricultural chemicals, launched SierraformGT CalMag, a slow-release macronutrient fertilizer. SierraformGT CalMag is a delayed-release homogenous calcium, magnesium, and essential element fertilizer that promotes grass development and overall plant health. The product is suited for fine grass or stadium pitch applications in the latter part of spring, summer, and the beginning of fall to achieve a sustained release and even growth, the amount of nitrogen is largely slow-release, and adding of SeaMax (soluble seaweed concentrates) in the manufacturing process will improve plant roots and stress tolerance.
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The secondary macronutrients market is segmented -
•By Nutrient Type: Calcium, Magnesium, Sulfur
•By Crop Type: Cereals And Grains, Oilseeds And Pulses, Fruits And Vegetables, Other Crop Types
•By Application Method: Solid Application, Liquid Application
•By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the secondary macronutrients market.
The Business Research Company's "Global Secondary Macronutrients Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Secondary Macronutrients Market Include:
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 Historic Market Size and Growth
……
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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