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Secondary Agricultural Nutrients Global Market Size, Share Report, Growth Prospects, Developments Plans, Future Insights and Trends Analysis Till 2033
Secondary Agricultural Nutrients Global Market
According to The Business Research Company's, The secondary agricultural nutrients market size has grown steadily in recent years. It will grow from $43.25 billion in 2023 to $45.17 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The growth in the historic period can be attributed to agricultural practices, soil health awareness, crop yield and quality, market demand and adoption, climate conditions.
The secondary agricultural nutrients market size is expected to see steady growth in the next few years. It will grow to $54.79 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to consumer awareness, global agricultural trends, research and development, market expansion, environmental regulations. Major trends in the forecast period include sustainable agriculture, precision farming, crop diversification, organic farming trends, supplier innovations.
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Market Drivers and Trends:
The rising soil contamination is expected to propel the growth of the secondary agricultural nutrients market going forward. Soil contamination refers to the presence of pollutants or harmful substances in the soil beyond acceptable levels. Soil contamination can have a significant impact on the availability and uptake of secondary agricultural nutrients by plants. For instance, in May 2022, according to Eco watch, a US-based news website and media organization, 20 million acres of land is contaminated by Per- and poly-fluoroalkyl substances (PFAS) when compared to the previous year. Therefore, the rising soil contamination is driving the growth of the secondary agricultural nutrients market going forward.
Product innovations are the key trends gaining popularity in the secondary agricultural nutrients market. Companies operating in the secondary agricultural nutrients market are focusing on developing innovative products to sustain their position in the market. For example, in April 2023, Nufarm Ltd., an Australia-based company that operates in the agricultural industry launched the Tourney EZ fungicide. Tourney EZ is a liquid fertilizer product that is used in agriculture to provide essential nutrients to crops. It is designed to be used in conjunction with other crop protection products, such as herbicides and fungicides, to promote plant health and maximize yield.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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Major Key Players of the Market:
Nutrien Ltd; Deepak Fertilizers and Petrochemicals Corporation Limited; Yara International ASA; Coromandel International Limited; Nufarm Limited; The Mosaic Company; Haifa Group; Israel Chemicals Ltd.; Sapec Agro S.A.; Impact Fertilizer Pty Ltd; Calcium Products Inc.; Koch Industries Inc.; Evergrow Solutions; Koch AG & Energy Solutions LLC; Agriculture Solutions Inc.; KS AG; IFFCO; SABIC; URALCHEM JSC; CF Industries Holdings Inc.; Wilbur-Ellis Company LLC; Aries Agro; Aditya Microdynamic; Acadian Seaplants Limited; Agrium Inc.; PotashCorp; Sinochem Group; Qatar Fertiliser Company (QAFCO); Rubamin; SQM S.A.; Compass Minerals; Tessenderlo Group; Kugler Company; Brandt Consolidated; Verdesian Life Sciences; BioWorks Inc.; Fertiberia; Omex Agrifluids; Tradecorp International
Secondary Agricultural Nutrients Market 2024 Key Insights:
• The secondary agricultural nutrients market size will grow to $54.79 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%.
• Impact Of Soil Contamination On Plant Nutrient Uptake
• Increasing Focus On Product Innovations To Provide Reliable Services To The Customers
• North America was the largest region in the secondary agricultural nutrients market in 2023
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