Secondary Macronutrients Market 2024-2033: Future Outlook, Global Trends, Industry Share And Top Key Players

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..

Market Overview -
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.

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The Impact Of Agriculture Industry Expansion On The Secondary Macronutrients Market
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.

Competitive Landscape -
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

Product Innovations In The Secondary Micronutrient Market
Major companies operating in the secondary micronutrient market are developing innovative products such as crop nutrition solutions to meet larger customer bases, more sales, and increase revenue. A crop nutrition solution refers to a tailored approach for providing essential nutrients to plants to support their growth, development, and overall health. For instance, in November 2021, Smartchem Technologies Limited (STL), an India-based provider of secondary micronutrients, launched CROPTEK. Croptek stands out as the leading choice among progressive onion farmers, offering a specialized crop nutrition solution. This innovative product distinguishes itself by being the first of its kind, providing a tailored and comprehensive blend of essential primary, secondary, and micronutrients specifically formulated for optimal onion crop development. Its uniqueness lies in its ability to cater to the distinct nutritional needs of onions, setting it apart in the realm of crop nutrition solutions.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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