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Cultivating Growth: Transformative Insights in the Boron Fertilizers Market
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According to The Business Research Company's, The boron fertilizers market size has grown strongly in recent years. It will grow from $2.77 billion in 2023 to $3.01 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to soil fertility research, crop yield improvements, deficiency awareness, mining industry growth, fertilizer industry evolution.
The boron fertilizers market size is expected to see strong growth in the next few years. It will grow to $4.11 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to precision agriculture adoption, climate change impact, sustainable agriculture initiatives, biofortification programs, organic farming demand. Major trends in the forecast period include boron fertilization mapping, tailored crop-specific formulations, microdosing and controlled release, organic and eco-friendly boron fertilizers, bio-stimulant boron products.
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Market Drivers and Trends:
The rising production of fruits and vegetables is expected to boost the growth of the boron fertilizers market going forward. Fruit refers to the sweet or sour seed-bearing sections of plants that can be consumed uncooked and a vegetable refers to a plant portion that can be eaten. Boron is necessary for protein synthesis, the development of seed and cell walls, pollen grain germination, pollen tube expansion, and ultimately fruit set and yield, it also controls glucose metabolism and aids in sugar translocation; hence the rising production of fruits and vegetables is expected to boost the boron fertilizer market. For instance, according to a report published by Statistics Canada, a Canada-based national statistical agency, in 2022, nationally, the overall production of fruits and vegetables increased by 6.1% to 3.5 billion kg in 2022, Ontario produced 55.2% of all vegetables, followed by Quebec (34.0%) and British Columbia (3.1%) in 2022. Fruit sales grew by 15.3% to $1.4 billion in 2022. Therefore, the rising production of fruits and vegetables is driving the growth of the boron fertilizers market.
Product innovation is the key trend gaining popularity in the boron fertilizers market. Major companies operating in the boron fertilizer market are focusing on developing new products. For instance, in January 2021, U.S. Borax, a US-based leader in the production, supply, and science of borates, launched ANHYBOR boron fertilizer to meet the boron demand. This fertilizer's unique feature is that it provides two methods of application: as a coating on various fertilizer products, like NPK blends, and as a compound fertilizer enhanced with boron. The product is entirely water soluble, yet it does not rehydrate when stored normally. The fertilizer manufacturing process benefits when ANHYBOR is introduced to compound fertilizers before granulation or compaction. As less material is required to produce the desired boron concentration, its high boron content is advantageous when making compound fertilizers.
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Major Key Players of the Market:
Bayer AG, Honeywell International Inc., Yara International ASA, INEOS Capital Limited, The Mosaic Company, Corteva Inc., Asahi Kasei Corporation, BASF Agricultural Solutions, U.S. Borax, China Green Agriculture Inc., Drexel Chemical Company, Verdesian Life Sciences, Kalyani Industries Limited, SCL Italia SpA, Rama Phosphates Ltd., Deveron Corp, AgroLiquid, JH Biotech Inc., Inkabor SAC, Microsource LLC, Koch Agronomic Services LLC, Quiborax SA, Minera Santa Rita SRL, OMEX Agricultural Holdings Limited, Aries Agro Limited, Valagro SpA, Rose Mill Co
Boron Fertilizers Market 2024 Key Insights:
• The boron fertilizers market size is expected to see strong growth in the next few years. It will grow to $4.11 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%.
• Rising Production Of Fruits And Vegetables Propels Growth In The Boron Fertilizers Market
• Product Innovation Drives Growth In The Boron Fertilizers Market
• Asia-Pacific was the largest region in the boron fertilizers market in 2023
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