Secondary Macronutrients are used to provide proper development and growth to the plants. Unlike the primary macronutrients, they consist of sulfur, magnesium, and calcium content in it. Each of them has its respective functions that help to provide proper nourishment to the plants. The macronutrients are used in minimal quantities.
Due to the high demand for value crops in the market, the Secondary Macronutrients Market is expected to see a major drive. Vegetables and fruits coupled together are not only used as industrial crops but also help to increase the yield of agricultural needs. Intensive farming activities throughout the world have led the manufacturers and retailers of the market to produce more primary macronutrients. This, however, caused a deficiency of secondary macronutrients in the plants. This led modern-day agriculturists to concentrate more on producing secondary nutrients. Moreover, it was seen that the usage of secondary macronutrients led to healthy and toxic-free growth of the plant. Such factors have anticipated the market’s growth and are the key drivers.
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With a constant and healthy growth rate of 5.9% of CAGR, the Secondary Macronutrients Market is predicted to stand at 43.45 billion by the end of 2027. The forecast period of the market is predicted from 2020 to 2027. Initially, the market stood at $29.85 billion at the beginning of the forecast period. However, the market dynamics were disrupted by the pandemic. The restrictions put by the government hampered the supply chain of the market. This affected the import and export of the raw materials, as a result of which manufacturers and retailers had to cause a heavy loss.
Apart from this, there were other factors that restrained the market growth. Limited production and availability of the product led to a scarcity of vital plant chemicals in the market. Along with this, the demand for maize, wheat and other high-value crops has also affected the market dynamics of the Secondary Macronutrients Market. Nevertheless, healthy, and substantial growth is predicted for the market in its forecast period.
The Secondary Macronutrients Market is majorly divided into the crop type, the nutrient form, and its mode of application.
By crop type, the market is divided into oilseeds, cereals, pulses and vegetables and fruits. By nutrient form, the market is segmented into calcium, magnesium, and sulfur. The market is again segmented into fertigation, foliar and broadcasting depending upon its mode of application. These segmentations help with a better analysis of the market report.
North American states like the US, Canada, Mexico and European states like France, UK, Germany, Italy and Spain have been dominating the global market. The Secondary Macronutrients Market is also spread across parts of Asia-Pacific, including New Zealand, India, China, Australia and Japan.
Major Key players have been functioning in the Secondary Macronutrients Market dynamics that have led to potential developments and product launches.
- In March 2022: One of the market firms, OCP group of Morocco, signed a deal with the KOCH. And their collaboration is majorly targeted at producing industrial equipment for fertilizers and phosphate industries.
- In 2021: Another leading specialty mineral company adopted a mechanism that led to a seed treatment by revitalizing soil.
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