The secondary macronutrients market size has grown steadily in recent years. It will grow from $40.08 billion in 2023 to $41.96 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The growth observed in the historical period can be ascribed to an increased demand for secondary macronutrients, urbanization, and infrastructure development. The expanding agricultural sector, a heightened emphasis on sustainability, and fluctuations in raw material prices also contributed to this growth.
The secondary macronutrients market size is expected to see steady growth in the next few years. It will grow to $49.93 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%. The forecasted growth can be linked to a surge in agricultural activities, a heightened demand for food products, initiatives promoting environmental sustainability, urbanization, and ongoing infrastructure development. Additionally, regulatory backing for soil health further contributes to this anticipated growth. Key trends in the forecast period encompass research and development, a growing awareness of nutrient deficiencies, governmental backing for agricultural modernization, the increasing global population, and a focus on supply chain resilience and efficiency.
The anticipated expansion of the agriculture industry is set to drive the growth of the secondary macronutrients market in the near future. The agriculture industry encompasses crop and livestock farming, farming engineering, and the production of agricultural equipment, chemical fertilizers, and related items. Secondary macronutrients play a vital role in agricultural practices by promoting optimal plant growth and enhancing soil fertility. These nutrients contribute to maintaining the proper nutrient balance in soils and plants, optimizing soil pH, improving soil aggregation, enhancing water infiltration, and facilitating nutrient assimilation for increased crop productivity. For example, in February 2023, the United States Department of Agriculture reported an 11% growth, equivalent to $19.5 billion, in U.S. agricultural exports compared to the previous record established in 2021, underscoring the positive impact of the expanding agriculture industry on the secondary macronutrients market.
The escalating challenges posed by climate change are expected to drive the growth of the secondary micronutrient market in the foreseeable future. Climate change refers to long-term alterations in global or regional climate patterns, characterized by shifts in temperature, precipitation, and weather conditions. The unpredictable weather patterns and changing soil conditions associated with climate change heighten the importance of secondary micronutrients as a crucial solution to address nutrient deficiencies and enhance plant health amid evolving environmental challenges. According to a report published by the World Health Organization in October 2023, approximately 3.6 billion people reside in regions highly vulnerable to the impacts of climate change. The report also projects that climate change will result in an estimated annual increase of around 250,000 deaths from 2030 to 2050 due to factors such as undernutrition, malaria, diarrhea, and heat stress, further emphasizing the role of secondary micronutrients in mitigating these challenges.
Major companies in the secondary micronutrient market are actively developing innovative products, such as crop nutrition solutions and granular micronutrients, to expand their customer bases, boost sales, and increase revenue. Crop nutrition solutions involve a tailored approach to providing essential nutrients to plants for optimal growth, development, and overall health. In November 2021, Smartchem Technologies Limited (STL) introduced CROPTEK, a specialized crop nutrition solution designed for progressive onion farmers. This product stands out as the first of its kind, offering a comprehensive blend of essential primary, secondary, and micronutrients specifically formulated for optimal onion crop development.
Major companies in the secondary micronutrient market are focusing on the development of innovative products such as granular micronutrients to meet growing demand. Granular micronutrients are formulated in a solid or granular form. For instance, in February 2023, Andersons Inc. launched MicroMark DG, featuring dispersing granule (DG) technology for homogeneous spherical granules. This technology ensures seamless blending, uniform spreading, and heightened efficacy. MicroMark DG products, such as MicroMark DG Blitz and MicroMark DG Humic, showcase versatility and optimal performance across various crop applications.
In January 2021, ICL Group Ltd., an Israel-based manufacturer of specialty minerals and chemicals, acquired Compass Minerals América do Sul S.A. for approximately $420 million. Through this acquisition, ICL Group Ltd aims to enhance its product portfolio in specialty plant nutrition and establish leadership positions in high-growth specialty plant nutrition markets. Compass Minerals América do Sul S.A., based in Brazil, specializes in the manufacture of secondary macronutrients and crop nutrition products.
Major companies operating in the secondary macronutrients market report are 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, Monsanto 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., Agrium Inc., Deepak Fertilisers and Petrochemicals Corporation Limited, Koch Ag and Energy Solutions LLC., Kugler Company.
Asia-Pacific was the largest region in the secondary macronutrients market in 2023. The regions covered in the secondary macronutrients market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the secondary macronutrients market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The primary secondary macronutrients include calcium, magnesium, and sulfur. Calcium, a silvery-white divalent metal, is present in minerals such as limestone, chalk, and gypsum. In agriculture, it enhances crop vitality by stimulating root production. Its ability to bind to plant cell walls stabilizes them, fostering cell wall development. Crops benefiting from secondary macronutrients encompass cereals, grains, oilseeds, pulses, fruits, and vegetables. Various application methods, such as solid and liquid applications, cater to the diverse needs of these crops.
The secondary macronutrients market research report is one of a series of new reports that provides secondary macronutrients market statistics, including secondary macronutrients industry global market size, regional shares, competitors with a secondary macronutrients market share, detailed secondary macronutrients market segments, market trends and opportunities, and any further data you may need to thrive in the secondary macronutrients industry. This secondary macronutrients market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The secondary macronutrient market consists of sales of manganese (Mn), boron (B), copper (Cu), iron (Fe), molybdenum (Mo), chloride (Cl), and nickel (Ni). Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The secondary macronutrients market size is expected to see steady growth in the next few years. It will grow to $49.93 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%. The forecasted growth can be linked to a surge in agricultural activities, a heightened demand for food products, initiatives promoting environmental sustainability, urbanization, and ongoing infrastructure development. Additionally, regulatory backing for soil health further contributes to this anticipated growth. Key trends in the forecast period encompass research and development, a growing awareness of nutrient deficiencies, governmental backing for agricultural modernization, the increasing global population, and a focus on supply chain resilience and efficiency.
The anticipated expansion of the agriculture industry is set to drive the growth of the secondary macronutrients market in the near future. The agriculture industry encompasses crop and livestock farming, farming engineering, and the production of agricultural equipment, chemical fertilizers, and related items. Secondary macronutrients play a vital role in agricultural practices by promoting optimal plant growth and enhancing soil fertility. These nutrients contribute to maintaining the proper nutrient balance in soils and plants, optimizing soil pH, improving soil aggregation, enhancing water infiltration, and facilitating nutrient assimilation for increased crop productivity. For example, in February 2023, the United States Department of Agriculture reported an 11% growth, equivalent to $19.5 billion, in U.S. agricultural exports compared to the previous record established in 2021, underscoring the positive impact of the expanding agriculture industry on the secondary macronutrients market.
The escalating challenges posed by climate change are expected to drive the growth of the secondary micronutrient market in the foreseeable future. Climate change refers to long-term alterations in global or regional climate patterns, characterized by shifts in temperature, precipitation, and weather conditions. The unpredictable weather patterns and changing soil conditions associated with climate change heighten the importance of secondary micronutrients as a crucial solution to address nutrient deficiencies and enhance plant health amid evolving environmental challenges. According to a report published by the World Health Organization in October 2023, approximately 3.6 billion people reside in regions highly vulnerable to the impacts of climate change. The report also projects that climate change will result in an estimated annual increase of around 250,000 deaths from 2030 to 2050 due to factors such as undernutrition, malaria, diarrhea, and heat stress, further emphasizing the role of secondary micronutrients in mitigating these challenges.
Major companies in the secondary micronutrient market are actively developing innovative products, such as crop nutrition solutions and granular micronutrients, to expand their customer bases, boost sales, and increase revenue. Crop nutrition solutions involve a tailored approach to providing essential nutrients to plants for optimal growth, development, and overall health. In November 2021, Smartchem Technologies Limited (STL) introduced CROPTEK, a specialized crop nutrition solution designed for progressive onion farmers. This product stands out as the first of its kind, offering a comprehensive blend of essential primary, secondary, and micronutrients specifically formulated for optimal onion crop development.
Major companies in the secondary micronutrient market are focusing on the development of innovative products such as granular micronutrients to meet growing demand. Granular micronutrients are formulated in a solid or granular form. For instance, in February 2023, Andersons Inc. launched MicroMark DG, featuring dispersing granule (DG) technology for homogeneous spherical granules. This technology ensures seamless blending, uniform spreading, and heightened efficacy. MicroMark DG products, such as MicroMark DG Blitz and MicroMark DG Humic, showcase versatility and optimal performance across various crop applications.
In January 2021, ICL Group Ltd., an Israel-based manufacturer of specialty minerals and chemicals, acquired Compass Minerals América do Sul S.A. for approximately $420 million. Through this acquisition, ICL Group Ltd aims to enhance its product portfolio in specialty plant nutrition and establish leadership positions in high-growth specialty plant nutrition markets. Compass Minerals América do Sul S.A., based in Brazil, specializes in the manufacture of secondary macronutrients and crop nutrition products.
Major companies operating in the secondary macronutrients market report are 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, Monsanto 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., Agrium Inc., Deepak Fertilisers and Petrochemicals Corporation Limited, Koch Ag and Energy Solutions LLC., Kugler Company.
Asia-Pacific was the largest region in the secondary macronutrients market in 2023. The regions covered in the secondary macronutrients market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the secondary macronutrients market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The primary secondary macronutrients include calcium, magnesium, and sulfur. Calcium, a silvery-white divalent metal, is present in minerals such as limestone, chalk, and gypsum. In agriculture, it enhances crop vitality by stimulating root production. Its ability to bind to plant cell walls stabilizes them, fostering cell wall development. Crops benefiting from secondary macronutrients encompass cereals, grains, oilseeds, pulses, fruits, and vegetables. Various application methods, such as solid and liquid applications, cater to the diverse needs of these crops.
The secondary macronutrients market research report is one of a series of new reports that provides secondary macronutrients market statistics, including secondary macronutrients industry global market size, regional shares, competitors with a secondary macronutrients market share, detailed secondary macronutrients market segments, market trends and opportunities, and any further data you may need to thrive in the secondary macronutrients industry. This secondary macronutrients market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The secondary macronutrient market consists of sales of manganese (Mn), boron (B), copper (Cu), iron (Fe), molybdenum (Mo), chloride (Cl), and nickel (Ni). Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Table of Contents
1. Executive Summary2. Secondary Macronutrients Market Characteristics3. Secondary Macronutrients Market Trends and Strategies32. Global Secondary Macronutrients Market Competitive Benchmarking33. Global Secondary Macronutrients Market Competitive Dashboard34. Key Mergers and Acquisitions in the Secondary Macronutrients Market
4. Secondary Macronutrients Market - Macro Economic Scenario
5. Global Secondary Macronutrients Market Size and Growth
6. Secondary Macronutrients Market Segmentation
7. Secondary Macronutrients Market Regional and Country Analysis
8. Asia-Pacific Secondary Macronutrients Market
9. China Secondary Macronutrients Market
10. India Secondary Macronutrients Market
11. Japan Secondary Macronutrients Market
12. Australia Secondary Macronutrients Market
13. Indonesia Secondary Macronutrients Market
14. South Korea Secondary Macronutrients Market
15. Western Europe Secondary Macronutrients Market
16. UK Secondary Macronutrients Market
17. Germany Secondary Macronutrients Market
18. France Secondary Macronutrients Market
19. Italy Secondary Macronutrients Market
20. Spain Secondary Macronutrients Market
21. Eastern Europe Secondary Macronutrients Market
22. Russia Secondary Macronutrients Market
23. North America Secondary Macronutrients Market
24. USA Secondary Macronutrients Market
25. Canada Secondary Macronutrients Market
26. South America Secondary Macronutrients Market
27. Brazil Secondary Macronutrients Market
28. Middle East Secondary Macronutrients Market
29. Africa Secondary Macronutrients Market
30. Secondary Macronutrients Market Competitive Landscape and Company Profiles
31. Secondary Macronutrients Market Other Major and Innovative Companies
35. Secondary Macronutrients Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Secondary Macronutrients Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on secondary macronutrients market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
- Assess the Russia-Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis.
- Report will be updated with the latest data and delivered to you along with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for secondary macronutrients? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered:1) By Nutrient Type: Calcium; Magnesium; Sulfur
2) By Crop Type: Cereals and Grains; Oilseeds and Pulses; Fruits and Vegetables; Other Crop Types
3) By Application Method: Solid Application; Liquid Application
Key Companies Mentioned: Sinochem Holdings Corporation Ltd.; Archer Daniels Midland Company; Bunge Limited; Dow Chemical Company; Bayer AG
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- 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
- Monsanto 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.
- Agrium Inc.
- Deepak Fertilisers and Petrochemicals Corporation Limited
- Koch Ag and Energy Solutions LLC.
- Kugler Company
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 175 |
| Published | February 2024 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value ( USD | $ 41.96 Billion |
| Forecasted Market Value ( USD | $ 49.93 Billion |
| Compound Annual Growth Rate | 4.4% |
| Regions Covered | Global |
