The global secondary macronutrients market is projected to grow USD 48.5 billion by 2028, growing at a CAGR of 4.0% from 2023 to 2028. The growth of the market is driven by the increasing secondary macronutrient deficiency in the soil and the growing area under cultivation for high-value crops. The deficiency of secondary macronutrients causes yellowing of leaves, stunted growth, and a decrease in crop yield. To avoid these deficiencies, secondary macronutrients are applied to provide essential minerals to crops and soil, thereby maintaining crop and soil health. Intensive farming practices, such as monoculture and excessive use of fertilizers, can lead to soil depletion, which, in turn, reduces the availability of secondary nutrients in the soil.
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South America is estimated to be the fastest growing region during the study period
South America is the fastest growing region in the secondary macronutrients market. South America has a large agricultural sector, which is a significant contributor to the region’s economy. The use of secondary macronutrient fertilizers can help farmers improve crop yields and profitability. The availability of secondary macronutrient fertilizers is increasing in the South America region, making it easier and more cost-effective for farmers to use these fertilizers. Many South American countries export agricultural products to other countries, and the use of secondary macronutrient fertilizers can help ensure that these products meet the quality standards required by export markets. and hence it is projected to foster at a higher rate in the secondary macronutrients market.
Eminent players operating in the secondary macronutrients market are Nutrien Ltd. (Canada), Yara (Norway), The Mosaic Company (US), Israel Chemicals Ltd. (Israel), K+S Aktiengesellschaft (Germany), IFFCO (India), Deepak Fertilisers and Petrochemicals Corporation Ltd. (India), Coromandel International Ltd (India), Koch Industries, INC. (US) and Nufarm (Australia) among others.
Must-to-Know Secondary Macronutrients Market Dynamics
Drivers: Need for increasing crop production
The consumption of animal products increases as more people enter the middle class, which in turn drives up the demand for grains and other crops to feed the animals. The amount of arable land accessible for farming declines as more people move into urban areas, necessitating an increase in agricultural production on already-existing farmland. In order to supply the needs of the urban population, it is necessary to boost the productivity of already used agricultural land and to investigate novel approaches to food production, such as vertical farming and urban agriculture. The most effective use of secondary nutrients can significantly boost the productivity of currently used agricultural land and support sustainable and creative methods of food production.
Restraints: Rising instances of counterfeit goods
The production of counterfeit items by several rivals decreases consumer loyalty as well as the product brand value. The secondary macronutrients market is expected to increase steadily, which must be capitalized on by manufacturing products that are authentic and effective on a wide range of crops. Counterfeit fertilizers may contain incorrect or insufficient amounts of secondary macronutrients or may be formulated with low-quality ingredients that are not effective in improving plant growth and crop yields. As a result, farmers may experience reduced yields or poor crop quality, and may be forced to purchase additional fertilizers to make up for the lack of effectiveness.
Opportunities: Precision agriculture for nutrient control on site-by-site basis
Precision agriculture includes site-specific nutrient management, which may be applied to any field or crop. It is a technology-based technique of growing crops effectively and on-site using specialized application equipment that can maintain water and nutrients in the root zone. Precision farming has the ability to enhance output and fertilizer usage efficiency by preventing nutrients from leaching from or accumulating in excessive amounts in specific areas of the field. Precision farming is gaining popularity in industrialized nations because of the efficient use of the fertigation method, which has the potential to be a successful instrument in the judicious delivery of secondary nutrients, resulting in decreased application costs. The kind of secondary nutrient and its formulation may be entered into the information system, which can then offer an accurate analysis of the crop’s nutrient requirements, application rate, and mixing ratio inside the fertigation system.
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Challenges: Utilization of agricultural biologicals in farming
The utilization of agricultural biologicals such as biofertilizers, biopesticides, PGRS, and inoculants is growing rapidly in the agricultural sector. This is because people are getting more concerned and conscious about their health and the environment. Agricultural biologicals are gaining popularity due to their potential to improve crop productivity, enhance soil health, and reduce the environmental impact compared to conventional chemical inputs. This could be a challenge to the secondary macronutrients. The growing market for various biologicals is being an obstacle for the secondary macronutrients market. The demand for organic food such as organic fruits & vegetables is rising worldwide, which is reducing the demand for synthetic fertilizers.
