Secondary Macronutrients Market is Expected to Grow $48.5 billion by 2028

The secondary macronutrients market is estimated at USD 38.6 billion in 2022 and is projected to reach USD 48.5 billion by 2028, at a CAGR of 4.0% from 2023 to 2028. Due to the rise in the demand for food such as cereals & grains and fruits & vegetables the global secondary macronutrient market is projected to grow at a robust growth rate. Farmers are becoming more aware of the value of secondary macronutrients in crop production and are turning to these fertilizers to boost yields and quality, is further fueling the growth of the market.

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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.

Fruits & vegetables segment is projected as the fastest growing segment during the research period

Fruits & vegetables is the fastest growing segment during the forecasted period. The rise in veganism and vegetarianism has led to an increased demand for fruits and vegetables as these diets tend to rely heavily on plant-based foods. An increasing number of people are becoming more health-conscious, and they recognize the importance of consuming fruits and vegetables to maintain good health. These are the factors that are considered to propel the growth of secondary macronutrient market.

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Liquid form is estimated to be the fastest-growing segment during the review period

Secondary macronutrients can be delivered in liquid form in a variety of ways, including as foliar sprays, fertigation, and soil drenches. This gives farmers the freedom to select the optimal technique for their individual crop and growing environment. Secondary macronutrients in liquid form are simple to combine with water or other fertilizers to make a homogenous solution. By doing this, farmers can make sure that the nutrients are dispersed uniformly over the field, which will result in more consistent crop development and higher yields. These are the factors which are driving the growth of the segment.