Press release
Secondary Macronutrients Market: Robust Growth Fueled by Increasing Agricultural Activities and Surging Food Demand
Secondary Macronutrients Market
What Is The Projected Market Size Of The Global Secondary Macronutrients Market And Its Growth Rate?
- The secondary macronutrients market has shown steady growth in recent years.
- It is expected to grow from $41.68 billion in 2024 to $43.33 billion in 2025 at a Compound Annual Growth Rate (CAGR) of 4.0%.
- The 2025-2029 forecast period predicts a market size of $53.62 billion with a CAGR of 5.5%.
- Key factors facilitating market growth include increased urbanization and infrastructure development, an expanding agricultural sector, a heightened focus on sustainability, and changes in raw material prices.
What Is Driving The Growth In The Secondary Macronutrients Market?
The projected expansion of the agriculture industry is expected to be a major catalyst driving the growth of the secondary macronutrients market. This market is characterized by a variety of factors including farming of crops and livestock, agricultural engineering, and the manufacturing of related items such as chemical fertilizers and agricultural equipment. Secondary macronutrients are of extreme importance in farming practices as they not only promote optimal plant growth and improve soil fertility but also play a vital role in maintaining a proper nutrient balance in soils and plants. These nutrients assist in optimizing soil pH, enhancing soil aggregation, improving water infiltration, and facilitating better nutrient assimilation for crop growth, thus increasing crop productivity. Significant growth has already been observed in the sector with an 11% increase, or $19.5 billion, in U.S. agricultural exports in February 2023, setting a new record high over 2021. Thus, the promising expansion of the agriculture industry is expected to drive the secondary macronutrients market.
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Who Are the Key Players Driving Secondary Macronutrients Market Growth?
- 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
- 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.
- Deepak Fertilisers and Petrochemicals Corporation Limited
- Koch Ag and Energy Solutions LLC.
- Kugler Company
What Are The Key Trends In The Secondary Macronutrients Market?
- Research and development
- Increasing awareness of nutrient deficiencies
- Government support for agricultural modernization
- Rising global population
- Strengthening supply chain resilience and efficiency
What Are The Segments Of The Global Secondary Macronutrients Market?
- 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
Which Region Leads The Secondary Macronutrients Market?
In 2024, the Asia-Pacific region led the secondary macronutrients market. The regions covered in the market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Secondary Macronutrients Market Global Market Report?
- Market Size Analysis: Analyze the Secondary Macronutrients Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Secondary Macronutrients Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Secondary Macronutrients Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Secondary Macronutrients Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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