The global secondary macronutrients market revenue is expected to register a moderate CAGR over the forecast period. Rising population and increasing demand for high quality food requirements are factors expected to propel growth of market over the forecast period. Limited availability of arable land and need to increase crop yield are other factor expected to boost growth of the market over the forecast period.
The global secondary macronutrients market report has been segmented on the nutrient, formulation, crop type, and region.
Based on nutrient, the global secondary macronutrients market is segmented based on sulfur, calcium, and magnesium. The calcium segment contributes major revenue share in the market as compared to that of other nutrient types. Calcium is an important component of cell walls and is involved in the metabolism and formation of the cell nucleus. Calcium deficiencies may result in the death of the plant’s growing point. Growing demand for calcium as a secondary macronutrient to enhance crop yield is expected to boost growth of the segment over the forecast period.
Based on formulations, the global secondary macronutrients market is segmented based on dry and liquid formulations. The liquid formulation segment registered fastest growth rate over the forecast period.
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Regional segmentation includes North America, Europe, Latin America, Asia Pacific and Middle East and Africa. Asia Pacific region is expected to witness rapid growth rate over the forecast period. Various government initiatives to increase agricultural productivity, rapidly growing demand for high quality fruits and vegetables especially in countries such as India and China is expected to drive growth of the market in the region over the forecast period.
Some prominent players in the global secondary macronutrients market are Yara International, The Mosaic Company, Israel Chemicals Ltd., Koch Industries, Deepak Fertilisers and Petrochemicals, Haifa Chemicals, Kugler Company, Bio Huma Netics, Inc., Richardson International Limited., and Nufarm Limited.